All Forum Posts by: Jason Cook

Thanks, @Will Fraser! That sounds like a great idea! I appreciate your response. Hopefully, within the next year or two, this is a path I can go down or like you were talking about using the BRRRR method to really ramp up my portfolio.

Hello! I just recently bought my first home and currently house hacking it. As I am saving up now for my second deal I was wondering if there are any bank loans or other loans that don't require 20% down on a second rental property. I hope to purchase my first rental within a year or two. 

I'm 24 now but hoping over 10 years I can accumulate 10 properties that are generating $250-$300/month in cash flow. I do know one option would be to move out of my current house to purchase another house using an FHA loan after living in my current home for more than a year.

Thanks,

Jason

@Stephanie Simmons Thanks for the reply! I did not realize that the contract was negotiable. I am in Raleigh, North Carolina and found an agent that seems good but hesitating to commit for a long period of time. Changing the contract could put me on board. Thank you Stephanie! 

Hello, I am just starting my real estate journey. Thinking of buying a home and house hack. I am in my initial stages of finding a real estate agent but I am unsure if I go with a Buyers broker or sellers broker. A buyers broker does represent me but have to sign a contract for a certain period of time and can only go through them. While I go with a sellers broker I am not locked in with any real estate agent but they represent the seller. In a competitive market if you are a buyers broker or sellers broker they are still want the highest price for you to get the potential property.  What would be the best options?

Hello everyone!

I am curious to hear what people would have purchased if they went back and did it again as their first house. I am thinking about purchasing a house next year and renting it out to my current roommates. I will have about $20k saved up by next year and probably thinking a 3 bedroom and 2 bathroom house or townhouse that is under $90k and charge about $550-$600 for rent based on my area. That would provide a cash flow of $200-500 if I still paid "rent". I am not sure if this is wise or if I should wait longer to save up more money and buy a unit that has more rooms to provide more cash flow.

I understand everyone is different but if they could've done one thing different to get to financial freedom quicker I would like to hear. Thank you

Hello, I am 23 years old, new to the real estate market and I am thinking about buying a house with in the next year. I have looked into the BRRRR Method but seems very capital intensive. My question is on the refinance when you take the equality out of the property aren't you going more into debt or am I missing something here? Then the more houses you buy the more in debt you are. (Repeat)

For example: You buy a house for $100k with a $20k down payment and put $25k into repairs/fixing it up. Then refinance the house for $150k. Then you take the $25k out to pay yourself back from the down payment. But at the end of the day you still owe $150k on the house so wouldn't it be smarter to leave the money in the house? Along with your interest will be higher by taking the equality out of the property ($150k*5%=$7,500 vs $125k*5%= $6,250). 

If there are other methods I should look into or the proper way I should do the BRRRR Method I am open to input!

Hey guys!! I am currently 23 and I want to buy a house next year. I am currently going to finish paying off my school debt by Oct. then save for a down payment next year. I’m currently have an engineering job in Raleigh. This would be my first house. I live in Raleigh, NC but there seems to be some nice houses in Selma. It’s about $120,000 for 6 bed and 4 baths. But I don’t really plan on living in this unit because it is too far from work for me. I would want to still live in Raleigh and rent out the place that’s an hour away. Do you think this is wise to buy your first house this far away, not live in it and rent it out?