All Forum Posts by: Daniel Fitzroy

@Joe Splitrock

Thanks everyone for the feedback! I have to clarify and correct my income it is not 30k that was actually the last few jobs it’s got to be more than that. I actually nagotiated a $2 pay raise over my last job and am now earning $20 an hour. I work about 40-42 hours during the week and they pay me $100 cash for 4 hours Saturdays. I work most Saturdays. I haven’t done the math yet to see what that would be annually. Been here 3 months and I like it I learn a lot here but work with a couple of Debbie downers and I just want to get into real estate in the long run. I appreciate the feedback though and I’m also not buying a newer crv. I’m buying a used suv like a 2000 Toyota 4Runner or an old beater civic or crv late 90’s. For under 5k

Looks like it’s a resounding sell the cool truck and buy something more practical although I will miss the 4wheel drive as New York can get snow. But I don’t have any problem with ego downgrading as I used to drive an old 96 corolla that had 350,000 miles on it and I didn’t care even when my family made fun of me haha. I’ll do it again if that’s what it takes to get the first property.

Also I like the idea of buying a new used truck later on. With the money my property would be producing that sounds like the right way to do it!

Hi Bp hope everyone’s doing well today it’s been a while since I’ve been on here!

I own a 2011 Toyota Tundra. It’s a beautiful truck that’s lifted 6”. I made a previous post about paying it off a while back. It’s my dream truck I get compliments all the time from folks saying wow I can’t believe it has 182,000 miles on it it looks good! I love this truck and do plan on using it to help rehab property’s and even plan to have a truck to plow snow and maintain my units once build up my portfolio. but I read j Scott’s book on set for life and he calls me an idiot haha for driving said vehicle. For which he is right it’s pricey on gas and maintenance compared to a beater car. And since I don’t actually own my first property yet I’m doing anything i can to get there!

My girlfriend and I have an 8 year old boy and also we’re expecting a boy in a couple months!! I’m so excited. It’s more important now than ever for me to start working towards building up rentals to free me from my miserable 9-5 job and be able to live a better life and be home more with family someday. I plan to work hard and from 30 to 40 years old go all in in my real estate.

I am working on saving up money for us to use a low down owner occupied loan on our first 2-4 unit rental property. So far I have no debt at all and I have $500 saved. She has some money saved too which is good and I really don’t know if I should sell the truck which is valued at $15-20k. If I sell it, it will be the equivalent of me saving for like 2 years! I only earn about 30k a year as an auto body technician. I don’t want to sell the truck but I have mentally prepared myself to do whatever means necessary to build wealth and escape the rat race ASAP! I would love to be my own boss managing rehabs and maintaining properties!

So should I sell the truck and buy a cheap beater car like a Honda CR-V or should I keep the truck knowing that in a few years I’ll want to buy another one? I don’t need much to be happy and having a nice truck really is all I wanted. I remember when I had breakdowns everyday trying to get to work 5 years ago and I decided then to sell my old keep i was driving and sell my nice race bike, a street bike to buy the truck because I envisioned at the time ide have a family and want a truck to haul things with for my family. It’s been the most reliable vehicle and still is. I could make and last 8 years as it’s not rusted and it’s good daily driver sitting in it now as a matter of fact!

Lastly Are there creative ways I could buy our first rental without selling my truck such as owner financing or something along those lines? All of the banks are telling us even with an fha low down type loan here in ny we will still need to bring 15-20 k to cover all fees costs and taxes and everything.

Let me know what you think I should do and are any of you in a similar predicament!? Thanks!

Congratulations on your first successful Brrrr this is such an awesome post! keep it going!

I changed my 9 to 5 job to a closer location only 15 minutes from home where as it used to be 35 minute drive. now Its a peaceful country drive and I work for better folks and I negotiated a 2 dollar pay raise earning 20 an hour! which I know isnt a lot compared to some of you guys on here but it is for me. Also my girlfriend and I are having a baby soon (a boy) and I cant wait!  I also paid off my 2011 Toyota Tundra and am now looking to sell it and free up 15k cash to go purchase our first duplex someday! 

@Alex Kovalenko

I would say sorry absolutely not. They’re either hiding something and if they are too stubborn to pay a 25 dollar fee for a background check I wouldn’t put my business at risk like that. If it were me I would very kindly say I can’t rent unless we run a background check and ide be patient and keep waiting for another person. But that’s just my opinion. Goodluck!

Hi, Bigger Pockets! How's everyone doing?

I've recently paid off my truck and paid off all credit card debt ($1,850) I had. My girlfriend and I are ready to take the first step towards buying our first duplex/house hack by getting pre approved to see what/if we qualify for! I have a credit score of 701 and she has a good score too.

Does anyone have any recommendations for any local credit unions/banks that we could potentially go talk to? I live in duchess county NY and we are ready to go get pre approved.

did I post this in the correct forum?

Thanks! 

Hey how did you make out/end up with your house? Did you eventually renovate it to have each unit with separate showers kitchens etc.? Or are you still saving for the work? I’m considering purchasing a split level house in ny as an alternate option to buying a duplex. It’s essentially the same thing as a duplex. There are split level raised ranch duplexes in my market but it’s not as efficient being that a single family would obviously not be zoned multi family giving them their own mailbox ie. 123 Main Street A and 123 Main Street B. Plus the issue you’re having with not having fully separate amenities so I’m wondering if you just had to bite the bullet and keep renting it out with shared living spaces or did you find a solution!? 

@Khaled El Khoury

Ide suggest picking a state/area with good landlord friendly laws that makes things easier when/if things don’t go so smoothly with a tenant down the road. Just something to consider. Wish I could recommend a state but I’m not experienced enough yet but that’s my opinion!

@Blake Jennings

Nice job with the picture! What are your goals anyway? I read your post but can you go into more detail about what you’re trying to do? If you’re not sure yet it’s ok ...

@Blake Jennings

Well in that case if I’m understanding you correctly ide just maybe mail the owner a hand written letter if it wasn’t up for sale as I passed by. But In general we network every time we meet someone wether we realize it or not. The old saying “what you do when no one is watching defines you” or something like that haha. So just be friendly and try to bring up little tid bits of your business and if someone’s interested you can talk more in detail. But usually my friends or girlfriend will roll their eyes as they hear me say something like “yeah I study real estate everyday to be able to buy my first investment property soon”. I’ll try to get a conversation going and plant that seed in everyone’s mind that I’m looking for a duplex to purchase for our first investment property. Where I can live in one unit and rent out the other to reduce living expenses and so on. Usually they don’t care but I’m just putting it out there casually during conversation because I love real estate. I’ve been shocked when someone I’ve known for a while says oh, I own 2-3 rental houses and they help me out a ton and I’m like no way I should have found out sooner awesome!