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Steven Baca
  • Real Estate Agent
  • Victoria Texas
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How do I turn $55k if $1M?

Steven Baca
  • Real Estate Agent
  • Victoria Texas
Posted Sep 5 2022, 12:20

BP Colleagues,

Open to new formulas on turning ~$55k into $1M.  Seeking suggestions, mentorships, possible partner(s) and new ideas.  Willing to discuss in person if within a 100 mile radius from Victoria Texas!

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Steven Baca
  • Real Estate Agent
  • Victoria Texas
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Steven Baca
  • Real Estate Agent
  • Victoria Texas
Replied Sep 10 2022, 07:45
Quote from @Greg Scott:

Any one deal that promises to turn $55K into $1M is unrealistic, unless you are willing to wait a long time.  More likely it will be a process of multiple deals that get bigger and bigger or grow from one deal at a time to many at a time.

First, you turn $55K into $110K

Then you turn $110K into $220K

Then you turn $220K into $440K

Next you turn $440K into $880K

Finally, you double the $880K.  To be helpful, if you really want to stop at $1M, you can send me the extra $760K as consulting fee. ;-)


 Thank you Mr. Scott!  

Here is more clarity on my situation if you have more advice on the path I should take:

Expert advice needed!!

I bought a townhouse in 2016 for $95k and have been renting it out since 2018 (creating ~$300+ monthly cash flow), as of today current mortgage due us $74k. This townhouse has now appreciated to a value of ~$140k.

I bought a 3bd/1.5 bath home in 2019 for $113k, rehabbed it for 3 years and sold it for cash ($165,5k) and walked away with ~$55k in cash which I closed 9/2/22.

I just started reading the BRRRR book two days ago and need some solid advice on the direction I should take as this could narrow my road to that $1M+ goal sooner...

Which option should I take?

Option 1: HELOC/ Cash Back refinance my townhome and pull out enough equity to add to my $55k in purchasing a 2nd property? With rates being as high as they are this is a worrisome option

-OR-

Option 2: Pull out $19k from my 401k, add that to my $55k and pay off the townhouse note. Invest a small amount of capital into it by adding some make up and then refinance it in order to purchase my second investment property?

My current situation: I just moved my family of 3 into my folks home while making this next investment transition and would like to have my next property by end of year. My tenant moves out of townhome on 11/11/22 which I plan to move my family into the townhome for a 6-8month stint until a 3rd property is purchased which would be out slow-2-3yr-primary-residence-rehab-project.

Any straight forward advice would be GREATLY APPRECIATED. Or if there is a 3rd option I'm missing please indulge me!

Thank you in advance BP colleagues!





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44
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Steven Baca
  • Real Estate Agent
  • Victoria Texas
14
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44
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Steven Baca
  • Real Estate Agent
  • Victoria Texas
Replied Sep 10 2022, 07:46
Quote from @Jeff Copeland:

There is no "get rich quick" scheme that will get you a 20X return in a short period of time. 

If you invested $55k in a portfolio earning a healthy 8% compound interest, you'd get to $1M in just under 40 years. 

But I'm assuming your real question is How long would it take to turn $55k into $1M?. And I'm guessing you want to speed up that 40 year horizon?

Therein lies the beauty of real estate...

If you invested in stocks, bonds, or just about anything else, your $55k would get you...well, $55k worth of stocks and bonds or whatever. 

But by strategically using leverage, your $55k could get you $220k worth of real estate (at 75% LTV).

If your $220k property appreciates at a very reasonable 8% annually, your get to $1M in under 20 years. 

Of course you have to account for the financing costs, etc. But on the other hand you could conceivably get better financing terms (96.5% LTV with FHA for example), and/or much better appreciation than 8% in some markets.

This is just a crude example to show that real estate can get you there in half as much time as many other options. 


 Thanks Jeff!  Great advice and strategies that I'll consider no doubt.  Here is my current situation if you have any further advice sir!

Expert advice needed!!

I bought a townhouse in 2016 for $95k and have been renting it out since 2018 (creating ~$300+ monthly cash flow), as of today current mortgage due us $74k. This townhouse has now appreciated to a value of ~$140k.

I bought a 3bd/1.5 bath home in 2019 for $113k, rehabbed it for 3 years and sold it for cash ($165,5k) and walked away with ~$55k in cash which I closed 9/2/22.

I just started reading the BRRRR book two days ago and need some solid advice on the direction I should take as this could narrow my road to that $1M+ goal sooner...

Which option should I take?

Option 1: HELOC/ Cash Back refinance my townhome and pull out enough equity to add to my $55k in purchasing a 2nd property? With rates being as high as they are this is a worrisome option

-OR-

Option 2: Pull out $19k from my 401k, add that to my $55k and pay off the townhouse note. Invest a small amount of capital into it by adding some make up and then refinance it in order to purchase my second investment property?

My current situation: I just moved my family of 3 into my folks home while making this next investment transition and would like to have my next property by end of year. My tenant moves out of townhome on 11/11/22 which I plan to move my family into the townhome for a 6-8month stint until a 3rd property is purchased which would be out slow-2-3yr-primary-residence-rehab-project.

Any straight forward advice would be GREATLY APPRECIATED. Or if there is a 3rd option I'm missing please indulge me!

Thank you in advance BP colleagues!





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User Stats

44
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Steven Baca
  • Real Estate Agent
  • Victoria Texas
14
Votes |
44
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Steven Baca
  • Real Estate Agent
  • Victoria Texas
Replied Sep 10 2022, 07:48
Quote from @Ned Carey:

@Steven Baca I think @Greg Scott put it best. Yes you actually can theoretically turn $55k into $1M in one deal. You can also buy one lottery ticket and win hundreds of millions of dollars.  But I am not betting my retirement on it. 

$55k is a solid amount of money to start your journey. but turning that into $1M will be full of twists and turns and many years of making good decisions. The way to do this, is keep investing at the best risk reward ratio you can. Keep making good deals one after the other. Some deals will be home runs, some will flop but you just keep moving forward. Keep dong really good deals. 

There is no one way to do this. The opportunities you see will be different from the opportunities I see. Your strategy may change over time. It may change with the market. That is why no one can give you an easy answer.

Keep reading and learning here. Go out into the marketplace and learn your market. Then always keep you eyes out for opportunities. Good luck.


 Ned, I agree with his methods and would like to make that happen sooner than later but here is my current situation if you have some more input.

Expert advice needed!!

I bought a townhouse in 2016 for $95k and have been renting it out since 2018 (creating ~$300+ monthly cash flow), as of today current mortgage due us $74k. This townhouse has now appreciated to a value of ~$140k.

I bought a 3bd/1.5 bath home in 2019 for $113k, rehabbed it for 3 years and sold it for cash ($165,5k) and walked away with ~$55k in cash which I closed 9/2/22.

I just started reading the BRRRR book two days ago and need some solid advice on the direction I should take as this could narrow my road to that $1M+ goal sooner...

Which option should I take?

Option 1: HELOC/ Cash Back refinance my townhome and pull out enough equity to add to my $55k in purchasing a 2nd property? With rates being as high as they are this is a worrisome option

-OR-

Option 2: Pull out $19k from my 401k, add that to my $55k and pay off the townhouse note. Invest a small amount of capital into it by adding some make up and then refinance it in order to purchase my second investment property?

My current situation: I just moved my family of 3 into my folks home while making this next investment transition and would like to have my next property by end of year. My tenant moves out of townhome on 11/11/22 which I plan to move my family into the townhome for a 6-8month stint until a 3rd property is purchased which would be out slow-2-3yr-primary-residence-rehab-project.

Any straight forward advice would be GREATLY APPRECIATED. Or if there is a 3rd option I'm missing please indulge me!

Thank you in advance BP colleagues!





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Steven Baca
  • Real Estate Agent
  • Victoria Texas
14
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Steven Baca
  • Real Estate Agent
  • Victoria Texas
Replied Sep 10 2022, 07:50
Quote from @Chris Seveney:

@Steven Baca

Besides roulette and doing black black red black…

As mentioned rule of 72 is divide 72 by your projected return and that’s approx how many years to 2x your money. If anyone says they can do this quickly or in a decade they are not being honest. Can it be done in that time, well yes but it will take a ton of time and sweat equity.

Also don’t fall for the OPM people saying use OPM when just getting started. It’s a bad idea.


 I really need to learn blackjack just cause I plan on being wealthy enough to play sometime in the future!  But here is my current situation Mr. Seveney, any input on this would be great!

Expert advice needed!!

I bought a townhouse in 2016 for $95k and have been renting it out since 2018 (creating ~$300+ monthly cash flow), as of today current mortgage due us $74k. This townhouse has now appreciated to a value of ~$140k.

I bought a 3bd/1.5 bath home in 2019 for $113k, rehabbed it for 3 years and sold it for cash ($165,5k) and walked away with ~$55k in cash which I closed 9/2/22.

I just started reading the BRRRR book two days ago and need some solid advice on the direction I should take as this could narrow my road to that $1M+ goal sooner...

Which option should I take?

Option 1: HELOC/ Cash Back refinance my townhome and pull out enough equity to add to my $55k in purchasing a 2nd property? With rates being as high as they are this is a worrisome option

-OR-

Option 2: Pull out $19k from my 401k, add that to my $55k and pay off the townhouse note. Invest a small amount of capital into it by adding some make up and then refinance it in order to purchase my second investment property?

My current situation: I just moved my family of 3 into my folks home while making this next investment transition and would like to have my next property by end of year. My tenant moves out of townhome on 11/11/22 which I plan to move my family into the townhome for a 6-8month stint until a 3rd property is purchased which would be out slow-2-3yr-primary-residence-rehab-project.

Any straight forward advice would be GREATLY APPRECIATED. Or if there is a 3rd option I'm missing please indulge me!

Thank you in advance BP colleagues!





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Jay Hinrichs#1 All Forums Contributor
  • Real Estate Broker
  • Lake Oswego OR Summerlin, NV
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Jay Hinrichs#1 All Forums Contributor
  • Real Estate Broker
  • Lake Oswego OR Summerlin, NV
Replied Sep 10 2022, 07:55
Quote from @Steve Vaughan:

I started with a $50k down off-market 10 unit below market value, seasoned for 17 years with constant and diligent DIY management and repairs, then 1031'd into an off-market plex community below market value, improved and stabilized that Ben Franklin style for 2 years, then sold it on an interest only contract for a bit over a mil +10%. 

This is the bottom line.  Doing it safely will require time, effort and education.  The benefit of that is you won't be limited to watering and tending the one plant outlined above.  Your cf, skills and work ethic can yield many plants.  

I would be disappointed if my starting $50k only netted $1M, but I put 20 years into this.  What are you willing to do and for how long? 

 keep in mind when you read BP you have value of portfolio and you have EQUITY big difference.. give me Steve's 1 mil of TRUE equity over 1 mil portfolio or whatever size that has max leverage huge difference on NET cash flow and ability to ride the market if you have a downswing ike we are seeing now those with 80% leverage like so many like to do could find themselves at least for now with ZERO equity and all debt so plan B that is not painful .  Whereas Steves scenario is insulated from market gyrations even if his note defaulted and the market when down 25% he is still good its all equity. 

so do keep that in mind .  I know its a very limited thought process on BP  that I bring up as the refi till you die crowd is the overwhelming voice on BP.

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Steven Baca
  • Real Estate Agent
  • Victoria Texas
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Steven Baca
  • Real Estate Agent
  • Victoria Texas
Replied Sep 10 2022, 08:00
Quote from @Jay Hinrichs:
Quote from @Steve Vaughan:

I started with a $50k down off-market 10 unit below market value, seasoned for 17 years with constant and diligent DIY management and repairs, then 1031'd into an off-market plex community below market value, improved and stabilized that Ben Franklin style for 2 years, then sold it on an interest only contract for a bit over a mil +10%. 

This is the bottom line.  Doing it safely will require time, effort and education.  The benefit of that is you won't be limited to watering and tending the one plant outlined above.  Your cf, skills and work ethic can yield many plants.  

I would be disappointed if my starting $50k only netted $1M, but I put 20 years into this.  What are you willing to do and for how long? 


 keep in mind when you read BP you have value of portfolio and you have EQUITY big difference.. give me Steve's 1 mil of TRUE equity or 1 mil portfolio or whatever size that has max leverage huge difference on NET cash flow.  And how hard U have to work for it and if your in the business or passive. All these issues play into it. 


 Thank you Mr. Hinrichs, I agree with you on 1mil true equity vs 1mil portfolio.  I am striving for that TRUE equity without question! Here is my current situation if you have any advice as this is where this post stemmed from- 

Expert advice needed!!

I bought a townhouse in 2016 for $95k and have been renting it out since 2018 (creating ~$300+ monthly cash flow), as of today current mortgage due us $74k. This townhouse has now appreciated to a value of ~$140k.

I bought a 3bd/1.5 bath home in 2019 for $113k, rehabbed it for 3 years and sold it for cash ($165,5k) and walked away with ~$55k in cash which I closed 9/2/22.

I just started reading the BRRRR book two days ago and need some solid advice on the direction I should take as this could narrow my road to that $1M+ goal sooner...

Which option should I take?

Option 1: HELOC/ Cash Back refinance my townhome and pull out enough equity to add to my $55k in purchasing a 2nd property? With rates being as high as they are this is a worrisome option

-OR-

Option 2: Pull out $19k from my 401k, add that to my $55k and pay off the townhouse note. Invest a small amount of capital into it by adding some make up and then refinance it in order to purchase my second investment property?

My current situation: I just moved my family of 3 into my folks home while making this next investment transition and would like to have my next property by end of year. My tenant moves out of townhome on 11/11/22 which I plan to move my family into the townhome for a 6-8month stint until a 3rd property is purchased which would be out slow-2-3yr-primary-residence-rehab-project.

Any straight forward advice would be GREATLY APPRECIATED. Or if there is a 3rd option I'm missing please indulge me!

Thank you in advance BP colleagues!





User Stats

39,727
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Jay Hinrichs#1 All Forums Contributor
  • Real Estate Broker
  • Lake Oswego OR Summerlin, NV
58,395
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39,727
Posts
Jay Hinrichs#1 All Forums Contributor
  • Real Estate Broker
  • Lake Oswego OR Summerlin, NV
Replied Sep 10 2022, 08:36
Quote from @Steven Baca:
Quote from @Jay Hinrichs:
Quote from @Steve Vaughan:

I started with a $50k down off-market 10 unit below market value, seasoned for 17 years with constant and diligent DIY management and repairs, then 1031'd into an off-market plex community below market value, improved and stabilized that Ben Franklin style for 2 years, then sold it on an interest only contract for a bit over a mil +10%. 

This is the bottom line.  Doing it safely will require time, effort and education.  The benefit of that is you won't be limited to watering and tending the one plant outlined above.  Your cf, skills and work ethic can yield many plants.  

I would be disappointed if my starting $50k only netted $1M, but I put 20 years into this.  What are you willing to do and for how long? 


 keep in mind when you read BP you have value of portfolio and you have EQUITY big difference.. give me Steve's 1 mil of TRUE equity or 1 mil portfolio or whatever size that has max leverage huge difference on NET cash flow.  And how hard U have to work for it and if your in the business or passive. All these issues play into it. 


 Thank you Mr. Hinrichs, I agree with you on 1mil true equity vs 1mil portfolio.  I am striving for that TRUE equity without question! Here is my current situation if you have any advice as this is where this post stemmed from- 

Expert advice needed!!

I bought a townhouse in 2016 for $95k and have been renting it out since 2018 (creating ~$300+ monthly cash flow), as of today current mortgage due us $74k. This townhouse has now appreciated to a value of ~$140k.

I bought a 3bd/1.5 bath home in 2019 for $113k, rehabbed it for 3 years and sold it for cash ($165,5k) and walked away with ~$55k in cash which I closed 9/2/22.

I just started reading the BRRRR book two days ago and need some solid advice on the direction I should take as this could narrow my road to that $1M+ goal sooner...

Which option should I take?

Option 1: HELOC/ Cash Back refinance my townhome and pull out enough equity to add to my $55k in purchasing a 2nd property? With rates being as high as they are this is a worrisome option

-OR-

Option 2: Pull out $19k from my 401k, add that to my $55k and pay off the townhouse note. Invest a small amount of capital into it by adding some make up and then refinance it in order to purchase my second investment property?

My current situation: I just moved my family of 3 into my folks home while making this next investment transition and would like to have my next property by end of year. My tenant moves out of townhome on 11/11/22 which I plan to move my family into the townhome for a 6-8month stint until a 3rd property is purchased which would be out slow-2-3yr-primary-residence-rehab-project.

Any straight forward advice would be GREATLY APPRECIATED. Or if there is a 3rd option I'm missing please indulge me!

Thank you in advance BP colleagues!





 My son in law is named Steven Baca :)  U have to play the cards your dealt or where you choose to live and raise your family.  that will be a limiting factor right there. People get wealthy on appreciation in real estate thats where the quickest equity is achieved either market like we saw the last 3 years or so or by forced IE add value create new value.  then you have to look at your time and experience to see if you can do these things. Otherwise, patience is the game nothing wrong with slowly growing your portfolio. I have no magic answer. for me personally I have been active real estate agent/broker since I was 18 i have made millions and LOST millions ( 2008 melt down like many others in that time frame) this go around for me it's TRUE equity not size gross size of the portfolio for me personally. and again, for most of us that are actively engaged in real estate be it lending providing capital to flippers making real estate commissions ..  the weakest income earner of these is landlord at least in the short term I mean what are you going to do with 300 a month. 

Investing at these levels is like Steve said its long-term wealth gain and hopefully you're doing that in a market that can appreciate in value significantly over a 10- or 20-year hold time. 

For this next year I see opportunities for those with limited cash on hand to be able to buy owner contract and cut some decent deals if the market gets softer in your area/ as it is in some areas.  But keep in mind there is still a ton of competition for cash flow assets and very limited supply in some markets.

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David Braut
  • Rental Property Investor
  • Grass Valley, CA
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David Braut
  • Rental Property Investor
  • Grass Valley, CA
Replied Sep 10 2022, 08:39

If you are buying "under market value" and especially if the property cash flows then you shouldn't worry too much about market value swings.  Rents almost always trend up so if it cashflows today, then it will probably cashflow tomorrow even if the value "crashes".  So buy cash flowing properties and wait.  This is in regards to leveraging and refinancing in order to buy another property.  On the other hand, its good to have a buffer and not be too over leveraged just in case something unforeseen comes up.

In order for you to grow your $55k into a mil faster than the average bear, then you'll likely use leverage.  The growth of your equity will seem slow at first but will start ramping up down the road as the "compounding" effect starts to kick in. If your properties cash flow the whole time, you will likely weather any ups and downs in the market.  

True BRRRR's can be difficult to achieve in many markets but even if you had to leave some money in some of your deals, you can still cash out refi and apply those proceeds to the next deal. Yes eventually you'll run out of down payment money unless they are all true BRRRR's but you'll still stretch your money further this way and get the benefits of being able to leverage into more properties than if you were to just blow your wad as a down payment into a full market priced property in hopes that it will appreciate over time.

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Louis Martinez
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Louis Martinez
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Replied Sep 10 2022, 11:23

@Steven Baca I once heard a speech and the guy said that unless it consumes your whole being you don't want it. That means the first and last thought of every day is this goal. I say that because I share your passion for this journey and I'm finally taking the steps to achieve it.

I'd highly advise against taking the money out of you're 401k. I did that years ago with only 10k when I switched employers. I think 6k hit my bank and then come tax time I was hit with more taxes as the 6k was considered income. There are good threads on Self directed IRAs here on BP to get a good start. There is also the ROBS transaction. Both allow you access to 401k funds while avoiding the taxes of an early extraction before age 59.

I'm a cashflows guy, and the more clean cash flows, you can produce the better. By clean I mean you're getting the full rent minus a couple of expenses instead of 100-$300 only. That will give you the funds to manage/handle larger debt payments on bigger projects and debt.

If you bet...bet on yourself. Those funds could start your own business. Perhaps you can develop something that solves a problem. Think deodorant and 2 armpits per person. Victoria is in close proximity to some areas that could be airbnb Hotspots.

I'd say don't let your goal ruin your family, we can get caught up in the pursuit and not realize how rich you are already. Best of luck on your journey!

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Bud Gaffney
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Bud Gaffney
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Replied Sep 10 2022, 17:17

@Steven Baca house hack. Refi. Buy more. Refi. Buy more. Refi. Buy more. But why do you only want a million? That’s it?

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Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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Replied Sep 10 2022, 17:21

Debt 

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Steven Baca
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  • Victoria Texas
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Steven Baca
  • Real Estate Agent
  • Victoria Texas
Replied Sep 10 2022, 17:26
Quote from @Bud Gaffney:

@Steven Baca house hack. Refi. Buy more. Refi. Buy more. Refi. Buy more. But why do you only want a million? That’s it?

Let me aim for a million, then a billion and maybe a trillion

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Steven Baca
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Steven Baca
  • Real Estate Agent
  • Victoria Texas
Replied Sep 10 2022, 17:28
Quote from @Steven Baca:
Quote from @Bud Gaffney:

@Steven Baca house hack. Refi. Buy more. Refi. Buy more. Refi. Buy more. But why do you only want a million? That’s it?

A million is a short term goal, I'll take Billion or Trillion after 

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Greg Scott
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Greg Scott
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Replied Sep 11 2022, 16:43

@Steven Baca house hack. Refi. Buy more. Refi. Buy more. Refi. Buy more. But why do you only want a million? That’s it?

A million is a short term goal, I'll take Billion or Trillion after 

Yes, you'll need to. The way the government is printing money, $1M today will be the equivalent of $1B in 10 or 20 years.

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Steven Foster Wilson
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Steven Foster Wilson
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  • Columbus, OH
Replied Sep 12 2022, 09:08
Quote from @Ned Carey:

@Steven Foster Wilson it sound like your story might make a good podcast episode. How long did it take you to accomplish that?


 Thank you Ned, I am starting ramp up on my social media, with that creating videos to share my stories. It took me about a year and a few months because my wife and I did everything ourselves. We had major burn out after a few months so we took a little break. 

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Steven Foster Wilson
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Steven Foster Wilson
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Replied Sep 12 2022, 09:34
Quote from @Steven Baca:
Quote from @Steven Foster Wilson:
Quote from @Steven Baca:
Quote from @Steven Foster Wilson:
Quote from @Steven Baca:

BP Colleagues,

Open to new formulas on turning ~$55k into $1M.  Seeking suggestions, mentorships, possible partner(s) and new ideas.  Willing to discuss in person if within a 100 mile radius from Victoria Texas!


 I only had $550 to my name when I started out here in Columbus Ohio, I have since turned that into a $3M portfolio and do not plan on stopping. I think there is so much value in networking, reading, and just being willing to take action. 

That's awesome!  I've got one townhome producing cash flow monthly and enough equity to refinance but the rates are REALLY high compared the the 4% I currently have.

I've just finished Rich Dad Poor Dad and reading BRRRR by David Greene

 


That is great! you could always do a HELOC. I like Million Dollar RE agent by Gary Keller, Million dollar investor by Gary Keller, and The Abcs of Commercial Real Estate Investing by Ken McElroy.


 Any advice on this updated scenario Mr. Wilson?

Expert advice needed!!

I bought a townhouse in 2016 for $95k and have been renting it out since 2018 (creating ~$300+ monthly cash flow), as of today current mortgage due us $74k. This townhouse has now appreciated to a value of ~$140k.

I bought a 3bd/1.5 bath home in 2019 for $113k, rehabbed it for 3 years and sold it for cash ($165,5k) and walked away with ~$55k in cash which I closed 9/2/22.

I just started reading the BRRRR book two days ago and need some solid advice on the direction I should take as this could narrow my road to that $1M+ goal sooner...

Which option should I take?

Option 1: HELOC/ Cash Back refinance my townhome and pull out enough equity to add to my $55k in purchasing a 2nd property? With rates being as high as they are this is a worrisome option

-OR-

Option 2: Pull out $19k from my 401k, add that to my $55k and pay off the townhouse note. Invest a small amount of capital into it by adding some make up and then refinance it in order to purchase my second investment property?

My current situation: I just moved my family of 3 into my folks home while making this next investment transition and would like to have my next property by end of year. My tenant moves out of townhome on 11/11/22 which I plan to move my family into the townhome for a 6-8month stint until a 3rd property is purchased which would be out slow-2-3yr-primary-residence-rehab-project.

Any straight forward advice would be GREATLY APPRECIATED. Or if there is a 3rd option I'm missing please indulge me!

Thank you in advance BP colleagues!






 Not bad options. I would start calling around and seeing what different lenders can do for you. I just found a lender that can lend based on the equity on one of my properties (the one I am currently living in) which I have $300,000 in equity and get a new primary residence thus lower down payment/better rates that can be up to a 4 units. He is a small lender in the Newark Ohio area but I am planning on using that because I got a great rate with my current home so I do not want to loose that yet I want to get access to my equity while also us my primary loan option. I share this to just expand your thinking. Are those the only options that you have? Have you explored what is all out there. I hope that helps. 

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Nate Sanow
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  • I​nvestor & Agent
  • Tulsa, OK
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Nate Sanow
Pro Member
  • I​nvestor & Agent
  • Tulsa, OK
Replied Nov 8 2022, 15:42

The simple response to me is to brrrr, 30-40 times, and use brrrr as a forced savings account. The $1m won’t be necessarily liquid, likely more like equity. But that $55k can be recycled 20-30 times