All Forum Posts by: Cory P.

thank you all for the replies. Any and all information is greatly appreciated. Lot of good ideas here. I would definitely like to stay local with my investments. My goal is to achieve a steady and reliable income. I would like to have a net income of 4,000 a month. In my line of work the annual pay can go from 100k one year to 50k the next. When oil is up pay is up when oil is down pay is down. My bills are currently set on the 50k wage. If I could buy 1 house a year and get 400 profit a month from each one in 10 years I will be there. But is 400 a month from each one practical? If I do the BRRR method how soon am I able to refinance? and use that as a new down payment on the next one. I would like to do it on my own but not opposed to a partner. Something I will have to look into. How would I find a reliable/responsible person to invest with?.

Thanks for the quick replies guys. my goals are to secure financial freedom from the roller coaster line of work i am in. the oil fields are great when the price of oil is up and bad when its down. back in 2009 i was laid off and this time around i have lost 8 dollars an hour. I am still making good money doing it but tired of the instability. 

MY GOAL: would be to reach a net income from rents of at least 4,000 a month. 

i would also like to get there by only using the initial amount of 32k then the 10k tax return then using what ever profits i get to reinvest. leaving my work check to live as a normal joe blow who lives for the weekend. you know where one account would never be used for another. "ideally"

so if i use the BRRR method on an avg of 100k home that could bring me in a profit of 400 each one at 1 a year after 10 years that would be, 4,000 a month right. sound good but is it practical?

i am not trying to leave an empire behind for an inheritance, but more or less a secure source of income. 

should i fix and flip to gain capital?

say i get enough capital to do 2 100k homes a year. take that 4,000 and make it 8,000 a month of income.

is there any other ways to sustain that kind of income with the with the way i would like to do it (2 bank accounts)?

one of my friends turned me onto this website and said you guys could help. so here is my situation. what should i do and how should i do it?

I recently did a cash out refinance on my home. in which i paid off majority of my debt lowering my min payment by 1000 dollars a month leaving only my home, 2 car payments and 1 rental property (which was my first home). and $32,000 cash in hand. the rental property nets me about 250 in profits every month for 3 years now. the LTV on that house is about 75% so no extra cash there. Also I bought and installed my own solar panels this year which i will receive about 10,000 dollar rebate on my taxes that i would also like to put towards the investments come the beginning of the year.

I would like to keep my work income as my money for my wife and i to do as we would have with out investing. My idea right now would be to use that 32,000 along with rental income and tax return as the initial start of my investment life. in hopes of a snowball effect to secure financial freedom later in life with out sacrificing my everyday life. Either by; buy and flip or buy and hold properties. i am not looking to reap the rewards for at least 10 years.( i am 29 now). my location is in Bakersfield Ca. i currently work on a land based oil rig. i have a construction background and there is nothing i cant fix/build myself when it comes to rehabing a house.

i am open to all sorts of ideas so i can then narrow down my path of action. in your guys experiences what would be my best bet. any advice / input would be greatly appreciated. i just dont want to get discouraged, go out and buy a boat or something and then regret not seizing this opportunity when i had the chance.

one of my friends turned me onto this website and said you guys could help. so here is my situation. what should i do and how should i do it?

I recently did a cash out refinance on my home. in which i paid off majority of my debt lowering my min payment by 1000 dollars a month leaving only my home, 2 car payments and 1 rental property (which was my first home). and $32,000 cash in hand. the rental property nets me about 250 in profits every month for 3 years now. the LTV on that house is about 75% so no extra cash there. Also I bought and installed my own solar panels this year which i will receive about 10,000 dollar rebate on my taxes that i would also like to put towards the investments come the beginning of the year.

I would like to keep my work income as my money for my wife and i to do as we would have with out investing.  My idea right now would be to use that 32,000 along with rental income and tax return as the initial start of my investment life. in hopes of a snowball effect to secure financial freedom later in life with out sacrificing my everyday life. Either by;  buy and flip or buy and hold properties. i am not looking to reap the rewards for at least 10 years.( i am 29 now). my location is in Bakersfield Ca. i currently work on a land based oil rig. i have a construction background and there is nothing i cant fix/build myself when it comes to rehabing a house. 

i am open to all sorts of ideas so i can then narrow down my path of action. in your guys experiences what would be my best bet. any advice / input would be greatly appreciated. i just dont want to get discouraged, go out and buy a boat or something and then regret not seizing this opportunity when i had the chance.