All Forum Posts by: Andrew Ager

About me:

I am 23 years old, live in Anne Arundel county MD. Have been a Union construction working for the past four years. Currently rent my home but house hack this property ( I live there for free) . Do to various unfortunate events happening in my life I have no savings and to add to that I have 5k in credit card debt. No saving because I am attacking the debt religiously! I have been studying REI for 4 years now but have hesitated to do anything besides house hacking the property I rent, due to no savings . But I want to start doing BRRRR deals immediately!

Goal:

I want to start my REI career doing BRRRR deals (most studied strategy) being my own property manager and doing most of the rehab myself . I have no objection to partnering up on a deal and actually prefer to especially with a seasoned investor. After have mastered this strategy I want to then scale up into apartment buildings and become more passive.

My main goal currently is to build 4K monthly rental income.

Does anyone have any advice? it would be much appreciated!

Hi everyone, I am somewhat new to investing. I currently house hack a property I rent and have under contract to buy . I am 23 years old work as a union architectural glass and metal technician (4 years experience). Currently have 5k credit card debt, no savings (everything penny extra going towards attacking that debt). But I want to take investing into BRRRR rental properties ASAP. I have studied a ton but am more of a hands on learner . Are there any investors in the Anne Arundel county Maryland area that could use some free help on any deals . Looking to partner on a deal for free to gain the experience of actually working a deal and networking. Please PM if you could use a hand !

@Jeff Foster I have a pension

@Jonathan Larkin I’m. It sure what you mean by taking second position in the loan

@Mike LeFever never looked into doing that thanks for the advice , but with me doing a brrrr, I was thinking I’d probably pay less in interest using my credit to rehab instead of using 10% on 240,000 to buy and rehab lol

@Paul M.

My credit line on my credit cards adds up to a fair amount , so it is possible I could find the rehab that way and just buy the property the way I planned in the beginning but I’m not sure if rehabbing on credit cards is such a great idea.

@Joseph Akingbade

⬇️⬇️⬇️

@Eddie Cottingham

So I have the property's ARV is lowballed at 315,000 I have it under contract as a mortgage assumption, owner currently owes about 210,000 with a 3.5% interest rate. the property needs minor repairs ( kitchen & siding ) it's a SFH 4 Beds 2.5 baths 1900sqft . I have been living here for 2 years under a rent to own contract with those terms above for purchase. I am paying in rent what the properties mortgage is nothing more , but i subleased the 3 extra bedrooms out and cash flow 150 per month. After a year of living here and building my credit up I applied and was denied for lack of cash reserves. I plan on trying again in 6-9 months with my new cash reserves but thought hard money might be a good idea because it would also get me rehab money.

I have a deal lined up but I'm hesitant about moving forward. I am going to be using hard money to purchase the property. My problem is I have to rehab the property before tenants in which may take up to 3 months . During these 3 months the property will be not producing any income and my hard money lender would like his monthly payments, I don't have much reserves to pay him through that so my question is how do you do a BRRR deal and pay the hard money lenders their monthly payment if the proper is not yet producing income also what if it takes longer than expected to move tenants in ?

@Cameron Dye

STUDY AS MUCH AS POSSIBLE

SAVE AS MUCH AS POSSIBLE

AND LAST BUT MOST IMPORTANTLY BUILD YOUR NETWORK

NETWORK = NETWORTH