All Forum Posts by: Janelle Vigario

I have a potential first brrrr home and i posted a question about it early on on the bigger pockets Facebook page. Well, I want to start getting prepared to look for a hard money lender if possible, and on my Facebook post I had someone reach out to me and say they do specific brrrr loans- where it's funded into an LLC, and it's a "fix to loan" product. Sounds great! But I am not sure how to go about making sure this person is legitimate! I don't see their name (as written in Facebook/their website) on here, and I couldn't find any reviews. But I'm not sure if someone that isn't a typical mortgage broker would have as much of an online presence? Would they have easily verifiable credentials? Sorry if this is a completely niave question, but after poking around online I thought I'd ask the experts!

@Nehemiah Wallace so, I am someone looking to get started, like you... But this is my plan-

1. Pay off hospital bill and truck loan in two years

2. Save, save, save... 50k is the goal! (1 kid, my money is my Money, but husband pays 50% of the bills... Conventional financing though)

3. Buy duplex, start brrrr strategy!

I actually made an offer on a tiny sfh that was 45k. It got declined... I then had a change of mindset and have decided that I need to hold off for now because that would have been financially irresponsible and would have put my family at risk if anything were to go wrong... That would have killed the emergency fund. So, now I'm taking it a little slower but know that 2-3 years in the grand scheme of things isn't THAT far away. Maybe put those funds in a CD for 24 months, throw as much money at debt as possible, and get yourself ready to dive in? I know it's tempting when you've got the money, but I've heard that if you're trying to fix a cash flow problem with buying a rental you're playing a risky game!

 Oh I looove the idea of other people's money!! My husband is more concerned about crappy tenants and the amount of risk involved, that's his main reason for not being gung-ho. I think it's fear of the unknown and the fact that it's a very large investment that makes him nervous! 

 I think my husband will be on board once he sees me leading by example and I let him be as involved or uninvolved as he wants to be. I got the OK from him to split our finances after the bills are paid so I could do my own thing, and I think that was pretty huge of him! Hopefully he does come around, but I know it will be a few minutes before I can even say "look at this awesome success I'm having!" 

@Joe Splitrock thanks! I will check the book out now for sure. 😀 I wouldn't be comfortable in investing in anything besides an index fund for stocks ... I know enough to know I don't know enough lol... I plan on just maxing out my company match and then a Roth IRA for retirement, and a 529 plan for the baby. Everything else I want to throw at real estate! I'm a ways away though... Luckily I have a home emergency fund, but I cannot touch that for real estate investing. My husband is opposed to becoming a landlord, and I can't see flipping being profitable around here, so we've "split" our finances after the bills are paid and i was told I can have at it with "my" money lol! Sorry for the life story 😀

@Joe Splitrock this has been sitting in my eBay cart... Is it like Dave Ramsey esque? I am working on paying my truck off and saving up for a down payment and emergency fund for a rental (just had a baby and there is no way I am going to convince my husband to house hack) and am looking for some reading material to keep my eyes on the prize!