All Forum Posts by: Justin Frye

I'd tell them to take of their investor hat and spend a good long while thinking about what they want their life to look like...on a day to day basis. Do they enjoy what they do for a living? Do they want to continue doing that day in and day out? If so, find the best passive return possible and create some supplemental income. Are they looking to make more dramatic changes. Can they combine sweat equity with their investment to transform what their life looks like right away? Too often we assume the goal of investing is to "make money" forgetting that the money is just a vehicle to get us what we really want. Every investment decision should be made based on these larger objectives. We'd need much more insight into the OP's life, life goals, skills, strengths and weaknesses, investment objectives and risk tolerances before providing a real good answer to this questions. Just my two cents. All that said, I love self storage for how it fits into my life and achieves my investment objectives.

To go along with the excellent advice from Michael, you need to figure out your WHY and then build whatever you need to build to accomplish your goals and accommodate your WHY. With 500K and no experience I would definitely be more interested in partnering with someone with experience first or possibly being a private money lender and then follow the deal closely to not only watch your money but to learn what exactly they are doing with your loan to get closer to their goal.

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Great information in this thread.

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Lot's of good information here.

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Anyone at all?

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Hello everyone, hoping you more experienced investors can give me your input on beginning finances. First off I have done zero deals as far as investing goes but my wife and I are currently planning and preparing to get started.

We currently have our personal residence that has not yet been renovated. We have around 40k equity in it now and feel that if we were to sink about 20k in it, it would appraise at around 90-100k in equity.

My question is should we aggressively save and use our money for down payments and hope for conventional mortgages to come through? My thoughts are to throw 20k in our personal residence and then get a HELOC on it and then BRRRR our way in to the buy and hold strategy. Possibly use the HELOC to do a few flips in the beginning to have liquid capital plus the HELOC.

After this last bill is paid for we will be able to save at minimum $3500 a month.

I feel that the HELOC will get us more funds at a faster rate. I also feel that getting the HELOC at current prices would be more beneficial than during a possible upcoming downturn. Am I thinking correctly in assuming this?

Sorry for throwing so much at all of you in one post. I will be eagerly awaiting your answers! Thank you in advance.

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Originally posted by @Jacob Graf:

@Justin Frye

Welcome to BP!

If you haven't already, check out the BP Money Podcast. Although not REI specific, it is a great resource for expediting the portfolio-building process. It should help speed up the capital building that you and your wife a currently doing.

Additionally, I highly recommend scheduling time every day to work towards your goals. Many people underestimate the power of establishing daily habits like this.

To your success!!

Thank you for the welcome. I found the money show a few weeks ago and have been listening to them a lot as well!

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Hello everyone, my name is Justin Frye. I am new to Real Estate and Investing. I have been lurking here for quite awhile just reading and listening to as many podcasts as i can. I have just recently started combing my area to see what kind of deals may be around.

My intention is to eventually get in to self-storage as i believe this is the best area to invest in for my situation. I however will be starting with limited capital that my wife and I are currently building. The plan is to get our feet wet with single family, then multi-family, and then self-storage once we have built the knowledge and confidence to tackle that!

Any and all advice and tips are welcome!

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All Forum Posts by: Justin Frye

Justin Frye has started 4 posts and replied 18 times.

Post: Implementation of RUBS in Gastonia

Post: How would you invest $500k cash if you had it?

Post: Best account for down payment saving

Post: When can I send a 10-day notice to quit in North Carolina?

Post: Best Way To Start With Finances

Post: Best Way To Start With Finances

Post: Newbie From Newton, North Carolina

Post: Newbie From Newton, North Carolina