All Forum Posts by: Jennifer McPherson

Thank you @Kristel Daugherty!  I appreciate your input. Right after I wrote this post I happened upon the podcast 330 How to Ditch Distractions and Get WAY more Done with Cal Newport - It was very helpful not only for me looking for potential areas, houses etc... but in my marketing business too. I am very excited and already used his "Deep Work" advice and was amazed at how much in a single 2 hour period I actually got done. 

I see you are from Bremerton, WA - I grew up in Kingston/Poulsbo!  Miss the Puget Sound!!  But not the rain.... :) 

Thank you for your encouragement and advice!  

Jennifer 

Admittedly, I am un-diagnosed ADD x 10,000!  It has been 3 years since my husband and I rented out our house in Erie, CO and purchased a home in Mead, CO.  We intended to just keep going with that but it didn't happen.  Cause... life... extremely demanding jobs... kids.... you name the excuse we have it!  However - we now have an enormous amount of equity in our Erie house and I feel like its just sitting there waiting for us to finally do the plan we originally set out to do 3 years ago.  

As I type this - I have about 20 tabs open on two screens between craigslist and zillow looking around the country at places where we can buy a house to BRRRR for about $100K. I have one amazing trait and that is that I am not fearful in what I do, mostly because I feel like I do a lot of research and therefore take a calculated risk. My sister thinks I am lucky but she doesn't understand the amount of research I put into everything I do.

So.... my question is... HOW do you manage all the bright shiny objects so you can go from the 10,000 foot view all the way to the 6 inch view?  THIS is my huge weakness!!  

THANK YOU ~ Jennifer  

We have entered our 4th Year with what at first was a very sketchy and scary beginning! 4 years ago with the rapid rising values along the Front Range we decided to buy another house to move into and rent out our house. Easy peasy.... so we thought.

The first 5-6 months rent was late.... significantly late... we were terrified! The payment on that house was $2,300 a month. If need be we could swing it but not without tons of sacrifice!

I remember one time going to a meetup in Erie with Mindy and anther person - cannot remember his name off the top of my head, but they were amazing as we talked about the late renters and what to do! Needless to say, we had to give 4 pay or quit notices every month and for almost the first year but they paid, late with the $100 a month late fee and the next month came and we started again. Finally, I think one of them got a new job and they were able to pay every month on time! We are now in our 4th Year with them.

Since then we have not purchased another house. We got caught up in our crazy busy “careers” that both of us hate! Last year I quit my job and started my own business, it’s doing amazing but I am always distracted by BiggerPockets! It’s in my blood..... and I cannot get it out!

In the next 6 months we are going to purchase our third property, and this time our goal is to lather, rinse, and repeat! Thank you to BiggerPockets and the community for really and truly giving useful and realistic advise!! Carry on!! Jennifer

Thank you everyone for your responses!  I really appreciate the suggestions. @Rodolfo Canon I  will give Joe a call. I appreciate the suggestions. 

I do have a LLC that my Erie house is in to protect my personal assets. Any other house investments will go into this as well.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Investment Info:

Single-family residence buy & hold investment in Erie.

Purchase price: $359,000
Cash invested: $10,000

Originally purchased as the home we lived in. Stayed for 2 years then purchased another home in Mead and now currently live in this home and rent out the one in Erie.

What made you interested in investing in this type of deal?

We saw the Front Range market accelerate and we wanted to take advantage of the rapidly growing equity in the area.

2.5 years ago we bought a second house and rented our first house. The first 8 months were a little scary but since then our tenants have been amazing!  They are now in the house for 2.5 years. We live in Colorado along the Front Range and the market is incredibly HOT. The house we rented out has $157,000 in equity based on current estimated sales value and our other house we live in currently (we just had appraised) has $130,000 in equity.  I am trying to figure out how to leverage the equity to buy a small multi family to add to our current inventory. Does anyone have any ideas on how to pull enough of the equity from either or both houses to use to purchase the multi family??  Thanks in advance!!!

Just wow!  Today my daughter went to sign into her account to pay this  months rent and her account could not be found.  She called and talked to the manager and she said...oh...it accidentally got deleted and she was going to make her a new one.  She did - and when my daughter signed in it said she owed and additional $310.  She called  back again and talked to the manager who told her that is a move in deposit.  Naturally I pulled up the lease and there is NO security deposit - it says $0.00 for security deposit.  I called her back and she said oh...it was a mistake and she would take it off. Every single time I talk to them there is something else weird.  Not to mention she will never move into the apartment, will never have a walk through form or even get to see the apartment condition.  I am still looking for recommendations on attorney's in TX!  If anyone knows of any??  Needless to say I am documenting everything!