All Forum Posts by: Shawn Phillips

@Kelly Claiborne

Everything but time. I'm 25 and recently came across the BRRRR method and now I'm convinced it could work. But with student loans and other bills saving up the money, gaining the knowledge, and having trouble finding a mentor near me is making things a lot more troublesome and scary for me to jump in and use up my savings. Thanks for your post!

@Alyssa Dyer

Ya I was thinking about this. If I ever go through the BRRRR process then I want to actually leave near the houses I'm going to rent out. I don't like the idea, for now, of being an out of state landlord/house flipper/etc... So when I do choose a place that I feel is good and transfer my job to that state/city, I won't have to deal with the out of state headaches and get to know the area more plus build a better team. I appreciate you giving your advice on the potential downside though, it's always good to know the cons. Thank you for your reply!

@Michael P.

Haha it’s impressive to someone who hasn’t done it before such as myself xD. I hope you do well in all of your future deals!

@Remington Lyman

I’m hearing many great starting stories about Columbus, OH. Very impressive for anyone who can pull a house hack in a duplex!

@Michael K Gallagher

Thanks for responding again and I appreciate your information! Do you mind if I connect/dm with you about those hiccups you went through for the FHA loan? It would be nice to maybe get some advice in the future about other things in the future if that's fine with you

@Linda Labbe

Hey Linda, thanks for your response! Can I connect with you and dm you? Thanks!

@Michael K Gallagher

That's extremely impressive! The PMI was really worrying for me, but I think you've convinced me that's a relatively good route to go for house hacking duplexes. As for the tax abatements I didn't know they could save you so much money, so I very much appreciate you pointing that out to me. Columbus Ohio is very much looking like a serious place for me to attempt to invest into in the coming years. Additionally, your appreciation value of 7% is great, do you happen to know the average/common appreciate rates of housing near your area? Thank you for your reply!

@Jónas Tryggvi Stefánsson

I might’ve misspoken and talked about the rent being the cash flow, but my information is pretty much accurate for the 1% rule I was referring to in David Greene’s book. I said cash flow, but was pointing directly at the rent per month, hence why I said a $100k should be around $1k rent (1%) under the assumption of the equity of the house being fully owned but the buyer (cash invested).

100,000 (equity in house)* 0.01(preferred % rate per month on ROI) = 1,000

You said exactly what I did, but you just pointed out that I accidentally substituted “rent” with “cash flow.” Other than that nothing much was added, thank you for your reply though!

@Mikael Winkler

Haha that sounds like an even better route! I didn't know you could refinance a FHA loan and move out under that year time frame to rent it out. I appreciate the additional information about that. You think you made an excellent decision and are now reaping the benefits! Hope your future investments are just as good 😁

@Anthony Thompson

Ya I’m new here so I didn’t realize the keyword alerts were for spelling the states out fully instead of abbreviations. Thanks for your reply!