All Forum Posts by: Stephen Sparks

Josh, I was just looking at this BRRRR strategy. I really like it, however, I am under a time constraint. I don't understand how much I would need to save up. It could take close to a decade to save up 200k in cash, by that time id be over 65. I need to get moving . I can realistically save about 10 - 15k per year. What if I were to do the house hacking thing to build up my cash reserves, would that work?

Thanks Brandon! 

I have been doing some research into this and I think I see where some of my confusion came from. I was confusing a home equity loan with a home equity line of credit. Now I understand the differences the pieces all fell into place! 

I sure appreciate all the input! I hope I can get to the point where I can contribute some day!😀

Thanks guys! That makes sense! Btw, sorry about the errors in my initial post, spell check ' helped' me!

Is there ever a limit on how many loans outstanding, or how much you owe in total causing banks to balk at giving you a heloc? I would not think so, since each loan is collateralized.

Hi everybody.Maybe I'm a dummy but could you explain the Financing thing to me.

Let's say I save $10k. I get a FHA loan for a duplex. I house hack one unit while renting the other. So far so good.

The only way I see this working is to pay off the mortgage, take a new loan with house 'A' as collateral and buy house 'B'. That will take more time than I have. How do I doped the process up?

Thanks in advance