All Forum Posts by: Devin Hughes

@Account Closed This is a great idea man! I would definitely love to be involved in this group. I am working toward my first "on purpose" buy and hold rental deal and having a group like that ("mastermind group" if you will) would really help to hold everyone accountable like you said. With a military background and an eagerness to soak up all I have been able to through books and podcasts, I would hope to have something to offer. And with where you are in your process, I know you would have plenty to teach. 

@Shawn G. Thank you! I plan to attend some of those, especially in Winter Park. We seem to be lacking in weekend meetups in my area. Plenty in the middle of the work day, though. I am deployed right now, but I'll be back next month and will make way over to Orlando to meet some of you! I plan to set one up on a weekend in the Tampa area when I get a feel for it.

Hello all! I joined the BP community a few months ago, but am just now getting to introducing myself properly. I have been happily married to my favorite person since 2014 and we recently had our first child, a baby girl we named Harper. I joined the Air Force in 2008 as an Aircraft Mechanic on the KC-135 (Crew Chief) and am still Active Duty. Originally from Orlando, I was stationed at Fairchild AFB, WA from 2009 to 2013, which is where I met my wife while she was a Senior attending Gonzaga University. From there, I was assigned to a different role working on a new program in the Seattle area as a Verification Manager for an Aircraft that the USAF recently acquired from Boeing. We bought and sold two properties while we lived there as well as a home we purchased in a developing area that we still own and rent out. This was an accident due to receiving orders to MacDill AFB, Florida (Tampa), the very same day we closed on the home. So while we are optimistic for appreciation, we would not likely have made that call again since it does not cash flow. We also own the home we live in now in Valrico, Florida and are looking to BRRRR some cash flowing rentals (preferably small multifamily) in the Central Florida area.

I have BiggerPockets to thank for my interest and ability to act on this desire. Initially, reading "Rich Dad, Poor Dad" in 2017 sparked the flame, but BP was the fuel that got it roaring. I am eternally grateful for this organization and this community and never hesitate to broadcast it to anyone that shows any interest at all in REI and has a willingness to listen.

I look forward to interacting with all of you and sharing any and all success and learning experiences I encounter!

@Bob Daniels - I thought a HELOC is closer to a low interest credit card that can be used (partially or fully) paid off and used again. A home equity loan is the lump sum with the potential variable rate and such, right? I didn't realize they would have those types of stipulations. Thank you for the info!

@Josiah Sia - Yes, that would work! David Greene talks about that in his BRRRR book as a creative method of financing. Also, I have heard many people on the podcast say that they went that route as well. That's a great tool to have available when you need it!

Wow, those pictures look awesome! Congratulations! Definitely an inspiring story. I could only imagine the stress you were going through as the renovation costs were adding up.. $175K is no small rehab. Great Job!

I'm hoping someone with more experience comes in to add to this, but I believe one of the big reasons cash/hard money is typically used is that it is the best method of getting the best deal on a property. A seller is more likely to take a low-ball cash offer because it reduces their risk of financing falling through in the 11th hour. Additionally, the properties that the BRRRR method works best for are the ones that need a decent amount of that second R (Rehab) and lenders/appraisers aren't big fans of those. That's just what I can think of, but I haven't actually been through the process yet. So someone that has can likely provide more insight.

@Robert Kirkley That's awesome! I am working my way through the podcasts and reading their books. I've been setting up to purchase my first deal in the Tampa area, but just found out I'm deploying on the 4th of July, so that kind of puts a damper on things. Networking with fellow investors is definitely something my wife and I still need to work at, so I'm looking forward to getting out there when I get back. Good luck on your move and yur future deals! With the knowlege you've gained from people you've met and the BP community, I am sure you will find success!

Not sure if my question is visible, but the numbers are super rough because I am practicing the analysis. What I am not understanding is the huge difference between year 1 and 2 cash flow ans COCROI. It goes from negative to over $9k. Did I make a mistake somewhere?

Edit: I just noticed the amortization rate is 0. I tried to change that in the calculator on the mobile version of the site (chrome on my Android phone) and I don't see a spot for it.

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*This link comes directly from our calculators, based on information input by the member who posted.