All Forum Posts by: Shane Boyle

@Matt Engle

Assuming a conservative cash flow of 100$ per unit, means 10k a month at 100 units (100k per month at 1000 units = legacy wealth) which I’ve used as the jumping off point where I could easily afford to live off that while covering my own benefits and some cushion if there are a lower months.

IMO not too many people take into consideration that when you are self employed, none of your benefits are subsidized! Of course if you’re married you can be under your wife’s Benny’s but no one talks about how you do it as a single person! Also, an often overlooked benefit is disability insurance, so that in the event you cannot work you have somthing to cover you until you’re back on your feet.

@Matt Engle

Hi Matt, well,I want to get to the point where I have a portfolio of 1,000 units. It's a large goal. But I figure if I put it out here on BP I'll be held a little more accountable! Clearly I need to start small which is why I'm thinking of house hacking to start. Then to me it's the game of monopoly. Build equity and credibility, use that plus leverage to get a bigger property with my money and OPM, rinse and repeat until I'm selling smaller units and trading in for larger 50-100 unit apartment complexes. Obviously I will make mistakes on the way up but as long as I move the needle to taking on bigger deals, networking at events with other investor like the FHA one I'm going to this Saturday, Eventually I'll be there. I think that when I get to 100 units it means I can "quit my day Job" and 1000units means building legacy wealth which is the endgame.

@Sebastian Kressley

Awesome Man! Congrats on the second place. Building that MOMENTUM.

@Jeff Brower

Jeff, good to know. That does seem like the easy path when you are financing everything yourself.

@Scott Trench

I’ll have to check out those 3.5% down conventional loans, will report back!

@Bill Plymouth

Thanks Bill! I'll have to look into that. Being able to put 3.5 down AND having rehab costs factored in make it a slower way to BRRRR but perfect for someone that doesn't have a lot of capital. I thought in order to refi on an FHA to a traditional mortgage you need to have 20% in equity after refi but it appears once you hit 20% you can refi and pull all your equity out!

@Scott Trench

Scott! Really appreciate the help. I guess my follow up question is (and I know I’m getting ahead of myself) what is the “move” afterwards? Stay with me.....

Say I get a place that allows me to live rent free for the year I stay there or best case scenario put a few hundred bucks in my pocket and turn a Profit.

After the year is up am I able to move out and rent my unit? After a year living rent free I could have some money saved up again but still won't be enough to buy a fixer upper outright and BRRRR (Without doing the math) and I wouldn't be able to qualify for another FHA loan presumably. Of course I'd be greatfull to get to a point where I live rent free, but we want more then that here at BP, we want to work towards a portfolio that allows us to quit that day job!

Thanks

Hi everyone, been trying to determine a way to get into buying a multi family ASAP but with low funds and no track record to reach out for OPM ect. Trying to house hack with a low 3.5% down with an FHA loan seems like the move to

A) get started

B) begin building credibility

BUT, when taking out an FHA loan you need to reside there. I've "heard" you could live there for a year and then go some where else however you can't pull out another FHA loan with the exception of moving somewhere to work or having an increase in family size.

Any advice on what a good way to start is with no real capital to your name (to BRRRR) and no credibility to raise money?

Thanks Guys!

@Llewelyn A. Hi! I’m a new to BP as well as real estate investing in the greater NYC area. Never thought to take that into consideration, at first glance it looks like a bad idea to try and invest in this market as a beginner. Thanks for that input!

@Diana Tian I see I see, good idea!