All Forum Posts by: Twannisha Jackson

BRRR

BRRR

$10k is a good start. it took me 3-4 years to save $30k. it cost me $6,100 to get the keys. I had a little over $2k left over. been saving it & stacking on top of it from my job(s). I’ve collected rent since the day of closing, so far it’s $4,100. i’ll have my down payment after year is up. save the rental income. that’s why I house hack. I pay the mortgage, I save all the rents. 

section 8 is like around the clock property management. there’s money in it but it’s extra work depending on who you put in the units. 

investor friendly realtor. only work with license & bond contractors, since you’ll be out of state. whoever you get to be ur eyes on any project, make sure you trust them. definitely use that lot for more $$$ either build another rental or let the contractor rent it till you have a SOLID plan. double check laws & zoning! 

buy the assets. you been in debt, why stop now? 

you can always do short term, might get more money that way but it will be a little more work with the clean ups. doesn’t hurt to try! read up on short term rentals & check the laws. 

make sure you have cash reserves. as soon as you sign, you could give them a 60 day notice of rent increases. documentation of the owners lease agreements with each tenant & rental payment history. you could sign a 6 month lease with everyone to see how things go. licensed & bonded contractors, someone who can take accountability- you can send an email too if something goes wrong (the boss). A+ business bureau. 

you should read more into low income housing. if the place is already beat up, just clean it up. low income housing is constant management. fix it up. 

I keep my rental money in a completely different bank than my personal accounts. never mix them both.