All Forum Posts by: Reese Thomas Jr

@Dominick Dahmen

I live in Illinois and seeking other investment types like mobile. Are you seeking or currently investing?

@Jonathan Yeh

Option 3 is the closest I would do. From my research, the wealthiest investor know how to use leverage well, if you have $100K you could buy a primary home for you & your family but you would be looking to build that capital back up to invest in any rental property. It makes more sense to me to spread that $100k over multiple assets that would pay for your primary residence over time.

E.g. You find a home that cost $100K, you buy it cost. You still have taxes and your monthly expenses that you have to “work for” to pay, and if you so happen to loss that source of income you can still loss that “debt free” home for not paying taxes on it.

If you found a rental that cost $100K you can “invest” it, typically putting 20% down (which is $20k) that would allow your money to come back with friends plus you still have $80k to do it serval times and that would pay for your primary home. Cashflow 101 teaches you that once your “passive income” exceeds you “total expenses “ you don’t have to work for money 💵.

@Shivam Kashan

8 years and 2 months, that’s the amount of time I have spent living in a 3 unit multi family dwelling. In other words, I have not pay rent or a mortgage for that period as well. Just let you need a place to stay, everyone else does too. Some just choice their living arrangements a little different then other.

Awhile back my brother-in-law was very curious about how he could get to doing what I’m doing and the number 1 reason he say he can’t because of “my sister”, she say she just don’t want to be a landlord.

I am on the verge of getting a HELOC to get my next investment all because I didn't travel the same path of my family members thought process.

If it’s something you believe in you have to stay focus on it. Always discuss your goals with people that have done what you are doing. Talking to someone that never done it will always lead you down a different path.

“Bad advice from the wrong people is a very serious threat to your success”

@Jose Batista Abikarram thanks for your feedback

So I am currently doing the Brrrr strategy and I just got my property appraised and found out that it has doubled in value. I’m looking to purchase my 2nd rental and instead of doing another residential, I am looking for something bigger (commercial, 6 units or more).

I want to start a HELOC but want to know from others experience, do a community bank or a credit union work better for this line of credit, and wanting to use the HELOC for investing even relevant to the lender?

Any advise is helpful 😀

@Ernesto Ojeda what are do you currently live in?

Hey all,

I'm a long term listener of BP but new to the forums, so I'm still getting familiar with all the great tools it have to offer. Anyway, after getting help from you guys regrading a property manager software to use I decided to go with Tenant Cloud.

I literally just signed up for Tenant Cloud today to get comfortable with it but was curious to know has anyone here use Cozy "and" Tenant Cloud (BOTH) and like one over the other due to feature one offer or make it easier to use?

Thanks in advance.

It's a great day to be alive! :-)