All Forum Posts by: Wendy S.

Hi guys, So I purchased a retail split level. Spent abt $33,000 to make it a decent 4/3 which I househack with 2 roommates which essentially covers my mortgage and utilities. Now, I'm considering putting in another $33K to convert double garage into 2 bed 1 bath with common living area. Reason being, I have a part time income, and am told I won't qualify for another mortgage. Remodel would cash flow an additional $1,000 monthly ($500 already deducted for maintenance, vacancy etc). Plan then would be to refinance and tap into equity maybe a yr later when I can qualify. So I am likening it to buying a $30K house and cash flowing $1,000 or is there a better use for my money? Yes I am aware that I would be putting an additional $60K plus in 1 house that would appreciate for purchase price and maybe what I put in. I don't qualify to rent another property either which I could househack as income is below the 3 or 4 times requirements. Open to suggestions on what else to do until I am 'qualifiable'. Thx

Hi BPers', I would like your feedback whether to convert my garage into 2 bedrooms with small living area, shower and convert my basement bedroom into 2? Bought my first house with a 3% conventional loan at appraised value (seller wasn't budging) less $2,000. Tried to renovate with a friend but after it fell through hired out (lots of lessons learned there too) spending about $35,000 to get a decent 4/3 split level which I felt comfortable living in.. House hacking 3 months after completion which essentially covers mortgage and utilities.. I am now thinking should I convert my double car garage which I am not using into 2 additional bedrooms ( app 11 x 11) complete with a standing shower stall and small living room (10 x 11) and also convert my basement bedroom (12 x 25) into 2 bedrooms at preliminary estimate of $32,000? I restarted working about 5 months now with a single private employer, same time I started renting my 2 rooms. So I am told I do not qualify for a mortgage and even tried to rent another house with possibility of rent to own as soon as I qualify, hopefully within a year but again I am told I do not qualify. So I decided to get creative with what I have especially as I plan to hold for the long haul. My problem is I do not earn 3/4 times rental income landlords are asking and I have no intention of becoming an employee again, except for the part-time work I now do that with my rent covers all my monthly expenses. I have a passion I am seeking business licencing for, but wanted to use what I have to create some passive income which I can have for future real estate pursuits. Sorry for the long post but I felt it was better to give background as well as where I am presently to help with any feedback I may receive. Thanks for reading and I look forward to your responses.

@Jerud Sturm, it was a good meeting no sales pitch /pressure. Good information and the opportunity to physically meet a good group of people in the industry with a diverse skill set willing to share and learn. Keep it up!

Thanks. Exactly what I did. Seemed too  late to pay to check out by, 11am, abt the time I would be really needing to sleep, plus I need every penny for rent. 

Also need to figure out the best way to get back my $10,000 which I gave said friend to invest. 

Help, Need a Furnished Room to rent!!! Hi guys, I am not sure if I am posting in the right area and for this I apologize. I relocated recently on the advise of a friend who agreed to mentor me in REI, but things went downhill when I decided to take a job to help with the day to day bills. I came home earlier and he had my stuff all packed and said I had to leave. I don't know anyone else in the Decatur area and at this hour yes 5:04am I don't know where to turn. I have looked at Craiglist but scared to just rent from anybody based on what I have heard. Was trying to reach out @Michaela G but still learning my way around the site. Please anybody I would be really grateful.

Thanks Mark and Scott. I am feeling positive already.

Hi everyone I am Wendy, signed up with BP a few months ago but haven't done much since as I was moving from South Arkansas. I have now relocated to South Atlanta to learn as much as I can about real estate investing, through a friend who was kind enough to offer me a place and agreed to mentor me.  Unfortunately, things aren't going so great at the moment as I felt it necessary to get a job to offset living expenses while I learn the business. My friend seems opposed to this, saying this suggests I am not serious and is set on working in a low paying job when I could be learning and earning, by starting with wholesaling.   Any input here would be welcomed.

My first goal is to get qualified for a conventional mortgage in a few months, hence the job, then use what savings I have to BRRRR. I am interested in meeting anyone who is willing to help me on my journey and welcome any suggestions on here as well as via my inbox.

Hope this intro, isn't too long.