All Forum Posts by: Darryl Ferguson

That's absolutely fantastic! Rocking that investment, I am very happy for you sir, nicely done!

Ultimately you have to make the decision and live with it as others have said here. I am new to all this myself and would love to be 23 and starting. I too have been enticed by the GuRU path, but I have found so much info here on BP and on the web and in books, that it has become quite enjoyable and exciting to learn through soaking it up by reading and listening to what others have experienced, both the good and the bad! There is plenty of info available out here and that 8K would go a long way for a House Hack situation and allow you to build right away and use the time to learn as much as you can to take it to the next level when ready. If you are not sure of some of the terms being used, use it as incentive to learn what they mean and that in turn progresses you and your goals which will evolve and change with all the info you gather. Best of luck to you sir, I think you are on the right path for asking questions, delayed gratification with steady progress and due diligence is a good start!

Thanks for the thoughtful response Todd, I am most appreciative and as for thinking I can STILL be right....A guy can STILL dream! Wife and I are actually on the same page, but in the words of Tom Petty "The waiting is the hardest part" for me. I think you are right though, I just need to find the right deal without needing the funds out of pocket and that will force me to figure it out, which may take me the time we've agreed upon to pull the trigger. We will get there, just wanted to get there sooner than later, we aren't getting any younger, but do still have 10 years or so before we plan to semi-retire.....Jim Rohn says "The average life after retirement is 6 years so the solution is to NOT RETIRE!"

Thanks for the response Jaron I appreciate it. BTW, I'm originally a fellow Hoosier from Jasper Huntingburg area and miss the small town feel, but not the cold! Thanks again stay safe!

Married 30 years and better half are the brakes of this vehicle and I am the accelerator! She wants to go slow and steady, and while I appreciate the need to be careful, I am chomping at the bit to get going on investing! Bought a rental on emotion in 2014 for our Son and of course none of those plans panned out. Got hit with Hurricane Harvey and had 36" of water in the rental, so 60k (40k ins 20k out of pocket) later and a tenant for the past 5 years we are about 70k invested in the rental which is now cash flowing at $585.00 monthly with a new refi of 73k balance on appraised 169k and all major ticket items such as Roof, AC done. I should have cashed out the refi on this, but didn't....primary is worth 160k-180k and paid for. Momma wants to wait and save about 50k to get another rental to move into for 2 months while we fix interior of primary and move back in then rent out the new rental.....I say we heloc or cash out refi the primary and get moving on it sooner than later at the lower rates etc.....I don't know....she has the emergency brake on as well as mashing down on the brake pedal and one foot out the door on the pavement as well....my gotta get out and go clock is about to explode knowing we have leverage and me wanting to make a move, or at least be able to make a move if something too good to pass up comes along......Guess I really need to ask a marriage counselor more than the experts here. I feel I can be happy AND right once I prove it, but really don't want to go through the unhappy stage while we get the setup for the returns going..., but would appreciate all thoughts or ideas to help an investor in the wings on stage left? 

I think it allows a pass through and can assist with lowering your earned income liability if your expenses outpace your income. I think one of the best benefits to an LLC is the insulation and protection of your personal assets should someone try to sue regarding one of your properties. I am just getting started so I am green in all areas, but am interested in the feedback on this subject and curious how to transition existing properties from personal to an LLC. Ultimately getting professional advise from a CPA and your lawyer is always a good idea. Best of luck to you and everyone out there in all your endeavors....If we aim at nothing, we will hit it every single time!