All Forum Posts by: Rianna Mcgee

@Michael Smythe they definitely made it seem like it was the best way to go lol but I’ve been down the rabbit hole too many times to now know when it seems too good to be true, that’s why I wanted to come on here and get some insight. I appreciate the response!

Hello everyone! I have recently came across some videos on working with Section 8 on rental properties. I am curious to learn more about this. Does anyone have any experience with this? I’d love to hear your thoughts and if this is a good route to proceed with, especially in Kansas City. 

Quote from @Daniel McDonald:

Got it. That makes sense. Yes a multi would be ideal but may not be a thing in your area. 

If you buy a straight up rental you’re looking at 20-30% down. Can you use hard money for that? Absolutely, but that will be charged at likely 10-15%, so the numbers become more challenging. It’s also increasingly harder these days to pull out 100% of your money. And if you do you could be stuck with something that negatively cash flows. Depending on prices you’re looking at I would expect that you will put in/leave in some of your own money. 

 May I ask why its harder to pull out 100% of your money these days? 

Quote from @Daniel McDonald:

You can house hack single families and rent by the room. Where are you located? Brrrr strategy works out of state but it still can be costly unless you’re planning to go the hard money route. 

I am located in KS, I'd prefer not to rent out rooms as I have children so I'm leaning more towards multifamily. How much would the percent down be for a hard money loan? I know a lot of people go this route for BRRRR.

I am really interested in the house hacking method, however, there doesn't seem to be a lot of options in my area for multifamily properties (especially duplexes, which is my target). What is the next best option for getting into rental property investing? I am aware of the BRRRR method and would eventually like to do it, but is there a cheaper option for first starting out?

@Joe S. I am very grateful to have someone by my side that has the same interest in being successful in life and doing big things with me as well as supports my dreams. Not everyone's relationships in life take a turn for the worst. Also, I never mentioned that we'd both have our names on the property. That was not the point of the post whatsoever either.

@Edwin Epperson Could you explain a little more how HELOCs work? I have heard of them but need a better understanding on them.

@Felicia Richardson That sounds like a good plan! I definitely want to try and network as much as I can as well so I feel more comfortable to really dive in.

So what I am gathering is, it would make sense to sell 2 a year solely depending on if there is enough value/equity in the property? 

@Rumen Mladenov So what about the becoming financially free part of it? I understand if I own 10 properties I will cashflow some money but probably not enough to quit my day job because most of the cash flow will be going to the mortgages right?