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Updated almost 6 years ago,
Newbie in KC looking for ideas on the best way to get started
My husband and I have recently become interested in the brrr method and would like to either buy single family, duplex or triplexes. The goal is to acquire a few properties that can bring additional income that we can put towards our next investment.
We currently have a mortgage on our primary residence, max out our 401k's at work, max out our HSA, and also contribute to Roth IRA's and 529's a minimal amount each month. We do not have any credit card debt and only have one car loan that will be paid off in the next year or two. We also have around $12k in student loans left (down from $101k) that I'm putting every single penny towards paying off by June. We will also be done paying daycare in May. We live well below our means, but only have around $1,000 in savings currently since we can cover unexpected expenses with our extra funds each month.
I don’t want to wait around to purchase our first place until the debt is paid off. Curious what others did to get started with funding or recommendations others have for a newbie? Thanks!