All Forum Posts by: Larry Wilkes

Larry Wilkes Rookie in the game have been working W2 and utilizing the snowball debt paydown method, i have recently been thinking about my next step toward my real estate journey; I want to know if it would be a smart idea to start with a single-family home 203k that live in flip it or would it be a better idea to start with a multi-unit 203k that and possibly start out cash flowing from living in one unit and renting out the other units. My ultimate goal is to own 10-20 doors in the next 5-10 years how would you attack this if you were in my shoes paying down debt and planning to make your first big move toward a rental. Thanks for your time.  

I'm a newbie and I've been working on paying down some debt in order for me to look like a good borrower with my first rental property. I want to know if it is a good idea to outsource all of the things that come with owning a rental up front meaning should I pay a property management company up front?  Or should i manage the property myself starting out will this give me a clearer understanding, or would it be a headache in the long run?  Would love to hear some advice from you experienced investors thanks for your time have a great day.

Thanks to you all for the post and i appreciate all of your time to help me as for a budget i am still handwriting down my budget and trying to balance it out that way. i believe it would be greatly beneficial if i were to see your budget details and how it helped you along the way i am willing to take any advice that i can get at this point i just want to head in the right direction with my finances. Currently i bring in about 65,000 a year excluding any wholesale deals that i may cut throughout the year. but i would appreciate it if you could share those details i could benefit from it. 

 I appreciate the advice at the moment the goal is to start with paying down the credit cards. Also i have read a few books on real estate investing and last year i paid for a mentor. i have the idea of what i want to do and how i want to get to the end of the tunnel. it seems as if i should focus on the high int credit cards first. When it comes to saving up i  still have a plan to save up i just wanted to know how i should move forward i appreciate all of your input i will focus this year and balance out the bad debt and snap back for a better future. Also i am currently renting not owning a house. 

Hey BP i just have a quick question I am about 6,700 in CC debt I also made a mistake and took out an installment loan with upgrade for 4,000 monthly payment is about 178.00 for about 18 more months left on payments. recently I had left my W2 job, in a three month time frame I used all my savings and had to float a heavy amount of payments toward things that needed paying around the house.  And I am restarting at a new job currently.  I want to know what should I focus on should I bulk pay down my credit cards eliminate the installment loan by paying more on it each month. My problem is I also want to be able to save for a duplex by the end of the year  so I can start my investing journey creating a portfolio of my own. Just looking for some friendly advice would appreciate all advice or even stories of people paying down the debt that they carried before they stepped into the investing journey that that are in today.  

Goal 10,000 saved by the end of 2022 and own a duplex I can house hack. 

Hello BP, my name is Larry Wilkes I am a new investor looking to build a rental portfolio of about 200-500 units over the next few years. I am utilizing My W2 job to secure my first 203k loan on a duplex in my area "Columbus OH". Would love some insight on ownership of a portfolio and some wisdom on a few things I should look for when I am building a portfolio. Also looking to connect with some people on BP thanks a head for your time thanks to you all.