All Forum Posts by: Ethan Lee

@Michael Dorosh thanks! My business partner @Zak Parks is currently handling the Greenville area. If you haven't, I would start evaluating MLS deals as often as you can to get practice. Driving for dollars is another good way to both find deals and know your area even better. If you ever find any deals you need help with or don't have the funds to purchase but would like to send our way for a finder's fee, feel free to get in touch with me or Zak!

@Eric Armstrong thank you! My business partner and I grew up in Seaford and part of our portfolio is there so we have some boots on the ground, but we're looking for private money to fund BRRRRs and any solid deals on rental properties in the area. We haven't really checked out northern Delaware just because we know a lot of people down south.

@Jerry W. @Account Closed thank you gentlemen! I appreciate you taking the time to read my story, good luck to you all as well.

@Sam T. Jerry explained the BRRRR and I recommend you look into it here in the forums and blog - it's really powerful for growing a portfolio. Technically a house hack is more along the lines of living in a rental property with other people, whether it be roommates or tenants in an attached unit and having them cover most or all expenses. My business partner is doing this with his condo.

It was about this time last year that I discovered Bigger Pockets and found what I was looking for - a way to escape the boring, restrictive 9-5 life while doing something enjoyable and generating wealth. I caught the real estate investing bug and started listening to podcasts and reading articles for hours a day.

I kept hearing experienced investors say to jump in, so I did just that a few months later. By August, I had closed on a quad and was officially a real estate investor. Around that time, I partnered with a friend who was also interested in REI. By my 24th birthday at the beginning of this year, we collectively owned 10 units / 4 properties. We've done a house hack condo, a BRRRR triplex, and duplex and quad rentals.

This has given me the freedom to go into real estate investing full time while my business partner is sticking it out at his job to help us qualify for mortgages. This month, we've put a live-in flip and a BRRRR quad under contract, and we have another duplex in verbal negotiations that looks very promising.

It's easy to get frustrated when progress seems slow, but rewarding when I can look back at my first year in real estate and see we made it to double digit doors while earning enough to go into real estate investing full time. I can't thank BP enough for the advice and wealth of information. We are currently looking for connections in Jacksonville, FL, Greenville, SC, and southern Delaware to grow our business if anyone is interested. Thanks BP!

Sounds good to me.

I am also in the Jacksonville area and my first instinct is to sell in June and reinvest that money down here. Depending on closing costs, you should get a small chunk of cash which you could use as a down payment on a property and cash flow at least a couple hundred dollars a month. It's not too difficult to find deals that will do better than break even. Plus getting rid of $308k of debt that is breaking even will improve your DTI for more mortgages in the future. The biggest reason I can see to keep it is because it's been so steady and you might prefer the low risk. It's no fun to realize the loss but moving forward, I would rather see cash flow than continue to break even.

I'm definitely interested in joining. 

@Al Jacobs if you live in a house as your primary residence for 2 of the past 5 years, you do not have to pay taxes on the capital gains less than 250k as a single person or 500k as a married couple. (sorry, editing since I didn't see several others had already responded).

@Maxwell Lee a few reasons but mainly to be closer to family and eventually go full time into real estate. I visited family in Ponte Vedra Beach every summer growing up and I always loved it. My wife and I moved to Los Angeles a year and a half ago - we still want to be in a warm climate but we're excited to live in a place much more reasonable financially!