All Forum Posts by: Samuel Martin

 Can you afford the downpayment, brrr costs, keep money in the deal and have sufficient reserves for both properties(i.e 2 years of vacancy/lead times, 75-100% of capex, 3-6 months of random ********? If not, no. If so, sure, just make sure you're all on the same page.

This isn't 2014, this is not a forgiving market. This is going to be a reckoning if you get cute.

Have you heard of this thing called Zillow? Or Redfin?

What do they say about the value of your property and the rent amount?

As others have said, great things take time. But some advice already said.

1) Learn how to reduce your expenses

2) Pay every month like you would be a tenant 

3) Find other ways to make additional money - does it have a guarge, maybe rent that out for extra cash flow? 

Another way to find deals - is to look for seller finance and negotiate but remember to keep in mind to never live above your means. 

You are rushing and if you keep doing that you may jeopardize your first property. When you say, "I'm starving for more and I have very limited capital" this is where the problems start. If you are hungry and you have no food, you will do anything for food because you have to. When you start to feel like you are starving for real estate, you are fodder for everyone out there who wants to wholesale you a dump on seller finance or some other quick method that won't work.

Your only job if you want more real estate is to create more capital for yourself and more equity in your current home. Go to real estate investor meetups and spend time talking with other investors than salivating at scaling without the proper foundation.

Stop watching YouTube. There are too many snake-oil salesmen selling lies. Building wealth takes time, money, and effort. Any attempt to short-cut the process is going to hurt you.

Figure out a side hustle to raise more money. Reduce expenses to save more money. Build up enough that you can purchase the next house.

If you move out of your current house, could you rent your room and create a cash-flowing property? If so, focus on saving up enough money to buy another home and create a second house hack.

Don't live in your property for free. Pay rent every month just like the other roommates do. This will demonstrate how the property performs as a pure rental, and it forces you to save.

@Samuel Martin what percent of your monthly mortgage are your rommates paying?

How much is the house worth now? What do you owe?

You could explore a home equity line of credit (HELOC).

Just have to be careful to NOT get in over your head in debt and go bust!

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