All Forum Posts by: Weston Tracey

I'll be there!

@Jeff Cichocki, @Ryan Groff and @Oliver Carey

Thanks for the advice, I'll be sure to take the time to find a lender to build a long term mutually beneficial relationship with, I hope to start seeking one out in a month or so, once I've had a bit more time in the area, so I can begin the conversations with a defined plan / specific criteria / area /etc.  As I get closer to that point I may reach out!

@Dawn Brenengen Thanks! I messaged you.

@Whitney Hutten

My why: currently I'm able to provide a comfortable life for my family where we have what we need and much of what we want. However, that only lasts as long as I can and do go to work ~240 days a year. I love my job (I'm a software engineer) and have no plans to leave it, but if something happens to me (or my job) where I'm no longer able to trade my time for money then my life will likely change for the worse.  Additionally, I want to be able to have the choice to stop trading my time for money as I get older, we had our first child when I was 16, and we just had our last a few months ago, by 45 we'll have an empty house and I want to have the freedom/option to just live.

I like BRRRR because it just seems to make technical sense, as a very effective tool to leverage, and because I have quite a bit of W2 cash flow to work with I can stand the risk in the short term for the benefit of a higher return. You'll have to explain the alignment thing a bit more, as I'm not familiar, unless you're referring to goal setting by another name!

Thanks for the input!

Hi All,

Finally ready to take action! A bit about me:

-Moved to NC and bought a primary residence in January. (Wife and kids, no house hacking for me!)

-I've been wanting to get started for years since taking an RE class in college, and have been reading and researching off and on since.

-After budgeting expenses/extras/emergency fund/401k/HSA/etc I will have $45-55K/year from my W-2 job to devote to RE.

-My motivation is financial freedom, and to open up my options in middle age (currently 25) but also for security for my family of 5.

I'm interested in buy and hold, likely via BRRRR. I'm waiting to define my specific criteria until I get to know this area a bit better, but I will definitely be using a PM.

I'll be spending the next couple months getting to know the area and hopefully going to some REI meet ups and making some contacts. I'm still defining my goals, although a lofty somewhat arbitrary longer term goal is $1M in equity 10 years from now.

In the short term since I only have 10k today, and 50k by year end, I'm torn between:

1) doing a traditional mortgage purchase this year because I'm so ready to take action.

2) waiting and BRRRRing when I have sufficient cash

3) BRRRRing with the help of hard money by year end (I'll investigate private money first)

I'd love any advice I can get, including areas to investigate in the Chapel Hill / Raleigh / Durham region, and what kind of numbers others are seeing in the region!