All Forum Posts by: Steve K.

@Account Closed , follow that link to @Billie Miller 's website/blog....she's got an inspiring story of  househacking a duplex. Highly recommended reading.

@Ruth Bayang

@Ruth Bayang 

hope you interviewed @Billie Miller. And what about this female fix-n-flipper....

....as featured in 

https://www.biggerpockets.com/forums/522/topics/46...

@Lee Fahy

I did one in Denver about 5 years ago....You need a structural engineer and a good concrete/foundation subcontractor. The "under-pinning" method. I got a great deal in a subcontractor that did 1500sf basement (about 6'5" became 8') for $36,000. I had bids as high as $116,000 from contractors that didn't know what they were doing. Oddly, my concrete guy won't do it anymore. Do much other higher margin work available.

@Stephen J. Miller ,

I'm a big fan of the BRRRR fix/hold (rentals) strategy.

Did you see what

@Joshua D. , @William Collins and @Austin Fruechting did in 5, 2.5 years and 7 years, respectively, buy using the BRRRR strategy? Austin was featured on a BP podcast #239 recently.

https://www.biggerpockets.com/renewsblog/biggerpoc...

https://www.biggerpockets.com/forums/223/topics/459415-500k-net-worth-in-5-years-im-30-today?page=1

https://www.biggerpockets.com/forums/48/topics/429980-officially-financially-free-at-32----exciting-day

https://www.biggerpockets.com/forums/223/topics/445367-full-time-employee-multiple-brrrr-side-hustle-2875-to-goal

or @Abraham Anderson did here:

https://www.biggerpockets.com/forums/223/topics/47...

If I were you, I'd use your savings to buy1 or 2 per year of fix/hold rental properties via the BRRRR method, then scale it up to more (like the above). Your contractor friend/partner should already know most of what you need. Between the two, one of you needs to become good at analyzing deals, negotiating purchases, getting loans, and managing them etc. 

Good luck.

@Will Maddox , search the BP forums....I saw Austin TX investors talking about the desirability of owning the house + guest house (aka ADU). Your future Buyer may already be on BP???

@Account Closed , your frugal savings discipline will serve you well.

You remind me of real life success stories here on BP. Did you see what 

@Joshua D. , @William Collins and @Austin Fruechting did in 5, 2.5 years and 7 years, respectively, buy using the BRRR method? Austin was featured in podcast #239 recently

https://www.biggerpockets.com/renewsblog/biggerpoc...

https://www.biggerpockets.com/forums/223/topics/459415-500k-net-worth-in-5-years-im-30-today?page=1

https://www.biggerpockets.com/forums/48/topics/429980-officially-financially-free-at-32----exciting-day

https://www.biggerpockets.com/forums/223/topics/445367-full-time-employee-multiple-brrrr-side-hustle-2875-to-goal

or @Abraham Anderson did here:

https://www.biggerpockets.com/forums/223/topics/47...

If I were you, I'd use your savings to buy:

a) property 1 via househacking a duplex/triplex/quadplex (only ~5% down payment if you're owner-occupied)

b) buy 1 or 2 per year of fix/hold rental properties via the BRRRR method.

Good luck.

Sorry I got involved. Free enterprise capitalism is working well in my real estate investing, and in my career in energy, among the very educated. I provide jobs and meaningful career ladders for engineers and geologists with BS, MS and pHD's ....it's not a fantasy for the uneducated.

Done....best wishes.

@Alex Young ,

you said "I am trying to change my mentality from victim-like to creative"....if you can truly change your mindset there....you might have a chance.

I'd challenge you to rethink every time you have a thought of "I deserve"....to have a comfy job that pays $XX and let's me sleep and surf., etc.

Why do you deserve it? What employer is supposed to be compelled to "give" you that? Why not instead ask "what can I do to earn that dream job and make myself the best candidate to that employer? Outside of sheltered upbringing, the free enterprise system is competitive. You have to beat out the other candidate that want's your dream job.

Curious, how did you get through 4 years of college "if it wasn't fun and aligned with your passion of leisure time activities? Where is that self-discipline today?

Who chose geology? You?

Why are you throwing away a $150k bachelor's degree and seeking hourly jobs like the unskilled? Don't you have more to offer than being a bus boy? 

@Ryan Rowe ,  I'd challenge you to consider letting that $10k student loan "ride", and pay it off on the prescribed timeline.

Using @Michael Hastings 's 4 points, (and a nod to @Scott Trench 's similar buckets), someone sold on REI is investing in RE in "step3", rather than mutual funds/etc because we think buy/hold real estate can return 10% or 20% on our precious capital, and why settle for less in the conventional investments? If you are good at REI in "Step3", and if your student loan APR is less than you can make on your REI, I'd ask "why not keep investing in Michael's Step3 instead of going on to Step4? (of paying off the student loan debt in an accelerated manner.)

So, if you're comfortable with a little more leverage, and can continue to qualify for another mortgage, why not buy another rental, instead of paying off the $10k loan?

Other young investors on BP don't have the $10k down payment to buy a $50k rental and launch their REI career....if you paid off your student loan, you'd be antithetical to the fastest growth methods of BRRRR investing. But, decide for yourself, if you like the risk/reward of more leverage to grow more quickly.

Good luck.