Updated over 7 years ago on . Most recent reply
New Member Introduction
Hey BP,
Long time reader/listener, first time poster.
I bought my first property in Boston back in 2009 and rented 2 of the rooms out to friends. I didn't realize it at the time, but I was house hacking. I was living for free as my two friends paid my mortgage. Fast forward 6 years and the property had appreciated ~90%. A friend of mine suggested a heloc in order to leverage the equity I had in the property. This was all new to me as I never thought about investing in real estate. After many podcasts and books (Rich Dad Poor Dad, Richest Man in Babylon, Set For Life, Book on Managing Rental Properties, Millionaire Real Estate Investor, 4 Hour Work Week and a few more) I went ahead with the heloc and started looking for my first true investment property. I found a 2 bed/2 bath with a fully finished basement which i turned into a 4 bed/2 bath, increasing the rent significantly. That property has been cash flowing nicely for a little over a year. I pour all positive cashflow back into the heloc as my W2 covers all living expenses. I recently purchased a 4 bed / 2 bath and turned it into a 5 bed / 2 bath. Again, I'll pour the positive cash flow back into the heloc. I hope to start looking for another property by the end of the year!
My goal is to get to enough monthly cash flow where I can quit my W2 and continue to invest, while spending more time with my family and friends.