All Forum Posts by: Dan W.

If you want to be a doctor or lawyer go for it. 

Is it necessary? Not at all. 

I started a sales job the day after I graduated from high school and never looked back. 

Most newborn babies are far wealthier than college graduates. Sounds crazy I know but at least they are starting at $0 and not (-$100,000). 

You don't need college to learn how to log onto bigger pockets and learn investing and wealth creation. 

Hard work to create income (hard work seems to be a lost art these days) , dedication to live within your means, grow your sources of income, invest what you save into cash producing assets, grow those assets... repeat. No college is necessary to wrap your head around that process. 

I always say, try living in the real world a few years giving it all you got before deciding on that expense. For $100k worth of loans you can do a decent SFR in parts of the country producing $250 cashflow a month. Watch what that investment does in 10 years.

I did it when it was fairly new and its great. It has evolved a lot since I did it. That being said I'm a full-time salesman 10 hours a day selling B2B so I found it useful. for "personal development", I would say no if you're looking for self-betterment type thing... only if you're in sales. 

I am looking at pulling the trigger on buying a small duplex in Baltimore Maryland. Rough numbers are $95k sale price, and rent looks like about $1000 for one unit and $800 for the other unit as is with no up front costs. 

The 25% down payment is no problem for a conventional loan, but until it is occupied and operating well, I wanted to reach out to the BP Community to see what other expenses I need to account for right from the start until it's occupied. If I need a buffer, how much is suggested? 

thanks @Tom Shallcross  and congrats on the deal! Looks like you did alright. Like you said, may need to leave some in but pulling out as much as possible allows in on the next deal. 

I'm going to try some meet ups to see if I can connect with some wholesalers. I've been calling every "WE BUY HOUSES" sign I see but some seem like they are half-heartedly trying to get into the game. 

Is it possible to find deals through MLS that are good enough to do the BRRRR method right now? Clearly, it's a seller's market.

I am talking the Baltimore and surrounding area. I have looked at dozens of properties but none seem to be a deal capable of doing BRRRR.

I know this is broad so let me explain: I am looking at SFR (house or townhouse) in the Baltimore County, Anne Arundel County area under the $100k range. I'm hoping to get into rentals that way and this will allow me to with current capital. I understand after refinance in approx 12 months I may have some skin in the game but I'm hoping to pull as much as possible and start the process again.

Looking for help. My first BRRRR deal so take it easy on me.

this is super old now. @Juan Barrachina how did this work out for you? I am looking to do the same thing. BRRRR method. Buy, fix it up, rent it, refinance after a few months and get 70% out of the deal. hopefully have little to no money in the deal

 @Sam Gill any updates on this? I'm looking to do the same. I think Brooklyn Park is a different animal than Brooklyn (across the county line) How did this work for you? 

Awesome Post. I am getting ready to do this in Baltimore with a HELOC to get started. I do have capital in case appraisal isn't enough to pull all out so that is good to know. I'll msg you regarding contractors.

I know I have no right to talk but I remember reading @Russell Brazil post once that you only lose if you sell in the down. It lines up with Tony Robbins teaching too. You can wait... or join the people who are making money while everyone else waits for the crash. 

Thanks. Yes, I agree its risky because if I couldn't build 20% equity into it with reno then refi wouldn't pay the HELOC. Then I'm stuck with a 6% interest rate trying not to hemorrhage cashflow. I do have savings I could invest but the closer I could come out to a clean BRRR the better obviously. Finding the correct deal is the key... which I don't have yet.