All Forum Posts by: Jeremie Torres

Hey @Ken Alce, I'm in the process of searching for an MFU. I run my number twice since I'm going to house-hack. 

The first number, I don't put what I would pay for rent while I'm living there but I do cover expenses like @Seth Hochberg is suggesting. 

The second number I run is when both/all units are being rented. Which would show me the est CAP rate and COCROI, etc.

This way I can see both pictures when I'm living in there and also once I move out and having all units being rented. 

If it helps, say you're looking at a duplex; run analysis like you're renting both units and then factor in how you're going to purchase it and expenses. Then on one unit that you're supposedly living in, take away that rent rate and that should give you a picture of how much you'll be expecting to set aside for expenses since you'll be living nearly for free as your tenant will be paying most, if not all, of the mortgage/expenses for you. 

Reach out if you need clarification on any of this. I'm an open hallway. Good luck!

@Maureen Santibañez Yes, Maureen, I would suggest to knock out any of your bad debts as soon as you can and as fast as you can and stay debt-free of bad loans and credit cards. Meaning a property loan is alright to have.

I somewhat did the Dave Ramsey method. I left 1k on savings and used the rest of them to pay off my bad debts (Loans and CCs). I did a debt consolidation by opening a personal loan with a much lower interest rate. So, I was only focusing on that one payment. Down to 1k savings, paid-off bad debts, paid consolidation loan with a lot of intensity (Thanked 2020 for the down time for that), I was back to zero in no time, I was able to save even larger and faster than I previously was when I was down on a hole with 10k in debt. And my FICO score makes me bankable with any financial institution. 

Yup, you won't be saving anything other than that 1k on the side for an emergency. But make sure you're paying off debts aggressively and don't let your foot off the gas until everything is paid off. You'll be surprised how much you'll faster you'll save capital after wiping out bad debts.

@Maureen Santibañez

You sure can pay it off fast. Would I advice it? Probably not. Cos it’s the tenant that’s gonna pay the loan for you or at least reducing it for you, anyway. Whatever is left from the tenant’s rent can be used for whichever you choose. Most investors use the cashflow to their next deal and it makes more sense that way.

Try not to use your own capital to pay off loans fast cos that extra capital can be use for the next purchase to have more income (Of course, provided that the numbers makes sense.)

@Maureen Santibañez Sorry that you’re having to deal with some folks who are really high up their @$$ cos they own a few properties already.

Some people just don’t know how to deliver their message without having to offend. There’s a book called How To Win Friends And Influence People written by Dale Carnegie (Great book!) I’m sure they were just trying to help as well but that was definitely not the way to influence others.

Anyway, I like your spirit! I like your idea. I mean why not get a place without having to put your own money down? Maybe you know a friend or family member who might be willing to work with you on that. That’ll be one way out of the many.

My advice: save. Save like crazy. I mean save like your life depends on it. You’ve got some time from now till the summer.

Once you have some capital and your credit score being favorable then you can start talking to loan officers/banks about FHA loan product. And also look into your city's down payment/closing cost assistance.

Reach out anytime. Good luck!

I've been wondering why he hasn't uploaded any new content in his IG. I just found out right now. He was my undercover mentor. I'm going to miss papa bear. 

@Maria Guevara

Hi Maria, I just sent you a direct message. Hope you get it soon.

Thanks.

1. Network. Network. Network.

2. Financing. Financing. Financing.

3. My best advice advice advice for you. lol

Hey, welcome to BP! Hope to see you around. 

Yes, BRRRR works, otherwise, people wouldn't be bragging about it and many books wouldn't have been published about it. I think right now what you should focus on is to study the entirety of this business really hard by any means necessary. And while you're at it, save up really hard by any means necessary. Study until the wheels fall off. Like how I'm feeling right now. I'm studied out. I'm at the point that the next phase of my study is to get a physical property and have it give me my next lesson. Being "book-smart" phase is done. Time to become "street-smarts" and get the real-life experience going.

Beginning of the lockdown back in March, I had so much time to think and ponder and stumbled upon this business. Since then I've studied like Einstein and saved up like my life depend on it (Rightfully so. lol). Now, I'm ready to take action and that's going to start as soon as early next month. 

Study, save up, clean up credit/keep credit in good standing. Repeat till you feel like you're obsessed. 

DM me if you'd like to chat. 

Welcome, Jackson!

Hello Khamoya, welcome to the BP-Baltimore market! I'm a local resident in Baltimore and right in the heart of a beautiful neighborhood of Mt. Vernon. I'm going to start looking for my first investment fairly soon and I hope to stay around this neighborhood. Right around the Washington monument is the place to be. Anyway, if you'd like to chat up, don't hesitate to reach out. 

@Steven Tawresey

I just enjoyed reading that! Congrats!

You’ve picked up momentum and in great speed! Keep it up!