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All Forum Posts by: Michael Monroe

Michael Monroe has started 5 posts and replied 6 times.

Hey BP community, I have a quick question. I have property that I inherited and currently live in. I just graduated college, and I am in the job search currently. My buddy owns a 4 flex outright. However, he just started his own business a year ago and has been doing that full time. 

We want to use Heloc's on our properties and partner on a flip or a BRRRR together, but we are going to have a hard time pulling out Heloc's due to me not having an actual job yet, and him not having two years of income (thats what the bank told him when he tried).

Is there anything that you guys can think of that would allow us to pull cash out? My uncle is very well off, and I thought about presenting to him what we want to do and use our properties as collateral, but because this is our first deal I do not know if he would go for it. Worth a shot maybe though right?

Post: What should my first step be?

Michael MonroePosted
  • Posts 6
  • Votes 0

@Kevin Gracyalny thank you so much for your reply. I will talk with my cousin tonight.Do Heloc's take a while to get approved for? Should I find the deal first then the Heloc? I definitely agree and will make sure to write out exactly what will be done, that way there is no confusion. My personal goal is $3000 a month in 3-5 years. I want to focus on MFH, but I felt like at least 1 flip a year would be able to keep my capital growing and would help me scale faster.

Post: What should my first step be?

Michael MonroePosted
  • Posts 6
  • Votes 0

Hello

I just graduated college, and I am beginning the job search. I already know that I do not want the W2 life, and I am truly passionate about real estate investing. I want to start investing ASAP. I plan to use first time home buyer money in March to get myself into a house hack. 

Personally, I am looking for a W2, because I do understood having that will help me when it comes to obtaining loans. However, I live with my cousin and we took the house over after a family member passed a couple years ago. He is not big on investing but he would definitely be interested in taking a HELOC if I found the right deal. I am also fortunate enough to have a family member who is well off that is very supportive of me investing, so if I find the right deal he most likely would be very interested in helping me.

So what should I be focusing on? I know forsure that the W2 job will not allow me to save at the rate I need to get to financial freedom in the timeline I want. Should I be focusing on finding a great deal then bringing it to my relative? Talk to my cousin about the HELOC? Personally, I would like to find a flip or even a great BRRRR so that I can grow my capital.

Hello BP community!

I have not been very active on the forums, however I have been educating myself on this website while I finished college for the past two years! My fiancé and I finally feel like we are prepared to start investing in real estate, and take on our journey to financial freedom. A little background on us-we both just finished college, I am a first year fireman, and she is a realtor. 

Our goal is to be financially free in 3-5 years. In order for us to do so we agreed that we would like to make 4-5k a month in rentals. We are currently renting but our lease is up in February so we will be done renting after that! The city we plan to invest in has a population of 55,000, and the average home being $130k.

Our plan: We want to first buy a house hack, preferably a duplex-but we would also do a triplex. Our biggest thing since are salaries are not very high due to us just starting in our field, was that we want to cut our biggest expense. Right now our rent is $750 so once we find our house hack we decided we will still pay ourselves a 'rent' of $600 a month. To finance we want to use a FHA loan, and live in the property while we fix it up, that way we can get a good introductory of managing a property, and learning how to rehab properly for when we decide to hire it out.

After that, we want to try and add at least one real estate transaction per year until we feel comfortable doing more. By that I mean 
Year 1: House Hack
Year 2: SFH-or Duplex/ with a flip
Year3: 2 SFH- or Duplex/ with a flip or vice versa 1 buy and hold with 2 flips. 

To finance the remaining properties, we will use our savings from our salaries and the house hack as a 'cushion', and then use OPM to BRRRR the deals. I know this plan seems to be best case scenario and we will face obstacles but this was just our road map/plan of how we plan on obtaining financial freedom. Are we on the right track? Any guidance would be truly appreciated, and also keep in mind-we are just starting out ! (:

Cant wait to hear from you all!

Post: Question for all Appraisers

Michael MonroePosted
  • Posts 6
  • Votes 0

I am currently working as an entry level accountant, and honestly I find the work to not be that challenging. Obviously since its entry level, it is alot of the basic stuff, but from working this job I have learned that a 8-5 MF at a desk is not for me. It sucks that I went through 4 years of college to learn that lol.

Anyways, I have been obsessing over real estate for the past year and I am building capital right now so that I can start investing in the near future. With that being said I have stumbled across Residential appraising. After reading more into it this sounds like something I would LOVE. It gives me the opportunity to do business work and work with numbers, but also leave the computer and go do the other side of appraising.

My question for all the BP appraisers, would you recommend this career path? I have seen a lot of people recommend commercial appraising over residential appraising, would you? Is this career something you can make 6 figures in with time (Sorry to ask about salary but if I am going to leave accounting I want to make sure the career I choose will be comparable in terms of $). Lastly, what tips/advice would you give me when starting my appraising career?

Thank you in advance!

Post: Question for all Appraisers

Michael MonroePosted
  • Posts 6
  • Votes 0

Hello, 

I am currently working as an entry level accountant, and honestly I find the work to not be that challenging. Obviously since its entry level, it is alot of the basic stuff, but from working this job I have learned that a 8-5 MF at a desk is not for me. It sucks that I went through 4 years of college to learn that lol. 

Anyways, I have been obsessing over real estate for the past year and I am building capital right now so that I can start investing in the near future. With that being said I have stumbled across Residential appraising. After reading more into it this sounds like something I would LOVE. It gives me the opportunity to do business work and work with numbers, but also leave the computer and go do the other side of appraising.  

My question for all the BP appraisers, would you recommend this career path? I have seen a lot of people recommend commercial appraising over residential appraising, would you? Is this career something you can make 6 figures in with time (Sorry to ask about salary but if I am going to leave accounting I want to make sure the career I choose will be comparable in terms of $). Lastly, what tips/advice would you give me when starting my appraising career? 

Thank you in advance!