All Forum Posts by: Melanie Heiges

@Johnny Napier Not yet! We’re still learning the market for Gloucester and the surrounding areas. We’re building capital now, but we want to understand the area, and what might be the best for said capital. Have any BRRRRs going on? I see on your profile you’re close to your goal! We’d love to get you coffee, if you’re ever free or up to, and learn what we can about the area, or how you juggle full time jobs and real estate!

@Tyler Mullen 

We thought about house hacking, or doing something similar to what you had said, but it will be a while before we can. My husband and I bought our first home in 2016 before we got married, and it doesn’t have enough equity to sell, and the main reason the guy decided to sell was because he couldn’t get any renters in it. The house is in a very rural part of the area, a bit of land, and it’s not too close to anything. Our families have dubbed it the “retire home” because that’s what’s they all  envision when they think of retiring haha

But the area is building up, so it may be more renter appealing by the end of the decade, but we want to start soon

@Brian Garrett Gotcha, understandable We haven’t ruled out flips just yet, just trying to see what other ways may be out there, or if 20-30k would be sufficient depending on the market for a flip. Or maybe tips a newbie for a flip/BRRR

@Brian Garrett I think we were planning for less rehab on BRRR deals, but I see what you’re saying.

Hello all!

We are new investors looking to start our real estate journey in the next year or so. We will only be starting with about 20k-30k and we had originally planned to start flipping houses to build capital quickly, then build our rental portfolio to create stable passive income, and then build other tiers. 

However. 

I am now thinking, after hearing a few podcasts, that maybe flipping isn’t the best option for fresh investors who both have full time jobs. What would be another great way to build capital quickly, with only 20-30k to start with? 

Or will it be a slow and steady pace, and best if we start with BRRR deals?

Or am I missing any other possible paths?

Thanks in advance!

@Sasha Mohammed

That’s good to hear! I gotta say, I was getting slightly discouraged from a few things I’ve heard in other posts, thinking hard money may be the only way to fund a flip if I didn’t have deals in my belt or private money. I’ll definitely be looking into other loan options as well. 

Thank you for you help and input! 

Hi Adam! My husband and I are new to real estate investing, just in our education phase and working towards our first deal, and we’re out in Gloucester. Happy your real estate journey is building! 

We're researching the Hampton Roads area, looking for great places to start so it's good to hear VA Beach has been good to you!

Hope to meet you out there!

@Christopher Phillips Oh I see, I think I was combining two different strategies in my head. Learning a lot at once can definitely mix a few things up! But your detail of the scenario has cleared things up, and has actually helped to understand the whole process much better. I believe I was interpreting hard money as not only the interest rate per month, but also a mortgage payment. But as you said, all is negotiable. You’ve been such great help!!

@Christopher Phillips Great!! You have eased many of my worries and I’m very grateful for your knowledge and help. Thank you! We’ll be researching hard money lenders in our area soon, and requirements on refinancing as well so that’s our next leg of the education phase.

@Christopher Phillips Our plan is to start with flips to build capital quickly, then focus on rentals to build passive income, and once we have a stable base of income from rentals, build other tiers of income. So in this short period of topic, probably mainly flips, maybe 2-3 rentals.