All Forum Posts by: Mindy Templeton

I live in Lees Summit and it borders Independence.  I personally own rentals and half of my portfolio is in Independence..Raytown is another great area.  Happy to help answer any questions you have or go check out deals for you!

Hi Antonyse, I run a meetup in Kansas City, coming up this Thursday from 6-9 at the Emerald Event Space in Blue Springs and will have a wholesaler guest speaker this month, along with several in attendance.  It would be great for you to come and it's a free event.  I'm also happy to help you with answering some questions as I wholesale myself.  Message me if you want additional details about my meetup or hope to see you there!

@Christina Gillo find yourself a fixer upper and plan to put in some sweat equity. That can get you lower in the range..just look for cosmetic updates like paint and cabinets refinished with new hardware..you can find some amazing ideas for DIY updates. Since you plan to rent it out, just focus on durable stuff. Good luck..love the plan!

@Jennifer Pauyo right here 🙋‍♀️

@Steven Hershey If I were in your shoes..I would be decreasing monthly expenses in any way that I could, including a part time job to increase income and spend some time paying off those student loans. THEN you could take the money you were paying on those loans to put towards monthly installments on the HELOC or a loan from 401k. Do you have other consumer debt? If you free up those debts, then you could have more monthly to help you accomplish your goals without withdrawing. Also, if you're still contributing now, are you doing more than the match? Maybe lower the contributions to just get the match and put the rest in savings. Just some alternatives to consider before tapping in to 401k. I became consumer debt free and used a 401k loan for our first rental and am almost done paying it back. This method is just something to consider, as real estate investing is a great next step IMO, once you are consumer debt free.

@Bjorn Ahlblad thank you! I’m torn but lean slightly more towards fewer paid off properties. Thanks for commenting!

I currently own my personal home and two rentals, and I'm also currently looking for my first BRRRR deal. I used my own cash for down payments so far, and bought properties that didn't really need much work, but now I'm ready to roll up my sleeves and try to put in the work to pull my cash back out at the end.

I have currently been paying extra towards my smallest rental property mortgage and have considered doing the debt snowball method on my existing mortgages. (owe around $75k on smallest one) My mortgage payment is $600 and I have been putting an extra $500 towards it each month. I have been torn on if this makes sense, or if I should be throwing that extra $500 into savings until I have enough for a down payment on another property (this would be on top of the BRRRR deal as I have funds set aside for that deal down payment also).

It’s appealing to me to have fewer free and clear properties to maintain than to have a larger number that all have mortgages from an immediate Cashflow and ongoing maintenance standpoint. It’s also appealing to have more properties that only cashflow a little now, but as they start getting paid down, then the cashflow potential is greater. (Think 5 free and clear homes bringing in $4,000 a month after expenses vs 15 homes with mortgages each cash-flowing around $270 a month to get to that $4,000 a month, but then could be closer to $12,000 after expenses as the mortgages get paid off)

I wanted to get everyone’s input on what you would do in this scenario and why? Go for 5 or 15? Feel free to ask me questions also! Thanks

@Johny Omaga wow it looks awesome! Currently looking for my next deal and planning to do a BRRRR also, so it's always nice to hear and see the good, bad and ugly. Cant wait to see the final numbers when they're in. I invest in this area also and also live close by. Great area for buy and holds!

@William Lees great post! I first paid off all of our consumer debt, then started putting my debt snowball money into my wealth snowball money and putting it back into savings. Between car loans, student loans and daycare (my son aged out of the system finally..lol) I realized I had a few grand “extra” now per month that was freed up. So I saved a few months of that, and took a small loan against my 401k for the remainder of our down payment, which I’ve already paid back. Worked with local lender to finance. For our second, we used the one year of rent that our first tenant paid up front for the down payment and then used the same local lender.

I wanted to add my story since it's more about getting creative about designing a lifestyle of delayed gratification, living well below means, and reallocation of your own W2 earnings from liabilities to assets. For my next one, I am planning to possibly partner with someone and use a hard money lender and go after a BRRRR. Here's to success to us all in getting creative to get in the game or stay in the game. 😊

We are looking at doing 25% down now