All Forum Posts by: K. Tucker

Had something come up and will miss it. Hoping they'll be another one before year's end!

@AshelyGodfrey, your post sounds like my current situation. I'm currently an educator seeking to be work optional via real estate. Interestingly enough, I plan to start a coaching/consulting business like you already have and make it and REI my full-time position. Like you, I have a primary residence. My goal is to transition it to a long term rental by year's end. I've also been trying to purchase my next investment but continue running into lenders asking for 15-20% down or significant fix and flip experience to qualify me for the loan. I have enough equity to do a HE/Loan or Loc but don't want to take on more debt associated with my current property. My plan's steps are below starting with what I did last year to what I'd like to do in the future. Also sharing some questions regarding your current situation. I welcome your feedback as I love strategizing with other educators.

1. Refinance primary residence to lower rate (This allowed me to shave $300 off my current mortgage payment so that when I rent the property I can get more in cash flow
2. Conduct renovations on primary residence to prepare it for rent (Funding used..W2 wages from current job, funding from a low interest credit card with a $5,000 limit, donations from family) 

3. Long term rent entire primary residence at $600-$800 over monthly mortgage (The highest rents I've seen in my market comparable to my property are $2500). If can rent at $2500 that would allow me $300 in monthly cash flow 

4. Move back in with family to stack W-2 wages for a year to use as a downpayment on another property (possibly a multi-family or fix and flip). If buying a fix and flip, use a hard money loan and BRRRR

5. Fund next investment with equity of BRRRR property OR find a partner who can supply funding on the deal while I manage the property and we split the profit

Some questions for you:

1. Can you rent rooms or the basement in your current home to get additional income to contribute to your investing goals? 

2. If you rent your whole house..can you move in with friends or family and pay them monthly rent to save on the costs of renting an apartment?

3. Do you have funds in a retirement account that you can use for investing?

4. Do you know anyone with funds who doesn't have the time or interest to invest but would be willing to partner with you by providing funding?

Happy to talk ideas. Best wishes on your REI journey!

Thanks for organizing Steven. Met some cool investors and had some great conversations! 

I've listed a few below. You can also go to the toolbar at the top of a BP page, select "network" and then "meet up" under "search". Once there, input a zip code or city for the area where you want to find meet ups.

https://www.biggerpockets.com/...

• 5/26/22 06:00PM - 08:00PM America/New_York
• Ono Brewing Company, 4520 Daly Dr #102 Chantilly, Virginia 20151
• Free

https://www.biggerpockets.com/forums/521/topics/1040591-central-maryland-rei-social?page=1#p5956726

@Demetric Blyther...there's a Facebook group with 12k people in it, "Baltimore Maryland Real Estate Investors."

https://www.facebook.com/group...

May be useful to you. Best wishes on your investment journey. 

As a newbie myself, what's been preventing "analysis paralysis" for me is setting small goals every day. Today, it was talking to @Michael Swan about his multifamily story. Our convo gave me great ideas and insight on my investing strategy! I also saved @Steven Silbert's REI meetup in my calendar & plan to attend to network. Every day, I do something toward my REI goal which brings me closer to the financial freedom I want. How do you eat an elephant? One bite at a time. How do I tackle my REI goals? One conversation, one Bigger Pockets connection, one meet up, one webinar, one podcast episode at a time until those smaller goals become larger ones. #worththejourney

I’m interested in a DMV meet up as well. Is it possible to do a virtual meet up? With virtual platforms these days, it’s still possible to do one with a guest speaker(s) and breakout rooms to encourage networking too. 

Welcome to the DMV (DC, Maryland & Northern VA). Have you thought about renting to other service members? Once you find your rental, here are some sites:

1. Homes.mil
2. Militarybyowner.com 
3. Ahrn.com

I've been using Ahrn for free and it's brought me potential renters interested in my property. Agreed about looking into College Park, Berwyn Heights, Adelphi and the UMD community. I'm from the DMV area and have always found the Montgomery county area to be extremely expensive compared to the northern parts of Prince George's County. Best wishes and thank you for your service. 

I negotiate expenses. I recently had repair work done in my home by a handyperson company. Referred a family member to them and then asked them for a discount for my next service. They gave it to me. I call bill companies and ask them how I can lower my bill. Small amounts do add up.