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Updated over 7 years ago on . Most recent reply

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231
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Derek Luttrell
  • Chicago, IL
124
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231
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TIme between readiness and first deal?

Derek Luttrell
  • Chicago, IL
Posted

Hi All, 

I am 25. My first post on BP was six months ago. I closed on my primary 3/2 and rented out the other 2 rooms to roommates 4 months ago (before which I was paying $1000/month for downtown Chicago rent). In those 4 months, my savings have skyrocketed (house-hacking is the real deal) and I've been saving 75% or more of my take-home each month. This is excluding the 11% of every check I put into a company Roth 401k. 

I have pre-approval letters for $150,000 investment properties in hand, even after buying my 3/2 just four months ago. On paper, I feel loaded on all cylinders...with nothing to fire at. I upgraded to Plus on BP yesterday to get unlimited calculator uses, and I am dreaming of cash flow. My question is, how long did you take from the point of being ready financially to actually making your first real move? Maybe I'm impatient and should shut up since I just bought my primary, but I can't help but feel like I'm doing something wrong/am dragging my feet. I've spent the past three consecutive weekends driving around Chicago suburbs looking at duplexes in my pre-approval range. I want my "talking" to turn into "doing," and I don't quite know how to get there. 

Thanks for reading, 

- Derek 

Most Popular Reply

User Stats

231
Posts
124
Votes
Derek Luttrell
  • Chicago, IL
124
Votes |
231
Posts
Derek Luttrell
  • Chicago, IL
Replied

@Don Aleshire I appreciate it! That's a good idea about the keyword alerts--that isn't something I have played around with yet. 

Since MFHs here are outrageously priced, I found the perk of starting young was that I have never not lived with roommates, so my house hacking came naturally. It's so simple in retrospect, but it's truly nothing I even thought of until finding BP. If your current life situation caters to having roommates, I say go for it. 

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