All Forum Posts by: Manda Gouvion

@Nicholas L. 

Yeah that's what I was thinking and the reason I wasn't confident $40k would be enough. Our lease is up next February and we were thinking we'd just stay here. We've moved every year of our adult lives and I'm just kind of wanting to wait until we're ready to settle down before we move again. I'm open to whatever is financially wiser though. My thoughts were that an option we could take is invest our $40k into real estate, use the cash return to reimburse savings over some years until we know where we want to settle down (we've talked about North Carolina if not Texas doesn't feel like our future forever home). But as I read more of the "How to Invest" book, I first of all had never heard of hard or private money lending or really thought of the concept of not using our own money to invest. I'm very curious about learning more information about those two options and building up our portfolio by our brains and not our wallets!

@Guy Gimenez

Yep. That's why I'm here and I'm reading books

@Curtis Mears

Thank you for the encouragement! I've been reading and researching during every kids' nap time and bedtime the past couple of days and today I suddenly felt fried from the information I was learning. Your post lifted my spirits! I often find myself realizing things are easier than I'm imagining and that I can't and won't be an expert in everything. Sometimes you just have to start moving forward!

I see you're from Raleigh, my husband and I have actually been talking about moving to North Carolina in the next couple years! (we just moved to Texas this year and want to experience it here first) Actually looking at real estate in Charlotte and Greensboro was the reason I started researching investment properties. If you're ever open to a Zoom meeting or even a phone call and willing to share your story with me, I'd love to hear anything you have to share!

@Joseph Ayoub

Oh dang! See I was looking at the BRRRR method and thinking I'd have to have cash down to get a good, quick deal on a property as well as cash to remodel and then refinance to get cash back out to go at it again. I live in the Fort Worth, TX area and there's definitely options we could get into with a house hacking method. But I don't want to keep moving every 6 months...

I should mention I'm only a 3 days into researching investment properties and a chapter into the "How to Invest" book so I apologize if I sound like a complete dummy!

@Bri Deel

SAME!

@Nicholas L.

Thank you! 

We have a leased signed until next February. As much as I think house hacking would be genius, I'm also what you could call "boujy" haha (I don't know how to spell that) and am afraid of living in as cheap of a place as we could invest in especially with two young babies. I think I COULD get over it depending on finding the right flip but again, is $40k enough?

How do you simply reply back to a person? The only way I was able to tag you was by "quoting" your reply. Also, see my above reply to your questions!

Nicholas,

We don't! We sold it and moved to Texas from Kansas!

I'm not sure if we have enough for the whole process of buying AND rehabbing... We're saving now and our goal is to have $40k by the time we're ready to start investing. We're having another baby in 3 months so our plan is to do ALLLL the research we can for the next 6 months or so and then when I'm ready, start investing! But I don't think $40k is gonna cut it.

Oh my gosh this is exactly what i'v been looking for!! Thank you! 3 days into my real estate researching and I'm literally obsessed. This morning I had to force myself to go eat breakfast because I was just reading blog after blog in bed! haha

John,

Haha yes I do!! I'm just amazed I've found something I'm incredibly excited about that can also make a ton of money. It feels little too good to be true that it's gonna be my job to obsess about houses and numbers because that's just what I like to do for fun!! 

All, How do I tag each person when I reply?

Chad,

At first I was thinking about investing into simple rentals but now I'm very interested in BRRRR. However I'm a little wary on the hard money lender and the private lending stuff. I'm just so afraid of making a bad deal I can't pay back or be locked into. I know that'll fade with time and knowledge but since I'm so new, that's a big worry. We do have someone else too our taxes but it's just H&R block. Would we need a special tax accountant?

Cole,

How long did you study and learn before you made your first deal? What did you start out doing?

Bob,

Would you suggest seeing someone before even getting started or waiting until you're doing your toes?

I'm struggling to understanding the refinancing part (I just heard about BRRRR today). Does it mean you mortgage with a bank to pay off your lender? So you and the lender no longer have financial ties? And now you have this property with a mortgage completely independently? Being literally a couple days into real estate investment researching, I'm a little wary to get into business with someone long term or share profits especially because I don't know how that works legally.

Also a huge unknown of mine is the taxes you pay on income with real estate investing and LLC's, etc.

Basically I'm wondering a step by step financial guide. I went to school for accounting for two years before I got pregnant with my second baby and decided to discontinue college. Numbers are my jam. Love them. Hit me up with all the semantics! What's basically step 1 when you have 0 connections, 0 experience and beginner knowledge? Do I first need to make an LLC? How much should I put in that LLC like $20K?

If there's a blog or youtube video explaining absolutely beginner steps PLEASE send it my way!!