All Forum Posts by: Melissa Kirchhoff

Personally, when I heard about wholesaling I shuddered and thought oh hell no. Buy and hold was totally me, however. Do you have any initial reaction like that?

Now, of course, I see the beauty in it and if I had some pipelines open, I could potentially do it, but it's still not really for me. So in the beginning anyway, take into consideration your personal interests and strengths and weaknesses, not just some book saying "this is the best way".

I'm always preaching about the podcasts, but honestly, if you listen to them, you will know what you want to do and not do real quick! So then, go out and do it! Like @Emily Lopez said, in the meanwhile, keep saving, you'll be that much further ahead of the game!

@Dustin Heiner and @Emily Lopez, thank you so much for your responses!

Dustin - That's really great you have family that supports you and has faith in you, not everyone has that! I have a non-family member who is willing to do that, but it could mean he wouldn't be able to pursue things that might really help him in this year, so maybe after that time we can re-evaluate and see (though I'm hoping to have the cash saved by then!)

Also, I did already start on one aspect you said: More income. That seemed the only solution at the time so I got into a career in real estate just a while back. I love it, hopefully I'll make money to save for the purchases and it's helping me learn more in that world. Thank you again for your help and response!

Emily, I identify with you so much! My only problem with that is that my only debt is the house.

But it's awesome that you busted it to do all that, I feel the same way, if I stop moving, I'll die, and thankfully, I love work and I'm in a position to do as much as I can and squeeze every penny out of my days. I love hearing other people who have that drive and passion (which is probably what I sense in most the investors here and love so much about it!) 

I'll keep going to get cash, I was just hoping there was a way to better leverage the house so that it helps us more tax-wise (since both me and her are self-employed) but it doesn't seem like that is possible.

Thank you again, sometimes that's what you need to hear, is you're on the right path, you just need to keep pushing. And, it's also pretty nice to hear you did it so quickly!

Goodluck to both of you and thanks for being my morning inspiration! =)

First, what type of investment strategies are you thinking about doing? Buy and Hold? Flipping? Wholesaling?

As for me, I haven't done any deals yet (I don't yet have the means financially), but I've been watching the market for years (more just because it interests me) and I think you can learn a lot from that alone. I have certain areas that I consider a fit for me and I watch them closely. I have multiple searches running and emailing me (I love Redfin for that but since I'm an agent, I also have a few MLS searches I run for myself) to let me know of new properties and sold properties in those areas. It gives me a good sense of my market and helps educate me so when I see a deal, I know it. The other day a property here was nice, and an amazing value for the price. It had 29 offers on it in less than 2 weeks! There's something powerful about going in and being able to spot a deal and then having the market confirm it! Being an agent does help, when those show up, I'm going in them to look at them typically on the same day. So know your market and work with someone who is eager to help!

Also, the podcast *really* helped me. I listen while I'm driving, at the gym, folding laundry. Listen to it all and take notes! They have so much experience and their guests do too, it has really made me feel comfortable with the idea when I do actually have the capital to start.

I really think those two things are the biggest until you can find a mentor or actually do a deal.

I'm wondering if you could either have the realtor or present owner explain the situation to them and ask them if they would like out of their lease? Could you also perhaps offer to buy them out of it?

Like Marcia said, you might be doing them a favor if they wanted out but felt stuck. It seems like it's worth a shot to ask. If they say no, could you do a short term rental yourself?

Isn't that always the case?

So I have a fun situation. I own a house and I have excellent credit and make a reasonably decent income. The problem is that I am a joint tenant with someone who does not have those things. She's having trouble sort of finding her way and struggling with debt and is self-employed with a very low income (hence the debt). We split everything, the mortgage and taxes, everything.

I'm ready to get started in investing, the problem is the loans. I can't get anything because of my debt to income because they consider me paying everything myself (mortgage, taxes). We are both afraid of not being able to sell the house for what we originally went in wanting to get out of it, and she's also afraid it won't be enough for her to get a loan for her next purchase. Finally, I had the idea to take out credit against my house but then realized that probably means re-creating a loan, basically, including her financial situation.

So now I'm back to the drawing board (working my *** off to try to save cash to buy these properties). But I feel a tiny shred of hope still. There has to be a way. Does anyone know a way to refinance or take out a line of credit against the house that doesn't involve basically a new credit check? Or is there some other route for me besides just cash? Please, someone give me hope! Thanks!