All Forum Posts by: Tim Hall

@James O Smith well done and welcome to financial freedom!!!

@Helen Hernandez hey there, for me the best thing I did was have someone pay my own mortgage. Whether that's house hacking in a larger single family, a duplex, triplex ect. I personally bought a big house and rented out the rooms. I went FHA and negotiated a lot of the closing costs when I bought the property. I made enough money to pay my mortgage and bills and then went on to save money for the next down payment.

@Jonathan Ortega let’s do the numbers on that deal.

Purchase is $121,000

Repairs is $25,000 that doesn’t get you very much.

= $146,000

That leaves $54,000

As a flip this is not a deal because to sell is 6% plus some closing so around $15,000

That leaves $39,000

This is assuming that you have the money.

Let’s say you have to borrow it at 10% $146,000

That’s another $14,600

That’s $24,400 profit if your numbers are correct. That’s slim margins for me.

@Kathleen D. If I had 2 million right now and wanted the most passive income I’d have to split up the money 4 or 5 times. I’d definitely become a private money lender. Business to business financing is pretty much unregulated. Get first position loans only or a syndication but you’ve got to vet them extensively. Being truly passive is very difficult she’ll have to have some kind of money manager which she trusts implicitly. So she can be passive and they can do all the work.

@Kelsey Folger try air bnb or vrbo it’s a bit more hands on but it’ll put money in your pocket quickly.

@James O Smith hey man, you’re making a great decision, that’s how I started. Jackson properties or A&E properties or any one of the property managers in town deals with a lot of student housing/ room rentals. Go in an say you’d like an application and contract for a room to rent. I’m sure they’d help you out. Nice one!

@Rob Barry, sorry mate, I’ve got to be honest $14 k is steep. I spend $3-4K on the repipe and then $1k max to clear the crap out of there. Line item 65 er what is you pm doing counting the stuff on the floor. Time for another pm me thinks.

@Stefan Gnapp that’s how I started, house hacking. I lived in a big house with a 1/1 in-law . The 1/1 paid half my mortgage and I rented 4 rooms in the house. Which paid my mortgage, utilities and gave me a little spending money. The spending money eventually paid the mortgage on another smaller rental. The secret to real estate is to pay for your own expenses and then carry on from there. Don’t over think it, don’t rush in to it but don’t not do it.

@Stefan Gnapp hey man, Tallahassee is a small place reach out to me or Mack or anyone in the investor community for any help or guidance you may need. Welcome

@Patrick Froehlich I started in my 40’s with nothing. I was more accountable and knew the problems faced by the people I was helping because I’d had the same problems in 2010. I’ve heard of worries from people starting to early, to late, have no money, have no experience it’s just another hurdle your mind is putting in front of you. Get your mind right and there’s no obstacles. It’s mindset, that’s all.