All Forum Posts by: Tara Eggenspiller

@Tara Eggenspiller, Michael has a great point about your income and how much you can set aside each month.  I hope that a large portion of what you are using your income on is retirement investments (roth/401k/etc). The best way in my experience to get wealthy is to truly save as much as you humanly can, especially when you are starting out.  buying a nice car or an extravagant home sounds nice now, but putting that money into income earning investments will net you nicer cars, bigger houses, and earlier retirement in the future.  I have yet to meet anyone that regretted having the financial freedom to retire earlier, travel more, and stress about money less.
@Michael Dumler - Kudos on bringing this topic up, this is something often ignored in these conversations.

@Tara Eggenspiller, I would not recommend pursuing a BRRRR with only 6k to your name, this is a recipe for disaster unless you utilize an FHA 203k loan like others have mentioned. Nevertheless, still extremely risky. Moreover, I do not recommend obtaining short-term financing (hard money) for your first deal. Short-term financing is a time-sensitive loan product, you need a resourceful and trustworthy team already in place before you decide to go down this route. After eliminating option B, I vote you pursue option A. Even if the deal doesn't break even or cash flows negative your still paying down debt and building equity in your property which is better than paying for someone else's mortgage. I recommend that you connect and work with a real estate agent asap, one who is familiar with house hacking and has successfully house hacked in the past. Last note, forgive me for being upfront, but you make 80k a year and only save $500 per month? Start eliminating unnecessary expenses asap. Hope this helps!