All Forum Posts by: Aymen Mandil

@CJ M. Wow! Awesome story! I also checked out your profile and I will say, I am in a similar situation. Woke up one day and received an email stating they revisited their pay structure and I will be losing out on $40k/yr worth of pay overnight.

So, I am starting this journey to take back control of my life one property at a time! With the support of my family, friends, AND the BP community I am confident I will be walking away in the next 24 months.

How did you find a portfolio lender? I know the current local bank I am dealing with I had to share my resume for them to for them to evaluate if I have the experience to handle the vision I shared.... is working with a commercial banker a good idea as well? Are there any major road blocks I need to be aware of or prepare for as well?

@Dennis Cosgrave

I agree for sure. I just don’t have the experience to take that route and I would love to build a portfolio that helps me achieve the goal of stepping away from my 9-5. I need roughly around $6k a month/$70k a year to be able to do that.

Based on the information I shared do you still believe BRRR is not the best way? Would you recommend BRRS still? If so can you give me a rough idea of how it would look like starting out?

@Dennis Cosgrave Thank you for the feedback Dennis!

I don’t believe I’m in a market that will allow me to do that and move as fast as I would like and mainly help me achieve walking away from my 9-5 job. I do think that would be a great strategy once I take on RE full time though!

@Kevin Mitchell Thank you for your feedback! I will definitely take that into account.

I planned on using an LLC for property management mainly, I still have a lot to learn.

@Patrick Tromley Amazing insight! Thank you so much for your feedback! Love hearing from people that been around the business for a while. Feel free to share any other insights you may have for rookie investors.

@Caleb Heimsoth I appreciate the feedback! I would love to stay in touch and share stories along the way! Please feel free to share your experience along the way as well!

@Caleb Heimsoth. Thank you for your feedback Caleb!

My main goal is to BRRRR until I am able to put the 9-5 away and pursue RE full time.

However, you mentioned there would be limitations, are you able to share some that haven’t been shared already?

@Patrick Tromley I believe he is talking about a refi.

@Michael Garofalo Wow! Once again thank you for taking the time out of your day to share your knowledge/experience. It is definitely appreciated!

Basically the best plan is to take on projects (property price, rehab budget, etc...) under $100k which is the amount I was approved for. That would be the simplest way to BRRRR.

In regards to the LLC, I do plan on going that route 100%, it fits in my end game plan. Which is to build a portfolio that will allow me to step away from my 9-5 and pursue RE full time and ventures around the globe as well.

I am working with a local bank and have always believed in supporting the community I am in because they usually are invested in the community. My lender is aware of my situation and he is actually meeting with the banks leadership to share my vision and is planning on getting back with me next week to let me know if it would be a good fit for both of us.

Thank you once again!

@Derek Diamond Perfect! Thank you for the feedback.

Debt to income ratio***** :/ totally typed that wrong.

One big thing I learned in the past year is when filing my taxes the goal isn't to write off as much as you can and pay less taxes because when the lenders look at that they do not count it (rent you are receiving) towards your debt to income ratio hence the reason why I started exploring the HELOC path.

Thank you once again for sharing your experience and allowing me to learn from it. I plan on taking that path and I will definitely stay in touch and try my best to share updates.

Anything else I need to keep in mind as I start this journey?