All Forum Posts by: Carrie Link

My #1 dream in life is to not work for anyone. That dream gets even better when I picture my life working beside my twin brother every day (thankfully we still love each other after 30 years lol).

He's the frugal one and I'm the go-getter. So, he's bringing the money to the table and I'm bringing the hustle. I want to get a plan together to present to him on how we should go about investing in our first deal. He is willing to pitch in about 30-40K in the Spring of 2021. However, since we're both newbies, we have no idea where to start.

We know that our first step is probably going to be to establish an LLC. The kicker is that neither one of us have a clue what that means as far as financing goes. We really want to get into flipping. We both have a love for that type of process. So, if our first deal is going to be a flip, how should we go about financing? We hope to find a home in the 50-100K range, but since we're a new LLC what does that mean for a loan? Should we use the money we'll have for a down payment or keep it and use that for the repairs? Since we may not qualify for a loan through the LLC, should we look into getting a private lender?

Thanks for the help!

@Martin Tyler @Anthony W. how long would you guys say a typical BRRRR deal takes from start to finish? More specifically, how quickly can you turn around with the financing aspect of a BRRRR?

@Martin Tyler yeah I think it's time. We could definitely live in a house while we fix it, it's just finding locations in small towns that is hard to do. The ones in the good locations are too expensive to consider "fixers" because, at the end of the day, people are only going to pay so much before they just build their own, if that makes sense. And the houses that are at a good price points tend to be in crappy locations where houses just sit.

Thanks @Martin Tyler! I agree. There are tons of houses for cheap that I could rehab. My husband and I are getting ready to sell our own house, actually, and I'm thinking about using the money we make on that sell to invest in my first property. But, I'm just nervous as to whether or not that's the right thing to do. I am also torn as to whether I should buy a 20-30K fixer, or use 20-30K as a down payment on something nicer that will have some cash flow. Not sure where to begin!

@Anthony W. hey Anthony! Thanks for the response. House hacking isn't impossible in my area, but would definitely be a struggle because I live in a rural area... so multi-family homes are hard to come by. I also can't rent out rooms in a SFH because of safety issues in my low-economic area. That would be a huge risk; especially with a family. Again, not using these as excuses, just being realistic about my situation. I think a BRRRR would be possible but I would definitely need some advice getting started with that because I wouldn't have the money to fix one up. I could probably get a loan, but having money to rehab would be another situation. Thanks again!

In the grand scheme of things, I know 29 is young. However, financially, I feel like I'm way behind. The thought of turning 30 next year has me really focused on what's next for me and my future family. I've been listening to the podcasts, reading Rich Dad Poor Dad and other various real estate books, and I have found fresh determination to get in control of my life instead of letting life control me.

However, I want to throw out there that I'm a typical middle class millennial who fell in the "go to college and get degrees that won't make you a lot of money" trap. Before I started looking into real estate, I was proud of the fact that, by the end of this year, I will have a doctorate in education. However, now that I've been educating myself financially (for the first time), I'm completely bummed at my choices! But, I guess that's the consequence of growing up in a typical "poor dad" scenario.

What's your best financial advice for me moving forward? Should I focus on paying down my student loan debt, get into real estate as a means to help get the debt paid off at some point, something else? I just want to get a handle on it all and truly want what's best for my future. Sitting back and simply paying bills the rest of my life is terrifying and with the student loan burden, I don't know if any time is a truly "good" time to get started.

That's good insight. I appreciate your response. For me (and I'm sure everyone else) debt is an emotional thing; especially when you don't see the immediate benefits of it or feel like there are any benefits at all. However, I know that there are ways to turn my financial situation around -- I have to be smarter moving forward. Thanks again.

Hello all. This is my first post and I'm looking for advice (so it might be long because I'm desperate so please bear with me and read this if you're willing to help). This isn't really real-estate related but I thought this would be a good place to turn for help because I know many of you are financially savvy, experienced, and intuitive. If you've read rich-dad poor-dad, I come from the typical "poor dad" scenario where going to college and getting a stable job was branded into my brain! Now, per these usual middle class, millennial antics, I am now overly-educated and drowning in student loan debt while living on a teacher salary. 

I'm married and will be turning 30 in February. Together, my husband and I do very well. We own a home that we remodeled with a small loan and a lot of sweat equity and it has appreciated enough to where we could sell it and bank a small profit if we wanted. I've had a few ideas floating around in my mind over the past few months because I am terrified of living my life in debt until I'm 60 (why I had to turn 29 to figure this out is beyond me)!! 

Idea # 1: I've been seriously considering getting my real estate license and attempting to start a side-hustle as an agent in my local (rural) community. I know some other folks who did real-estate on the side and made decent profits. These "mentors" also expressed to me that they thought I'd do great in the biz because of my willingness to hustle, work hard, and make connections. My thinking with this is, with the money I make on the side, I could either start a real estate investment portfolio or take any profits from my deals to knock down my loan debt. 

Idea #2: Another idea that has crossed my mind is selling our home and taking the profits that we make on the sell to put towards a small rental property. Some of the podcasts and books I've read have encouraged new investors to "just do it." I'm not saying go into it blindly, but going into it with a plan, obviously, and trying to start a flow of passive income. Though this is more of a long-term plan, I feel like if I can get my passive income flowing, then maybe in 5 or 10 years, I could have enough experience and wisdom to be successful and bank enough profit to pay off my loans altogether. 

Idea #3: Don't risk anymore debt. Since I already have so much, I'm torn as to whether I should even think about getting into real estate to begin with. I don't want to risk getting into MORE debt, but I also don't want my debt to cripple me and keep me from achieving financial freedom.

I don't really have a "rich dad" person that I can turn to for advice so that's why I'm here! I want someone's honest opinion regarding what should be my next step. With the amount of student loan debt that I have, if I don't do something to offset it, I will be paying it until I'm 50 or 60. That's just not acceptable for me. I pushed for my education because I wanted "freedom" to work whatever job I wanted in the realm of education. Now, 6 months away from earning my doctorate, I feel more trapped than ever. 

Any advice you can offer, whether it be financially or personally, would be beneficial to me. Thanks!