All Forum Posts by: Jessie York

Thank you

Ok bought my first investment!!!! House appraised for $75,000 I purchased for 65,000 with 20% down so financing $52,000. Currently rents for $1200/$300 a room to college students. I’m needing to figure out my next step to use the equity to fund my next property. I should be able to get a 80% loan on my equity for down payment on next property correct? Would this be considered BRRRR or should I try & refinance this property after I make some improvements. I have built in equity from the purchase & he doesn’t need a ton of work right now.

They do 12 month leases & the tenants currently renting have 3 more years of school. I’m buying house from a pastor that leads the Baptist Student Ministry at the college & the tenants are usually students that attend the BSM so they aren’t into partying or doing crazy things at the house he said. Also if I ever have rooms available he’ll help me find new tenants. They split the utilities. It has a driveway that a couple of cars can park in rest park on street. I have enough room next to driveway & carport to make a parking spot so they don’t have to be on street.

There aren’t any rules off allowable occupancy. It’s just has rules on what size the rooms have to be that are being slept in. There are rentals all in this area with lots of different prices.

Entering into my first rental property. I will be purchasing the property for $65,000 with 20% down. It is a 2 story house built in 1928 4/2. Each room rents for $300 a month plus utilities. They are all 4 currently rented. It’s in a college town & is probably 300 yards from the college lots of potential to keep rented. Also has a dinning room not being used that I could turn into a fifth bedroom & rent for another $300. Current owner has had house completely re wired & all new plumbing has been done. It’s needs some more improvements down the road but I think it’s a good deal & a good ROI right now. Any advice would be greatly appreciated. My rough numbers show a $350 cash flow.

I’m actually wanting to build wealth for retirement & to replace current income. So I think rentals are what I want. 

Hey guys thanks for the response & info! I hope to get started on something in the next 90 days. I’ve been reading a lot & listening to a ton of podcast & praying on which direction to go. Hopefully I’ll get some clarity or see what is going to work best for me.

My wife & I are looking to get into real estate investing. We have about $17,000 save up so far for a down payment. I work full time she’s a stay at home mom. We aren’t sure which direction to go first. We can’t decide on buying to rent or flip. I’ve been reading & have listened to almost all the podcast. About to start listening to some for a 2nd time. We live in a highly desirable school district in East texas. There’s not much for sale & when it is its a lot! I spoke with a guy Friday about maybe building some small house to rent or sale if I can find land. Really don’t know direction yet I want to move towards. Thanks for any advice. I have my eye on a couple of houses that just came up for sale just not sure to update & flip one or rent it. The other is a foreclosed manufactured home on 3 acres I could get cheap I think & rent.

Thanks! That’s what I figured.

I was wondering best idea to get a brrrr loan? My banker told me I could get a loan for a fix & flip & just pay interest on it for a year knowing I was planning on flipping. I mentioned to him getting that loan & doing the BRRR tactic he acted confused. Basically I would take that loan refinance & convert to a conventional loan correct? I’m looking to do my first one in next 30 days. Thanks!