New to BP... My situation in Cleveland Oh

[Account Closed]

Hello BP community, I have recently started listening to the BP podcast and lead me to this website. I have read a few posts and decided why not try my own in hope to find guidance and constructive criticism. I work for a power company full time straight out of high school and have been saving money every since to find my true passion. I try to take a safe rout over the risky financially. I recently purchased a cheap fixer upper duplex in the west side of Cleveland with cash. After renovating I now rent half and live in the other. I don't have a mortgage and collect $550 for rent. I later on purchased another duplex in Rocky River for $145,000 and collect $1,600/m with 23,000 down payment. In the forums that I have read I noticed percent rules that are used on here often that I never heard of. Basically I want to find out if the property in Rocky River fits the criteria that is used on BP. I would also like to know where I can read more about that so I can find all factors that contribute in finding my answer. My business plan is to use my extra money from my career and my rent from both properties to pay off my only mortgage and repeat with another turn key duplex. I will take all criticism kindly. I'm very green and want to get my feet wet. Bill Kriaris

[Dell Schlabach]

I would say your feet are already wet, up to your ankles at least.

I would say you have already done more that 70% of the people here. 

Don't pay too much attention to or get hung up with the % "rules" we have bought rehabbed and sold a few hundred properties in the past five years. I don't follow any of the % rules, never have never will. I look at how much money I want to make, if it fits my criteria I buy, if it doesn't I don't. 

Sounds to me like you are on a solid track, you make wise thoughtful decisions, stick with your plan and you will do better then most.