← Real Estate Rookie
Loading summary
Transcript25 lines
- [00:00]
Ashley Kerr
What if you had $100,000 in cash, a successful career and a five year Runway, but we're just getting started at 61 years old?
- [00:10]
Tony J. Robinson
Or what if your first flip was nearly a $1 million property and you're trying to get it funded as a first timer?
- [00:17]
Ashley Kerr
Or maybe you're a high income young couple sitting on $70,000 and a 3% mortgage, wondering if you should cash out, move out, or even go out of state.
- [00:28]
Tony J. Robinson
Today we're answering three real high stake questions from our biggerpockets community. And every one of them touches on challenges we know many of you are facing today.
- [00:42]
Ashley Kerr
This is the Real Estate Rookie Podcast. I'm Ashley Kerr.
- [00:45]
Tony J. Robinson
And I'm Tony J. Robinson. And with that, let's get into our first question for today. So our first question here comes from Theresa and this question says first time on the forum. I'm 61 years old. My husband is as well. And we're just starting out in real estate invest. Truth be told, if I knew earlier what I know now learning, I could have started so much earlier. But all I can do now is move forward. I currently own a successful business with no plans to exit for at least the next five years. My husband is a project manager with a local construction company. With that said, what is the best strategy for building wealth and creating cash flow with real estate in today's market? Is it buy and hold? Is it fix and flip? Is it burr? Is it wholesaling? Not really interested in house hacking. We have a good amount of equity in our current home and we've saved a good nest egg and standard investments that we can tap into. And we have $100,000 plus in cash. Is it too late to really build wealth in a timely fashion so we can enjoy our golden years eventually? She goes on to ask what is the best type of loan to acquire funds to start? Is it a heloc, a hard money loan, private money loan, no money down sub 2 or we've reached out to an investor realtor who has referred to us and who so far has been a wealth of knowledge. We'll be talking loan and money strategies today as well, but would love to hear from all of you. Everyone's input is greatly appreciated. So a lot to unpack here. Well, first I guess let's just say ash like what a great position they're.
- [02:12]
Ashley Kerr
In and I think too like something that caught my eye was if only I knew then what I know now. I think everybody is thinking that, okay, I want to start off with talking about their current equity in their, their home. So if they have a mortgage, what is your interest rate on it? What are the terms? Is this a great mortgage you don't want to get rid of? Then a home equity line of credit would be a great opportunity to tap into that. They also mentioned that they do have $100,000 plus in cash. So one option that they could do with this cash instead of having it sit is actually invest it into the stock market, put it into a brokerage, and then get a line of credit on their brokerage account. So they have this money invested. It's still pretty liquid for them to drop, pull that money out of it instead of putting it into a property. And then they have this line of credit now that they can go ahead and use that line of credit to deploy, employ to actually purchase a property or invest in real estate. And somehow. So you're actually getting to invest in two different asset classes with this 100k, the stock market, and then investing in real estate with using the line of credit. With this line of credit, you're going to get great terms, you're going to get a better interest rate because your stock account is so much more liquid and, and easier for them to just take your money if you don't make your payments on your heloc, where if the collateral is property, they have to go through a whole foreclosure process which makes it not as liquid. So you're going to get better terms because their risk is less. So that would be a great starting point, I think, to look into is taking that $100,000 in cash, putting into the stock market and then getting that, that line of credit with your stock market account as your collateral.
- [04:14]
Tony J. Robinson
And I love that idea, right? And you know, I've used the, the stocks to, to get loans in the past and it works, works pretty well. But I think just like the main thing they were focused on is like, is it too late? And yes, 61 is later in life, but I don't think it's too late to get started. And I just want to make, make that point like very loudly for everyone that's listening. Like 61 is not too late to get started. I don't think it's ever too late to get started. Right? Like, like if you're here and you're listening and you're seeing this, like, yeah, then you've got time to get started.
- [04:49]
Ashley Kerr
If you, if you look at like the history of billionaires or even multimillionaires, a lot of them don't make it to that until they're in their 60s, that I wish I knew the stat off the top of my head. But usually most people don't really accomplish something great until then. Like if you look at a lot of, you know, high net worth individuals, they'll say like, yeah, they work this and work this. And then they had their big break at, you know, age 60. So definitely not too late.
- [05:21]
Tony J. Robinson
Now in terms of what actual strategy I think works best in today's market. I, I don't, I mean all of these have a way to work in today's market. Buy and hold, fix and flip, Burr, wholesaling. Like we know investors who are doing all of these strategies today to much success. So I don't, I don't know if it's necessarily the, the strategy that or like what's working today that you should focus on. I think the bigger question is what's going to allow you to achieve your goal in the timeline that you've got in mind. And buy and hold, I think is obviously a great way to build wealth over the long run. But it, it does take time, right? Like if, if you were 25 and asking and asking this question, then sure, buying one single family home every five to seven years, like that's going to add up over the course of you four decades. But if you're looking to really accelerate the amount of cash you have coming in, I might opt for a different strategy. And in my mind I would probably do one of two things. I would focus on flipping or I would focus on the Burr strategy. The only reason why I'm not saying wholesaling is because I think that's a very specific skill set. And if you've got that skill set, great. But I'm leaning more so towards the flipping because your husband works in construction already, right? So I'm making, making an assumption here. But I would focus on fix and flip her burr. And the reason why is because you could take that $100,000 and you can recycle it with either of those strategies. If you go traditional buy and hold, you know, maybe you get one or two properties out of that 100 grand and then what are you going to do next, right? You're going to have to liquidate funds or go get some from someone else. But if you've got 100 grand, which is a really great starting spot, you can use that money over and over again through flipping or through brrr, through flipping. You take your 100 grand, you put that as a down payment, you know, your portion of a, of a hard Money loan or a private money loan if you know someone. And then once that deal is done, you get your money back and you go recycle into the next deal. Same thing for Bert. You could go into many markets today, even still with 100 grand, and buy something cash, you know, and you renovate it and you recycle the funds that way. And I think if speed and moving quickly and scaling quickly and stacking up some wins is the goal, I would focus on one of those two strategies.
- [07:31]
Ashley Kerr
Tony, I am going to disagree with you. We are about to get into our first argument live on air. I would have to say that I am not going to recommend flipping. I am very risk adverse in looking at today's current market conditions where it's becoming a buyer's market instead of a seller's market. It makes me want to find deals and buy deals, but hold on to them until it is a seller's market again. And like, by the time this podcast episode airs in three weeks, we could see another shift. And I am completely wrong. But I from what I am seeing right now is that there are like 500,000 more sellers and buyers. Okay, so there is this huge shift going on in most markets. And I would be less likely to flip a property, especially if this is your first time ever doing it, where, you know, a couple of years ago, if you were to flip a house, it would sell no matter what because everybody just wanted to buy a house and the inventory just flew off where now you would have to be way more strategic because you're going to be competing against many other sellers in the market and just not as many buyers. So I would take flipping off the table. What I would do instead is I would not use all of your money. So say you decide you're just going to use your cash. You're not going to go with the line of credit option. I would use some of it and I would use it as a down payment on a rental property. But I would not buy for cash flow. I would buy for appreciation. Because it looks like in your circumstance, you're, you're doing well, you don't need the cash flow. You're not planning to, you know, quit your job, quit your business. So I would buy a property where you're looking at the market, analyzing it to bank on appreciation. And in five years, maybe when you sell your business, that property has appreciated. You have mortgage pay down from the tenant living in there, and then you sell the property for a gain. Or better yet, you do a 1031 exchange into a bigger property that has more opportunity for appreciation maybe has some more cash flow. And I wouldn't get something that's negative cash flow per se, but I would get something that breaks even or has a little bit of cash flow. And you know, a couple hundred dollars in cash flow isn't going to be a huge financial difference for you, but at least your money is growing with the appreciation and the, you know, then having that principal pay down so that you can cash back out that of that property with a 1031 exchange or even refinancing down the road to tap into that equity to purchase something else. But I would say no to flipping for your first investment right now in this strategy, especially because you can't it you do have that resource. But maybe do a burr, do a rental of your husband being a contractor. But if you're both running really busy businesses and they're. They're already successful, I don't think you should create a third business for yourself by flipping a property. And I'm also very. What's low stress, low risk then Ashley is here in 2025. So I don't know, I just think about, you know, those types of things. So take into consideration your mental and emotional capabilities too as to if you want to go ahead and grind to flip a house and in what it might take in today's market may be very different than what you've seen on Instagram from the last couple of years.
- [11:19]
Tony J. Robinson
You know, I'm going to agree with you actually Ashley, I think you make a very, very valid point that you know, like we both have properties that I think were that are listed as flips that have been sitting for longer than we anticipated. So there definitely is some softness in the market. You know what I think might be a really good idea is if we bring on and maybe we do like a, like a Flippers roundtable where we bring on someone like James Danard, you know, Henry Washington, we recently had on Dominique Gunderson who flips remotely out of, out of New Orleans. Like just bring some people in from different markets and let each of them say like hey, how are we adapting to the current times? Because you're right, you know, days on market is increasing in a lot of places. But there are also markets where maybe it's not. And just how, how are Flippers kind of adapting in that environment? But it sounds like what we agree on is the burst strategy, right? Like hey, maybe this is the best because you're, you're building the passive income while also leveraging the capital and the, and the skill set that both you and your, your husband have. So maybe that is the best path forward here.
- [12:20]
Ashley Kerr
Yeah, and I think too like knowing that they have this money sitting that they want to deploy, that it's not like they immediately need that cash back to complete the perfect first. So it is okay to leave money in the deal. Like that is money you were investing to let the property grow. So I think that's even better. If you have capital that you can let sit in the property that you don't need to immediately recapture, you're going to find it's going to be easier at least to find deals that way. Okay, well, if you guys want us to do that roundtable idea with some flippers in different markets, make sure to comment below if you're watching on YouTube and let us know and we can get working on that for you guys.
- [13:01]
C
Hey, Aaron, the ad guy here. You know, when you've won as many commercial voiceover awards as I have, like the golden gutter for most dramatic read of a drain cleaner or the silver sigh for most emotionally charged exhale in a mattress commercial, you start to worry, what if someone comes to steal my trophies? That's why I use Simplisafe. See, most home security systems are reactive. Someone breaks in, sirens blare, chaos ensues. Too little, too late. But Simplisafe is proactive with their new active guard outdoor protection, their AI cameras and live monitoring agents actually stop crime before it starts. They see shady behavior, talk to the intruder in real time, flip on spotlights, whatever it takes to scare them off before they get their thieving hands on my bronze whispery wow award for best sultry read of a tax code. I'm serious though. This stuff matters. And with no contracts, no hidden fees and monitoring plans starting around a buck a day, there's really no excuse. Get 50% off your new SimpliSafe system with professional monitoring plus your first month free@simplisafe.com pockets. That's SimpliSafe.com pockets. There's no safe like SimpliSafe. That platinum protection trophy's in the bag.
- [14:05]
D
Let's talk about a real estate backed investment with major tax advantages. Car washes. PBR's Opportunity Fund offers accredited investors access to a high margin, recession resistant industry with passive income tax efficiency and significant upside potential. With operations in prime locations using best in class technology. Managed via a vertically integrated team, this fund is designed to deliver strong, stable returns to backed by over $1 billion in assets under management. PPR has provided passive returns to thousands of investors since 2007. Don't miss out. Learn more today@biggerpockets.com PPRCAR that's biggerpockets.com PPRCAR there's something surprising a lot of investors don't realize landlords actually file more insurance claims than homeowners. But most of the big traditional insurance companies, they're just not set up to handle those claims quickly or easily. That's why so many real estate investors are switching to steadily they focus exclusively on landlords. So whether you got a single family rental, need a builder's risk policy for a brrrr or focusing on growing your portfolio, you get fast quotes, flexible coverage and protection for property damage, liability and loss of rental income. It's a good idea to review your rates and coverages every year on your rentals. So go get a quote in minutes@biggerpockets.com landlord insurance today steadily Landlord Insurance for.
- [15:23]
Ashley Kerr
The Modern Investor before we continue with the show break though, I do want to talk about my first rental. I thought collecting rent would be the hardest part and I was actually wrong. The admin never stops. The expenses, the receipts, tax forms, tenant issues. I didn't expect the behind the scenes work to take up so much of my time and headspace. Every night was another round of paperwork and I started thinking if it's like this one, I How do people handle 5 or 10? Baselane helped me get out of the weeds. It's the official banking platform of Biggerpockets that handles the whole backend for me. Expense tracking, financial reporting, rent collection, even tenant screening. It's the first time I've felt in control and now that I'm not drowning in admin, I finally see how my real estate business can scale. So do yourself a favor, sign up@baselane.com BP today and gets a $100 bonus. Okay, welcome back. Today, our second question comes from Jacob in the Bigger Pockets forums. I'm not a complete newbie when it comes to flipping. My brother in law has been doing it for years and I've been involved in several of his projects. I've helped manage budgets, materials, timelines, pretty much every part of the process. This will be my first flip under my own name and I'm excited, excited to make it happen. I've got a great deal lined up in Miami, Florida in a strong neighborhood with solid comps and demand. Here are the numbers. The purchase price is 699,000. The rehab estimate is 150,000. The ARV is between 1.1 to 1.25 million. And that's conservative. The comps are a house that's three blocks away, so sold for 1.25 million, another two blocks out sold for 1.19 million and then one about three blocks away sold for 1.1 million minus 2,000 square feet which is larger than all of those comps. My question is, can I realistically get this funded? I'm already speaking with the seller and the deal is very much in motion. Just wondering if lenders or even capital partners would consider working with a first timer when the numbers are this strong. Appreciate any honest feedback or direction. Hey, this is a great question as to your rookie investor. You've got this exciting deal that you feel has great potential. Run the numbers, you've looked at everything and you want to get this deal done. And I think you definitely have more of an advantage with your confidence. Jacob, the fact that he has understands this deal has already worked through the numbers and he wants to get this deal done because he understands that yes, this deal is going to work out. I do think that yes it can be difficult your first time but I wouldn't present it that way because really it's not your first time. You've been involved in doing these other flips. That's just like me when I worked as a property manager, I wasn't owning these properties but I worked as a property manager. So when it came time for me to get my first loan on an investment property, the bank I worked with also worked for the investor that I worked worked for. And we already had an established relationship because I worked for this other investor and it was super easy process. It wasn't like oh this is your first time, Are you sure you know what you're doing? They had seen firsthand what I was doing with these other properties and then I, I knew what I was doing. So my first recommendation would be talking to your brother in law and who is he using to lend on his flips. And that could be a great connection, a great referral to start right there with that because they already see firsthand what your brother in law is doing and they if they know that you've been a part of making that happen and been involved in those deals, they could be way more likely to lend to you than somebody else who doesn't know any history about you or your brother in law.
- [19:27]
Tony J. Robinson
Couldn't agree with you more, Ashley and I don't really watch a lot of nascar so if there's NASCAR fans out here and I get this wrong don't beat me up.
- [19:33]
Ashley Kerr
Oh, I was, when I was younger, me and my dad, big NASCAR fans.
- [19:37]
Tony J. Robinson
Okay, so you can check me if I'm wrong here. Right? But like, one of the, the strategies in NASCAR is to draft behind the vehicle that's in front of you, right? So they're shaken, bake, shake and bake. There you go. Never heard that. But that's even more so. Like, the, the basic premise is that the car in front is taking all the wind. They're, they're, they're getting all the, they're getting, they're the ones getting beat up and you're behind them. And then once you slide out, you're able to shoot in front of them because you've got all this, this upward momentum. And Jacob, it's basically the same thing in real estate investing. You're drafting behind this other investor who's taking all the lumps, who's learning all the lessons, and you're picking some of that up so that, that way when you do step out on your own, you can shoot off yourself as well. And that's really the, like, I think that's one of the best ways to get started in real estate investing. It's exactly what you just did. So to Ashley's point, I wouldn't discount all that you've learned. So, Jacob, in theory, you're doing exactly what we want real estate rookies to do, where you're learning from someone else that, that's, that's already taken the lumps, learned the lessons, and now you're stepping out on your own with that knowledge. So I think you're grossly, grossly underestimating the, the value and the knowledge and the skill set that you've developed working with this other person. So to answer your question, would anyone consider working with the first timer? I believe absolutely, yes. Right. To Ashley's point, working with the same lender, great idea. But even if you, even if it is someone new, like put together your resume of all the deals you've done with this other flipper, and that is, that is your proof of concept, right? That, that's, that's your track record of what you've been able to accomplish. And Jacob, even the spread on this deal feels pretty solid. You got a purchase price is 700 rehabs, 150. So you're all in for 850. And you've got comps at 1.1, 1.12, 1.25. Right. So you've got some, some spread there as well. So the numbers feel good. Your experience feels good. Assuming that you can actually hit all those numbers, I don't see why you would move forward with this deal. All right, we're going to take a quick break before our last question, but while we're gone, if you haven't yet subscribed to the real estate rookie YouTube channel, be sure to hit that Follow and Subscribe button. If you're listening to this on Apple Podcasts or your favorite podcast platform, make sure to subscribe and follow there as well. And we'll see you guys after this short, short break.
- [21:51]
C
Starting your own business can be intimidating because of all the hats you suddenly have to wear. There's the marketing hat for emails and social posts, the web designer hat for your storefront, the copywriter hat, the logistics hat, and of course the hat hat just for tracking all the other hats. It's a lot, but the right tool to simplify it all. Total game changer for millions of businesses. That tool is Shopify. Shopify powers millions of businesses worldwide, including 10% of all U.S. e commerce, from brands like Mattel and Gymshark to ones just starting out. Launch your store fast with beautiful templates that match your brand. Shopify's built in AI helps with content too, writing descriptions and headlines, and even enhancing photos. Want to market like a pro? Create campaigns wherever your customers scroll. Best of all, Shopify's your expert partner, handling everything from inventory to shipping and returns. If you're ready to sell, you're ready for Shopify. Turn your big ideas into you. Get it. Sign up for your one month dollar one per month trial period and start selling today at shopify.com bprookie go to shopify.com bprookIe shopify.com bprookiE hey Aaron, the ad guy here. You know when you've won as many commercial voiceover awards as I have? Like the golden gutter for most dramatic read of a drain cleaner, or the silver sigh for most emotionally charged exhale in a mattress commercial, you start to worry. What if someone comes to steal my trophies? That's why I use Simplisafe. See, most home security systems are reactive. Someone breaks in, sirens blare, chaos ensues. Too little, too late. But Simplisafe is proactive with their new Active Guard outdoor protection, their AI cameras and live monitoring agents actually stop crime before it starts. They see shady behavior, talk to the intruder in real time, flip on spotlights, whatever it takes to scare them off before they get their thieving hands on my Bronze Whispery Wow. Award for Best Sultry read of a tax code. I'm serious though. This stuff matters. And with no contracts, no hidden fees and monitoring plans starting around a buck a day, there's really no excuse. You get 50% off your new SimpliSafe system with professional monitoring plus your first month free@simplisafe.com pockets. That's SimpliSafe.com pockets. There's no safe like SimpliSafe. That platinum protection trophy's in the bag.
- [23:56]
D
Want to earn passive income every month without the hassle of property management? If you're an accredited or high net worth investor, PBR Capital Management offers a proven solution. Since 2007, PPR has helped nearly 2,000 investors earn over $100 million in consistent, predictable passive returns. Headquartered just outside Philadelphia, PPR manages a $1.1 billion diversified portfolio designed to provide steady income and long term growth. With decades of in house expertise, their team strategically mitigates risk to help investors achieve their financial goals. See how a PPR fund could fit into your portfolio. Visit biggerpockets.com ppr today that's biggerpockets.com ppr if you own a short term rental, here's something worth knowing. Not all landlord insurance policies are built for your kind of property, but that's where Steadily comes in. Steadily offers insurance designed specifically for short term rentals. They cover things like property damage, liability, loss of rental income, and even unexpected issues like bed bugs. Steadily only works with real estate investors so they understand the details that make short term rentals unique and they've built coverages specifically for short term rentals. One investor pro tip I always like to give out is to review your rates and coverages every single year. So go get a quote in minutes@biggerpockets.com landlordinsurance today steadily rental property insurance for the modern investor do you want to invest in cash flowing rentals but don't have the time to manage the properties? Is your local market too competitive or expensive to invest in? Rent to Retirement offers new construction turnkey investment properties that you can buy with as little as 5% down and rates as low as 3.99%. Their team handles everything from financing, management, insurance and more so you can live where you want and invest in the markets that offer the best returns. Rent to Retirement has the best reputation in the industry with more five star reviews than any other company on the BiggerPockets website. To learn more, visit biggerpockets.com retirement or just text REI 233777 to start investing in the best markets today.
- [25:59]
Tony J. Robinson
All right guys, so welcome back. So our last question for the day comes from Garrett. Garrett says, my wife and I are a young couple and both have high paying jobs. She's a registered nurse and an engineer. We were fortunate to graduate college with no student debt and are great at saving money. A little over a year after beginning our careers and not knowing anything about investing, we bought a three bedroom two bathroom house for $500,000 with 20% down and a 3% interest rate resulting in a mortgage of just over $2,100. That includes taxes and insurance. Over the last couple of years we've become more and more interested in real estate investing with the specific goal of of becoming financially free. However, with the current house prices near us and high interest rates, buying a cash flow positive investment seems impossible. Where we live and they're in Kitsap County, Washington. Even our current house, at a 3% interest rate with a $2,100 mortgage, could only rent for about $2,800 per month. We currently have $70,000 in cash set aside ready to invest in about 118,000 in equity in our home. So a few questions. Number one, after estimating vacancy maintenance and capex expenses, it does not make sense to rent our current house. Do you agree? Number two, should we sell our house and move to a more favorable market for cash flow? If so, where do you recommend? Number three, should we keep our relatively low mortgage and interest rate for our area and start investing out of state? Number four, what strategy would you recommend? We start with long term single family homes, house hack with the small multifamily or something else.
- [27:35]
Ashley Kerr
Okay, the first thing to look at is because they asked about it's not worth renting out their current house and do we agree? So their mortgage payment is $2,160 per month with taxes, insurance and then they could rent it out for 2800 per month. One thing that I love about single family homes is that like any other expenses you can really pass onto the tenant. So the utilities, the landscaping, the lawn care, snow removal, so things like that. And then they were correct in saying, you know, vacancy maintenance, cap X doesn't make sense to rent out our current home. So what I would do in this situation is if you're trying to decide by two of these. First of all, in the bigger pockets resource hub, I just discovered this a couple weeks ago that this was in there. I think it was Scott Trench who created it. But it is actually a sell verse keep spreadsheet and you enter in all of your information about your property and it helps you decide based on the numbers if you should keep this property as a rental or you should sell it. So you can find that@biggerpockets.com resource hub or just Resource I think it is. So when you, you go in there you can input it and you can see the difference. So they wrote in their question, according to Zillow, our house has a pretty appreciated 50,000 over the last two years. So I would look in comparison as to what your cash flow would be compared to that 50,000 and what the difference would be in two years because you're getting your principal pay down, you're getting appreciation, more appreciation in the property by keeping it longer. Also I would look at how long so they've lived in the house at least two years. So they also wouldn't pay taxes on the sale of that property where your cash flow, you're going to pay taxes on it. So I would go and check out this calculator@biggerpockets.com resource and look for the sell verse keep calculator that's in there and run the numbers to, to see the difference.
- [29:43]
Tony J. Robinson
Yeah, I just, in my gut I have a hard time encouraging them to walk away from a 3% interest in a 2100 mortgage. If, if, if the goal. And you know, you, you guys are relatively young, right? You said, you know, we're a couple years outside of our college careers and you know, just kind of starting things out. So it seems like you guys have time on your side, right. And I know that there's a desire to get started but you've got an amazing asset in that primary residence and I would, I would want to I think protect that. That said, it doesn't necessarily mean that you, you can't move somewhere else. I know you said in, in your area buying cash flow positive investment seems impossible, but I wonder could you keep that home that you're currently in, rent it out. And yeah, even if you're not making crazy cash flow, you're still getting some level of cash flow. You're still going to get the, the equity growth over time. You're still going to keep that 3% interest rate. And can you maybe go get a small multi family where you house hack in Kitsap County, Washington. And maybe it's a duplex where you guys live in one side and rent out the other side. Maybe it's a duplex where you rent out the other side by the room to really supercharge your cash flow. So I just wonder if there's maybe other strategies you could look at and then the question of moving to a more favorable market for cash flow. Yeah, I think that's fine too. But I don't, I don't think you need to sell your house to do that. You know, you can still keep your house and go invest in a less expensive market with the capital that you have set aside. 70,000 bucks, I think is enough in plenty of markets across the United States to get in for something. And it's just a matter of identifying those markets and then finding the right deals within those markets. And then the, the last part of Garrett's question here is, is what strategy should they start with again? You know, this kind of goes back to the first question, but it, it does somewhat vary depending on you, your risk profile, what your skills are, you know, and all those different factors. But I think based on the limited information that we have in front of us, I would either go buy a, buy and hold property in a less expensive market and just repeat that process every three to five years as you save up another 70,000 bucks, or I would try and do a small house hack somewhere in the county that you currently live in. Right. Again, small, multifamily, something to that effect. That way you aren't losing the asset that you've already got. But you guys are in a great spot to be a young couple with good income. You've got an amazing investing career ahead of you if you just take your time, buy right and keep chugging along. Dave Meyer. We just recently did an episode for the Bigger Pockets Money podcast and even mentioned that when he was on the Real Estate Rookie podcast that, you know, he's been investing, I think he said, for 15 years and his goal was just simple easy investing for 15 years because he knew if he did that 15 years from now he would be in a great position and that's exactly where he's at. So we don't have to overcomplicate it. Sometimes the simplest approach is the best approach and it sounds like you guys have a simple solution ahead of you.
- [32:59]
Ashley Kerr
Thank you guys so much for joining us. For today is Rookie Reply. If you have questions that you want answered, go into the Bigger Pockets forums and write your question there. And probably before we even get to it, you'll have tons of responses from other like minded investors like you, other people trying to get started, or expert experienced investors. I'm Ashley Care and he's Tony J. Robinson. Thank you so much for joining us today and we'll see you on the next episode of Real Estate Rookie.