All Forum Posts by: Maranda Tucker

Interesting perspective on income. You're right, we've all met and/or know people who are "rich" because they drive a fancy car, live in a big house and identify as a VP of this or Director of that at work. We also know those people can't rub two nickels together... I'm the poor one of my friends with a 17 year old Honda Accord, a 9 year old Ford Explorer and no debt beyond our mortgage.

My wife and I own our primary residence; have approximately $300k in equity, $15k set aside at the moment with an additional $1300/month added for strictly RE investing. We've got a six month emergency fund sitting in cash separate of this. 

We're on the path to buying our first investment property but disagreeing on what that path is. We have agreed on a timeline that we buy before I hit 50 (have just under 4 years until then). 

The biggest issue: she's risk averse, I'm ready to buy the first thing I see. 

 $500.

When I was 24, I was making about 50k a year and only had about 4k in the bank. I did an FHA loan and pulled about 6k out of my 401k to close on the property. I ended up house hacking and lived in it for about 15 months and doing some minor updates myself before moving and renting it out. I still rent it out to 5 years later and cash-flow about 500/month. It was a single family home, and if I could go back I would have purchased a duplex or triplex while house-hacking.

Guess what! It doesn't matter if you are making a million dollars a day!

DONT USE IT! 

Find a good deal and use OPM (other people's money) to finance your deals! Partner up with other people who want to invest passivly in your deal. Your return on investment is infinity! You didn't put down a penny!

but if you must know.  I just bought 2 single family homes having no money in savings. Living paycheck to paycheck. I got a money partner that liked the deal and we are going 50/50. Both on the cash flow and the eventual equity from the sale

you can make less them minimum wage and invest in RE. And that is one of the many reasons I 💚 Real estate!

so get a move on and buy something already!

@Maranda Tucker

salary / income isn't really the right way to think about this... were you just curious what other BPers make or did you really want the community's reaction?

you could be making $500K a year with 0 in the bank, and that would not be a good financial position to be in; conversely you could make very little but have access to lots of savings

so... assuming this is a serious question... i'll ask 2 of my own:

do you and your husband own a primary yet?

do you have any savings?

It’s never about how much money you make or you have saved. It’s all about mindset, society trains us to be worker bees and the tax laws are written to promote an entrepreneurial spirit. A forum could be a good source of encouragement but there’s always going to be self rooted doubt. I’d suggest patience, respect and daily implementation of information from books and podcasts. Information is the best mitigation for fear.