All Forum Posts by: Clayton Cook

@Eric Peddle I agree and disagree with a lot of what is said in that article.  He contradicts himself quite a bit.  I know a TON of people that have high paying salary/commission jobs and never have true wealth and financial "independence".  They are always tied to high tax brackets, and working for the man.  Nothing wrong with that, as I am in an identical sales position as he mentions, and I love my job, BUT, it will never provide the level of income it takes to invest in real estate and build wealth in any reasonable time frame.  Most people that make $500k a year are either executive level, founders/owners, specialty Doctors/Surgeons, extremely high performing real estate agents/brokers in very hot markets, etc... How long would it take me to reach the executive level of a company?  I'd make a bet that I could become financially free building and scaling my business in real estate a heck of a lot quicker than climbing my way up the corporate ladder. 

Also, I mentioned my plan is potentially to buy several small single family rentals, or one duplex/triplex/quadplex, implement the BRRRR strategy, and continue to progress and BUILD my portfolio (aka Business)... I'm not sure how you can own any amount of real estate investments, and not consider it a business. Also, if done correctly and strategically, buying at a discount, rehabbing, renting, refinancing, and repeating, would allow me to build a healthy portfolio, generate a little cash flow, build equity over time, maybe 1031 exchange (defer taxes) some of the smaller properties for a larger multifamily property that cash flows more, and builds more long term equity.

Again, my goal is not to get myself into a "one and done" situation with my first move, but to get myself into a situation where I can continue to build and scale my investment "business". 

I am definitely open to other investment ideas. However, the more I educate myself and the more I consult with other people, the BRRRR strategy seems to be the best path to help me accomplish my short and long term goals as I begin my investment career.

Good evening, and thanks in advance for any feedback that will most certainly help me "take the plunge" in real estate investing.  I'm a newbie, and have been immersing myself in audiobooks, BP Podcasts, etc.. trying to figure out how I want to take my first step in investing.   

Technically, I'm already the owner of my first investment, but I'm about to sell and will likely have anywhere from $60-$80k after costs of selling. I'm in a very hot Nashville, TN market, and my current home, built two years ago, served for 7 months as a STR property (short lived due to awful neighbors), and then I was able to get lucky and signed a Nashville Predators hockey player to a 10 month lease fully furnished, cash flowing over $2k a month...

I've learned as the house now sits empty that finding a tenant like that was a once in a lifetime deal, and I do not want to carry the property anymore, as I am living elsewhere and blending families (and costs) with my lovely lady. 

After devouring many books, conversations over lunch with friends, etc.. I've decided the most solid strategy for building financial freedom AND long term wealth is simple... owning things... lots of things. Right now, my head is steering me in the direction of buying 2-3 smaller single family homes, or possibly holding off for a du/tri/quad-plex and going the BRRR route.

My goal is to use my equity money from my current property to not just "get into real estate investing", but to keep building a portfolio and progressing as an investor to the point of financial freedom (monthly cash flow AND long term equity build up). 

Thanks in advance, and I look forward to your advise and expertise!

-Clayton