All Forum Posts by: Cassidy Burns

Hi @Caleb Heimsoth, thanks for the response.  Do you have an example of a spreadsheet that you would be willing to share?

Thanks.

Hey,

@Joseph M. the unit is located in south western VA. The laws are actually very favorable to the landlord which helped significantly !

Hi BP,

I need help/would love an example/template of how you all are calculating your net worth and principal pay down on your properties on a monthly basis.  

Any suggestions/documents would be greatly appreciated!

Thanks so much.  Happy Investing. 

@Linda Weygant Thank you for the encouragement!  Yes, agreed 100%, but I guess they always say the "first is always the hardest".  So hopefully it is better from here!  

Hey @Max T., great question. Well first off my market average purchase price is around $30,000-$45,000. So i'm acquiring my units at a large discount. I purchased 4 then used the BRRR method to pull my cash out after the renovations and rolled that into others.

I also had around $100,000 from investors, paying them 10%.

Well BP, 

My first eviction has come and gone.  I currently own 15 units, and have owned real estate for 1.5 years now and I had my first eviction today, June 13th 2018.  The tenants were professional tenants.  During my background check they actually gave me the # of one of their family members as their "landlord", bad due diligence on my part.  So 3 months delinquent on rent, how did I survive?

OWNING MULTIPLE PROPERTIES. If this single family house were my only investment I would have struggled to cover the basic PITI, yes @Grant Cardone, you are right...... But since I owned multiple units that were collecting income I could go through the eviction process without any repercussions of my personal bank account. My other tenants payed for their rent.

So my best advice, acquire more units.  

I love the power of real estate and can't wait to gain more and more experience.

Thanks again BP.  Now please get me on the podcast!! @Mindy Jensen @Joshua Dorkin @Brandon Turner @David Greene @Scott Trench 

@Kyle Jiron welcome, good luck!

Hi @Jose Vazquez congrats on taking the plunge, the process is sometimes daunting, stressful, long, lonely, BUT WORTH IT.  As others said, starting out, especially in pricier markets such as the DMV, if liquidity and excess cash isn't your strong point, you must first address your financial situation.  Frugality is great, but hard, especially when you are caring for 2 others, wife and kids.  Yes, you can cut out certain luxuries, but others you cannot.  So here are my suggestions:

1.) If you can utilize the VA Loan to get into a condo, as long as the purchase is a good buy, yes you should do this, especially if you are paying a large amount in rent and can reduce your monthly $$$ that is going out.

2.) With that excess that you are saving on mortgage to rent, put into a separate account and start saving that for your downpayment on your first and next investment property.  

3.) Any excess $$ that you do save by cutting certain luxuries out, put into this account as well, again saving for your first and next investment property.

4.) My personal favorite, utilize hard work: With any extra time that you may have, pick up  another side hustle that can generate extra income.  And again, put into this account saving for your first and next investment property, maybe Uber?  

These are just 3 simple ideas and ways to start saving $$ now, but know they aren't the only 3.  

Good luck!

Welcome @Anthony Tortorello a lot of very intelligent investors in this feed, soak it up.

Good luck in your adventure.

Hi BP,

I'm just wondering if anyone has any feedback on how the documents that BiggerPockets is selling turned out ? Worth the purchase?

Thanks so much!