All Forum Posts by: Chris Campbell

@Elizabeth Colegrove 

My goal is to develop a portfolio of rental properties to produce enough passive income to leave my 9-5 and do REI full time. It is going to take some patience and smart deals but I know that this is the time to start.

I feel like your website article "Building Equity Through Roommates" was written for me. That is exactly what I am doing right now and it has allowed me to live almost rent free for the entirety of my time as a homeowner. 

When you talk about buying another house as a personal property are you buying it as a second home or are you moving into each new residence that you purchase? I definitely don't want to get caught up in any legal discussions by telling the bank I am buying it as my personal residence and then only using it as a rental.

I appreciate your thoughts and advice!

Thanks @Jordan Decuir I think you are exactly right. Full time REI is definitely my ultimate goal and this is a great opportunity to start!

Great point @Jon Huber no one  wants a Landlord like that!

Thanks for the advice.

I appreciate the feeback @Laura Williams .

I think your strategy for using $10k for a down payment and keeping $10k for emergencies then building my cash back up and repeating the process sounds like a smart idea. I do happen to be pretty handy so the idea of generating sweat equity even if only a little is always appealing to me. 

Thank you! I really appreciate the advice.

I appreciate the quick feedback @Jon Strishak

The $20K is equity I pulled out as part of my refinance, so while it is liquid cash in my bank account right now I am paying back my refinanced mortgage at 3.85% over 20 yrs. Also, like I mentioned before I have a roommate who is renting from me and covering almost my entire mortgage even after my refinance.

My initial thought was to pay down part of my student loans due to their much higher percentage rate but there is a large part of me that wants to reinvest this money.

I have been reading everything I can get my hands on about Investing in real estate from books to Bigger Pocket blogs and I couldn't agree more that continuing education is key. I plan to be a student of Real Estate Investing for my entire life but while I am young I would like to take some educated and calculated risks. 

I recently refinanced a home that I have been rehabbing for a year. I am currently living in the home rent free due to my roommate who covers almost my entire mortgage payment. Through my refinance I was able to draw out a little over $20,000 and so I am now ready to move on to my next endeavor. I have some student loans from college that could definitely use a $20,000 reduction, however, what I would really like to do is reinvest this money into another property and start my path into investing in real estate full time. 

I would love to start  accumulating some buy and hold properties so that I can begin generating a passive income down the road but I can also see the value in looking for another flip.

So my real question is... What would you do if you were starting out with $20,000?

Any advice is appreciate. Thank you in advance.