All Forum Posts by: Daniel Fitzroy

@Sarah West

Thanks, and wow that’s awesome! What does OOS stand for I should know this? You guys are two steps ahead of me I’m about to get pre approved for a home after I pay down my last little bit of debt....a 2k capital one credit card. Then I’ll shop around for an fha loan and will be partnering up with my girl on it. Hopefully we’ll be into the house by the end of the summer, ideally when our lease runs out this july though.

@Damaso Bautista

You are absolutely correct. I’m trying to tell myself that If I don’t go finance a new dirt bike with that 500 I can instead let the asset of a property/I mean the cash flow pay for it in a bit. I want to become financially independent so bad.

@Luke Trovinger

Thanks! Yeah I don’t mind using that method I’ve thought of that but I think I can expedite the whole process by being a bit more creative and using the brrr method! There’s nothing wrong with that method but my goal is to create $25,000 in “passive” income by renting out long term buy and hold properties that I can purchase like We would a flip. That way it goes a bit quicker once I get the ball rolling. I’m not sure what other ways I could go about reaching that goal but lately I’ve been so focused on the first property but need to focus more long term. I’ve actually thought of flipping the second house/rehab to come up with all the brrr money to get started but maybe once I get some skin in the game with the first property I can find private lending on the second! I’m super excited I can’t wait to jump in!

Hi everyone, I just wanted to share a recent small victory for me. I’ve been strapped down for 3 years paying $500 a month on my 2011 Toyota Tundra and I finally have it completely paid off! It felt great sending in the last payment, such a relieve.

I plan to take most of that 500 going forward to start saving up for a down payment on a duplex for my girlfriend and I. My girlriend has been patiently waiting for me to pay this down she wanted to be in a house last year but I wanted out of bad debt first. So we plan on using an fha loan and buying a 2-4 unit home in Dutchess County NY maybe this summer! I can’t wait to begin investing in real estate and be able to set up a small garage for my hobbies ie. motocross stuff! Since all my personal garage stuff is in storage in another state since I moved here last year.

What was your guy’s first house and or what have you done lately to get move closer to your goals!?

@Aaron Duplex

I haven’t become a landlord yet but I’m still just as excited and continuing to save for my first property despite the pandemic. Gotta keep learning and moving forward! 🤘

@Misael Carlos Vera

Personally if I’m not motived I watch a couple of YouTube videoes to get me motivated. It’s not so much the videos themselfs as it is me thinking about my goals. When you fixate on your long term goals for a minute all the doubt you have will ease up. I start reminding myself of why I’m working hard in the first place and all the fun rewards I could have if I make it through to my end goal. Any small movement towards my main goal is all I’m after. Could be as simple as packing lunch so I can eat at work, therefor be productive and earn another paycheck. Once I know I complete that I’ll be one step closer to purchasing my first property since I plan on paying down debt and saving up a bit before my first duplex. I’m finally almost there! So stay positive, keep learning and do what others said. You don’t need negative people you just need a big enough reason why and you’ll make it through and do great!😀 hope this helps!

@Dennis Wayne

ok thanks. I could possibly find a home and do owner financing, and keep dumping weekly cash into it from my day job to rehab most of it myself although this would be a slower approach. Or I could use fha loan 203k and go that method. Those are the methods I currently understand and would use. I wouldnt mess with hard money yet because i feel its too risky. I dont know how to market for a home but I know theres a million posts and videos about methods such as driving for dollars. looking on google maps and mailing letters so I could start with one of those. 

I apologize for the late response, I personally do like the rent by the room strategy however I have a son and my girlfriend doesn't like the idea. I cant say as though I blame her so unfortunately this method is out of the question for us at the moment. But this is definitely a good alternative for some,thanks for posting!

i agree and im trying to look at it from everyones angle. i guess the problem im running into is that in my high priced market if i purchase a duplex and rent out the other hypothetically lowering my bills to say 800 a month or do I buy a single family house that costs hypothetically 1200 or so. In that scenario im still better off renting a duplex and living in the other. I'm trying not to chase after too many things. I dont want to get distracted by too many strategies. I know theres 600 ways to get started. dennis what do you suggest I do maybe wait it out for the market to drop a bit like someone else suggested or would it be ok to try a live in flip? or some other method? thanks. everyones opinion is appreciated.

@Andrew Carlson

Good advise about the paint/carpet. Thanks! So I would have to purchase the property using the 70% rule as a guide to start with correct? I know my location criteria it has to be located within a 45 min tops driving distance to my girlfriends work. What about a mother in law apartment single family home? What is that term meaning? Is it two fully separate units in a single family home? How would that differ from a duplex? Or is it basically the same thing as the rent hack type of living where you would presumably share a kitchen or bathroom ? What other strategies besides paint and carpet rehab are there to keep in my “tool belt”? I’ve heard of “pop topping” where one builds another story which is a bit out of my league for first time but what about perhaps if there was a garage and you could do something with that perhaps rent it out or something?

Thanks just thinking outside the box here