All Forum Posts by: Maxwell Emerson

@Eric H.

So what exactly happened with your BRRR that made it not work out? Your DTI was too high, but how did you finance the property on the initial purchase and what held you back from getting the refinance and hold on to the property? What would you do differently with the deal to work better for you on your end?

I just finished reading Rich Dad Poor Dad and I loved every bit of it.  I don't necessarily agree with every point he makes, but it's been an eye opening book and has made opened me up to many more schools of thought!  I loved what I learned from the book, but I wanna hear from members new and old on what their take is.  

First, what do you think about Robert's stance on Assets and Liabilities?  When I first bought my house, I thought I was investing in an asset.  I thought it was a smart investment in a nice neighborhood in a nice town.  I was able to buy the house at a price that I was comfortable with, with the intention of doing a live in flip and renting out the house when I move.  While I still feel like I did the right thing and that I'm following the right steps to where I eventually want to get to, I think Robert's statement about my house not being an asset is really interesting.  I understand where he is coming from, with the simple definition that a liability is anything that makes cash flow out of my pocket, then my house is definitely a liability.  But I still see my house as an asset seed, it's an investment that isn't cash flowing for me right now, but I've planted the seed and I'm going to keep watering it until it finally grows into a cash flowing investment.  What are your thoughts on whether a house (not a rental) is an asset or a liability?

After reading Rich Dad Poor Dad, and playing cash flow a few times, I've been wondering what other people are investing in?  What are you adding to your asset column, and what are you staying away from?  I know for me, I want to add single family homes and plexes to my portfolio and to build my base.  I like doing projects around the house, and I know my wife loves making houses cute and she has great interior design tastes.  What are your investment plans and strategies?

Hi everybody! My name is Max and I'm a new member here. If you wanna know specifics about myself and my family then I've filled out my profile, but for right now I've got a few questions and I'm looking for advice on my first property.

I bought my first house back in January with the intent of fixing it up and updating a few areas and then renting it out when the military sends me somewhere new. We've already painted the bedrooms, the bathroom, and we'll paint the living room once we scrape off the ceiling. We'll touch up the fireplace, replace the carpet with laminate flooring, update light fixtures, and then update the kitchen with tile floors, new cabinets, and newer appliances. Are there any other updates that my wife and I should do to increase the value of the house and increase the appeal for future renters?

With the renting portion, I'm planning on using a rental company to rent out the house while I'm away from the area, at the expected %10 rate. I was wondering if I should refinance the house before I rent in order to use the cash for the another down payment, or should I build up the equity and try to maximize the cash flow through renting? Also, what are some common issues that people face when renting while out of the area and what can I do now too prepare to better face those issues?

If anybody has any other advice about real estate investing please let me know! I've loved listening to the podcasts but I want to start bring more action to my real estate investing rather than all learning. Thanks everybody for your time and input!

-Max