All Forum Posts by: Steven Baca

Expert advice needed!!

I bought a townhouse in 2016 for $95k and have been renting it out since 2018 (creating ~$300+ monthly cash flow), as of today current mortgage due us $74k.  This townhouse has now appreciated to a value of ~$140k.

I bought a 3bd/1.5 bath home in 2019 for $113k, rehabbed it for 3 years and sold it for cash ($165,5k) and walked away with ~$55k in cash which I closed 9/2/22.

I just started reading the BRRRR book two days ago and need some solid advice on the direction I should take as this could narrow my road to that $1M+ goal sooner...

Which option should I take?

Option 1: HELOC/ Cash Back refinance my townhome and pull out enough equity to add to my $55k in purchasing a 2nd property? With rates being as high as they are this is a worrisome option

-OR-

Option 2:  Pull out $19k from my 401k, add that to my $55k and pay off the townhouse note. Invest a small amount of capital into it by adding some make up and then refinance it in order to purchase my second investment property?

My current situation: I just moved my family of 3 into my folks home while making this next investment transition and would like to have my next property by end of year.  My tenant moves out of townhome on 11/11/22 which I plan to move my family into the townhome for a 6-8month stint until a 3rd property is purchased which would be out slow-2-3yr-primary-residence-rehab-project.

Any straight forward advice would be GREATLY APPRECIATED. Or if there is a 3rd option I'm missing please indulge me!

Thank you in advance BP colleagues!

I need to create some more passive income to afford those payments if I can't get it leased.  Victoria County isn't the hottest market for commercial or atleast in my amateur opinion.

That's awesome!  I've got one townhome producing cash flow monthly and enough equity to refinance but the rates are REALLY high compared the the 4% I currently have.

I've just finished Rich Dad Poor Dad and reading BRRRR by David Greene

 

 I decided to purchase $55k worth of scratch offs

BP Colleagues,

Open to new formulas on turning ~$55k into $1M.  Seeking suggestions, mentorships, possible partner(s) and new ideas.  Willing to discuss in person if within a 100 mile radius from Victoria Texas!

With 87k potentially new IRS agents I want to make sure I'm doing things right with my finances..... who do I need to higher?

Victoria, Tx

 I'd be glad too!  Any recommendations?

Thank you Wale!! Have a great weekend coming up!