All Forum Posts by: Brian Smith

it sounds like you're all over the map. You're close to being able to buy a lower end property outright that would cash flow well with no mortgage. Keep saving and roll the first rental cash flow in and you can basically do the brrr method without the need to refinance. Bad part of this plan is you need to keep the terrible job 3-5 more years. Or once you get a few properties begin to experiment with progressively tougher rehabs and you'll have a possible flipping skill set by accident. 

my goals are:

Buy 4 properties

learn and implement leasing/management software

fully rehab at least 1 of the 4 properties, whether it be for buy and hold or a flip

take the necessary steps to move towards a commercial lending portfolio

last but not least network more and go out of my way to learn from others.

@Mel Wyatt is it possible to achieve goals 1 and 4 together? The moment I became debt free my score began to plummet. As much as I hate it I'm back to keeping a small rolling credit balance. Necessary evil if I'm to be "worthy" enough to leverage properties. Great goals to both of you btw! 

Looks great! I'm new here can someone PLEASE tell me what a brrr is? 

I'm looking into purchasing my first rental property from an inheritance left by my father (I feel like he would be cheering me on right now!). I have several questions about the deal and just as important, how I should structure the deal. I want to get in to this full time at some point and I have about 65k to start. The property is 35k and needs around 15k in repairs. Am i correct to approach this with 20% down (+/-10k) and use 15 k for repairs for a total out of pocket investment of 25k? This way I can easily jump on a future property while having a minimum amount tied up in the first property. Any advice on other options would be greatly appreciated. On to the property...

It's a 2 BR / 1 BA 975sqft home with an attached carport. Comparables in the area are in the 75k range, and average rent is $800. I'm assuming a $750 rent to be safe, but I think this will cash flow well unless I'm missing something. First deal so I'm nervous something is amiss. Thanks in advance!