All Forum Posts by: Jaron Smith

@Pope Lake go for it, dude!

@Frank Wong thank you that is a great piece of advice. 

@Phillip G Alexander Skilled trades dude!!

@Denzel Ray

My first purchase was a buy and hold triplex. I bought it for $50,000 using an FHA loan only needing to put 3.5% down. I put roughly $8,000 into the property and lived in one of the units for a year (house hacking). We then moved out and rented out the third unit, it now cash flows around $800/mo after mortgage, water, trash, and saving for capex and repairs. I learned a lot from this deal but at the same time feel like I don't know anything. There's so much to learn about this biz and the best way to learn is by doing. Anyways I purchased this house before I was financially ready, so I was buying materials and paying for repairs with my credit cards which is why I have accrued the credit card debt. All in all it was a great learning experience.

Jaron

Thanks @Todd Rasmussen, that is some great advice! You're right, I will eliminate my bad debt then start saving for my next purchase!

@Todd Rasmussen

Yes, I work construction and bring home right around $1900/wk net. I need only $500 a week for all the essentials (bills, $100/wk into ROTH IRA, groceries, etc), so I have been aggressively paying off my credit card debt, 8 more weeks and it will be paid off. I will then take the $1300 a week and start saving it instead of needing to pay off my credit cards.

My goal is to ultimately BRRRRR over and over. To attain financial freedom to the point where I can choose where, when and if I want to work.

I'd love to get my second deal done now, but in order to do so I'd have to use a HML or something similar, considering I'm putting all my extra cash into my bad debt. I think if I can save up $75k cash I wouldn't need a HML And I'd be off to the races.

Thanks for reading, 

Jaron

Hello everyone,

Not sure if this is the right place for this question but I'll give it a shot. I am looking to BRRRR my way to financial freedom. However I do not have much capital saved. My simple question is should I look for a HML or something similar or just wait and save up for a year or so ( I can save about $1300+ a week). I'm just itching to get my next (2nd) deal.

Please let me know what you think and I greatly appreciate any and all advice!

Thank you!!

Jaron

Hey everyone,

Below is a report of my first and only ever deal. I did and FHA loan with 3.5% down, its a triplex in a c+ class neighborhood. I bought it, did cosmetic rehab work in one of the units myself and lived in that unit while working on the upstairs unit. When the upstairs unit was finished we moved up top, and lived there for the until we reached the one year mark of the FHA loan origination date, as FHA requires. We then moved into a townhouse complex where we currently are renting. The triplex is fully occupied and the numbers in the report reflect it as so.

I put a lot of the material and tools on credit cards, which I am 8 weeks away from having no credit card debt at all (YAY!) I work 60 hours a week and I'm able to pay $1300 a week on my credit card bills. I don't want to do another purchase putting materials on high interest credit cards.

The questions I have are

Should I be looking for another house right now ? I want to continue to expand my portfolio

I am reading David Greene's BRRRRR book right now and I really want to implement that strategy, can I do a HML or something similar to continue adding to my portfolio? Or should I continue paying my credit cards aggressively and then continue to save aggressively in order to purchase properties cash? I am getting the itch to expand as it has been longer than I anticipated in between purchases.

Sorry if that seemed like a rant, thanks for reading and I look forward to hearing what you  have to say!

Jaron Smith

Sandusky, Ohio

View report

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

I know the leak is gone, I’m thinking about putting a dehumidifier in the crawl space for this time of year when it’s real hot and humid, what do you guys think? @Costin I. @John Underwood

my tenant texted me a picture of a mushroom growing between the bathroom vanity and the LVP flooring, what to do? I had a small leak a few months ago but fixed it, now this..

My question is, how should I handle it?

I told her to pluck it and spray some bleach there for now. 

Thanks everyone have a great Thursday!