All Forum Posts by: Jaleel Phillips

Hi! I am currently on my first property and house hacking it. Honestly speaking every bad experience I have encountered was a great lesson, that words cant really teach. I learned not to just blindly trust what people say, I learned what to cut costs on and what to get professionally done, etc. I do know one huge Pro is the fact that since you are renting by the room, you are bound to get more money, and the added benefit of having a low living cost. I would try your best to save money over time and not go crazy with new found money, as you are bound to deal with foolishness regarding people not respecting your house lol. Airbnb is nice and all but I found, not being able to vet/interview people before they came into my house was off putting. Had an elderly gentleman come to my house for an Airbnb and on his second day there clogged the toilet and made me clean it and plunge it lol. He also made excessive noise, and since I'm 22, I found it weird to have to tell a man old enough to be my grandfather not to make so much noise, since the first time I met him was 2 days prior. Sorry for the anecdotes, just trying to offer any insight available. Have you already got the property or is this prospective? Let me know if you have any other questions.

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My Biggest goal this year is to purchase my second property, and to also NET $5,000/month. Currently I net abouth half of that, househacking but I am looking for ways to get there creatively, before the end of this year.

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Originally posted by @Kerry Baird:

The lowest down payment and lowest interest you’ll get is on your owner occupied property. If I were to tell my younger Me how to get where the older Me is now, I would suggest:

Save up for the first unit, one 2-4 units. Owner occupy that for 2 years while saving up the rents and making improvements with my salary.

Buy another 2-4 unit and move into it, getting lowest down payment and lowest interest available. Rent out last unit. Repeat.

It is inconvenient to move repeatedly and to use elbow grease to improve my houses, but I’ve done the hard things to get where I am. I bought house number 32 and 33 a couple of months ago (look at my blog).

Talk to everyone you meet about houses. My next door neighbor saw a guy with a FSBO sign out and told me about it. I bought that guy's house where he was the bank for me. It was free and clear, and he agreed to charge me 6% interest only. My payment is $1500 for a $400k house, and I'm using it for airbnb. It has been a total word-of-mouth deal because I told my neighbor that I buy houses.

Be prepared for the next down turn, which means keep an emergency fund. Sometimes people lose jobs and dropping the rents does not help. Have a few months’ of mortgage payments on hand for each house. Ask me how I know.

Thank you so much for letting me know about that, i will continue trying to conversate with others, and 2-4 units in my city are scarce and are upwards of $400,000. I am working now on having a few months payments on hand for my primary. Thank you for your insight.

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Originally posted by @Adrian Birchler:

Hi @Jaleel Phillips, I'm in a very similar situation. I just purchased a duplex I'll be house hacking which wiped out most of the capital I had saved. The best next step that I see is building a team for BRRRR investing. I am currently networking with as many wholesalers, private/hard money lenders, and other BRRRR investors in my market as possible. I am a Realtor and property manager and have a rehab team already in place so don't need to worry about those pieces. Along with this networking and learning BRRRR inside and out I'm focusing heavily on increasing my income as a Realtor/PM to rebuild capital quicker. I think focusing on increasing income, saving as much of it as possible, and getting the pieces together for BRRRR would be the best option for us. Looking forward to hearing other ideas!

Hey Adrian,

Thanks for the response. I agree with you saying saving and increasing income is key, but i also feel as though im waiting for something i could potentially get started with now. Im also house hacking my property and after having my mortgage paid am cash flowing positively $250. BRRR'ing is what id love to get started in, i suppose i will try to find a wholesaler who may have more insight on how to get my first investment property.

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Hello all,
I am 21 years old not making too much, and I am looking to get my second property, but not sure how to go about it. I know the obvious answer would be to wait it out, possibly HELOC my primary property and then use that as investing capital but I want to see if I can get started without my equity being touched as of yet. How would you go about acquisitioning your second property with no cash, and the recent purchase of your first property?

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I look forward to meeting you all!

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Originally posted by @Amy Heitner:

Why not speak to a lender and get pre-approved for a loan? Then you will know exactly how much buying power you have and can make a strategy accordingly.

Wishing you all the best!

I agree with Amy! Go get a pre approval to help determine realistic numbers for properties and then plan from there.

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Louisville, Kentucky

Hello all,

My name is Jaleel Phillips, and I want to buy my first rental property before this year is out. I wanted to know if anyone has any highly recommended Hard Money Lenders that they could possibly connect me with? I am looking to finance a rental property for around $35,000 total if that helps at all.

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Hi Captain Davis,

I am also new, but i am a 21 year old federal worker in DC, nice to meet you. I dont have such serious goals as you (bringing people back alive) but i do want your 3rd goal as well. I look forward to learning with you!

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All Forum Posts by: Jaleel Phillips

Jaleel Phillips has started 4 posts and replied 60 times.

Post: First Property wasn't planned

Post: House hacking SFH - Pros & cons

Post: Tell me your BIG Real Estate Goals for 2020!

Post: How to approach/finance a second property after recent purchase?

Post: How to approach/finance a second property after recent purchase?

Post: How to approach/finance a second property after recent purchase?

Post: Deals Meetup: Find & Pitch Deals * Network Partner Invest (FREE)

Post: First-Time Investor in Rental Real Estate with $20K

Post: First time Rental Property Financing

Post: New Member With Big Dreams