All Forum Posts by: John Kalimnios

Haha no I’m m not on the black pearl. I’m living on an endeavor 51. She’s a sloop rigged mono hull 🙂

Joe, thank you for the reply. 

From what I understand so far about the BRRRR method of investing seems to be that after you refinance a newly rented property you get all or most of what you put into it, back out. Thus leaving you with most or all of your cash still liquid. This is why the cash flow would be minimal on each property because they'd be mortgaged, but also why I could acquire multiple properties in a short time.

If I did a heloc on my current property I’d be losing money every month. 

I guess I need to spend a bit more time to figure out the long term goals more definitively, but I’d say I’m wanting to eventually make property investment my full time job. 

Hello everyone, first post and first time investor. I’m posting to get some opinions on my plan and goals, as well as to set a timeline and starting point.

My parents set me up really nicely by giving me my first home, which I’ve been renting for the last year as I live on and fix up my sailboat. I plan to go cruising on the boat for a couple years, though I’ve recently realized I will need more passive income in order to realize this dream.

I have found two major flaws in my original plan of just renting this house out and making do with what it generates.

1) the ROI for this property isn't high enough. The estimated value is around 320k. I was receiving $1700/month and cash flow was $1,000. High property taxes and insurance (waterfront).

2) I own the house free and clear and I wasn’t making all that equity work for me.

So I now plan to sell it because if I got a HELOC for the full 75-80% I'd be losing money every month. Which leads to my 6 month goal.

Get this house sold, and invest in 2-3 rental properties using the BRRRR method. Ideally I'd like two single family homes and a duplex or triplex. Those properties would be generating very little cash flow, but wouldn't be losing me money, and would be gaining equity and possibly increasing my net worth right off the bat. This would hopefully still leave my with most or all of the original amount I received for my current property.

My uncle is a realtor with multiple offices and a title and management company so he’d be managing the rentals, and guiding me as I search for the rentals.

Does this sound reasonable and attainable?

Thanks for reading, John k.