All Forum Posts by: Nicholas L.

@Michael Koch can you provide more information? It's tough to BRRRR right now because prices are so high. What purchase prices are you using?

@Daniel Dietz one option is a "rent back." You list your house for sale, close, and then immediately rent it from the buyers.  Your agent would need to assist with this.  This could work if, as you said, a buyer wants the certainty of having a new place to live in, but is also not ready to move.

@Troy Scarbrough no need to pay for this - there is tons of info online available for free.  If you haven't already, read this post:

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

@Sonia Kingslien

"Some advise I got was to create a company for every house I buy and get commercial loan. Is that true?"

It's not necessary when you get started, but you can if you want to.  There are lots of threads where this has been asked and answered.

"Also How do I calculate if the property is a good investment."

Watch one of the BP webinars. Brandon usually walks through a property analysis. Or take a real property listed on the MLS and put it through one of the BP calculators.

@Wayne Clark it's very difficult to purchase something using conventional financing and have it be a "true" BRRRR where you get all your capital back out. There are posts on BP about why this is.

If $5K is all of your savings - emergency fund, cash, short term investments, etc. - it just seems like you need more cash first.  Or are you saying you have funds for a down payment + $5K in savings?

@Chris Mullinax I think the short answer is No, because there are many different strategies that all work.  Is there a reason you're asking the way you did?

@Corbin Dallas you're not at a time disadvantage.  Saving $1K a month is excellent.

@Chris Niemeyer congratulations!  Is this in FL?

@Jamie K. selling is expensive - your equity is cannibalized by realtors fees, closing costs, and potential taxes, and then that property and its next 50+ years of rental income is gone forever. 

Only you can decide what is best for you, but you seem concerned more about upcoming repairs rather than your overall financial situation.  Upcoming repairs are typically not something that would require a sale - that should be part of your capex budget.  If they're not, you may not be cash flowing as much as you think.

With that said, what happens to your investing velocity if you continue to hold?  Can you establish a down payment some other way, as other posters have suggested?

@Sam Trulli house hack.  Keep as much of that cash as you can.