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Updated over 6 years ago, 04/15/2018
Newbie from Lexington, Kentucky
Greetings Bigger Pockets community,
My name is Perry Vincent Thomason. Friends and acquainted address me as Vincent or Vince.
I live in Lexington, Kentucky. I graduate a month from now with a Bachelor's in Psychology from The University of Kentucky.I plan on completing an online MBA within the next two years from Northern Kentucky, and I'm considering a PhD afterwards.
I'm currently working a part time position in a meat shop at Whole Foods market. The pay is fair and the discount on groceries is a blessing.
I am new to real estate, but I can see a bright future in it. I'm currently working on finding my first home. My plan is to own enough rental properties to achieve a passive income of 100k plus every year.
I found bigger pockets through Brandon Turner's youtube channel and books. I'm looking forward to learning as much as I can on Bigger Pockets as well as meeting new people!
Best of luck to you Perry,
Continue to build on your MBA education and make sure to read or listen to audio books to continue your financial education. I listened to 100s of audio books and they have proved very helpful so that is what I always recommend.
Start by determining how many doors you need to own to acheive your 100k goal. Then set off to start buying some cashflowing properties.
Not that I'm aware of your income but hacking the system and buying a duplex/triplex with an FHA is always possible. After that art by determining how many doors you need to own to acheive your 100k goal.
Once you have that down and are on the move I have 16 townhomes that I may be selling closer to the end of the year. :-)
help me out with some upvotes if you find this helpful!
Welcome to BP!
Even though some do OK with rental homes. If they are doing well it may just be good timing. Apartments would be the way to go because 1 vacancy will not hurt you so much. No matter what you choose to do a good location will make a difference. A good source of info on youtube is video by Grant Cardone. He is a little pushy but has many good things to learn about buying apartments. Do not pay close attention to the ones that have never done it. Your parents grew up in a different society and you should not think their input on school and business is very useful. Local clubs and events can be very useful to you. Further education is ongoing. The more you know, the more confidence you will feel and sounding like a professional will help you. Beware of anything you hear on the internet. Most there is BS. There is basically two types of investing. One is Traditional, the other is creativity. You should choose to be creative, not Traditional. If you have any questions about construction or real estate let me know, I had about 30 years of experience on both. Best wishes!
Perry, welcome to BP! This is a great community for growth, inspiration, and education. My first thought would be to recommend you towards considering a multi-family purchase for your first home. Something under 5 units, so you can still acquire owner occupant (low down payment) financing. But your needs and goals for your first home might be more than just strictly pragmatic. Let me know how I can help!
- Ryan Camenisch
Welcome to bigger pockets! Good luck on your journey! Perry Thomason
Originally posted by @Perry Thomason:
Greetings Bigger Pockets community,
My name is Perry Vincent Thomason. Friends and acquainted address me as Vincent or Vince.
I live in Lexington, Kentucky. I graduate a month from now with a Bachelor's in Psychology from The University of Kentucky.I plan on completing an online MBA within the next two years from Northern Kentucky, and I'm considering a PhD afterwards.
I'm currently working a part time position in a meat shop at Whole Foods market. The pay is fair and the discount on groceries is a blessing.
I am new to real estate, but I can see a bright future in it. I'm currently working on finding my first home. My plan is to own enough rental properties to achieve a passive income of 100k plus every year.
I found bigger pockets through Brandon Turner's youtube channel and books. I'm looking forward to learning as much as I can on Bigger Pockets as well as meeting new people!
Hello and welcome! Best of luck to you!
- Rental Property Investor
- Bowling Green KY ~ Lexington, KY
- 565
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- 1,318
- Posts
@Perry Thomason welcome to REI and the BP community. Even though you may be moving soon, I suggest you get involved in your local REIA club. There is the one in Lexington that has a meeting this month. See on the BP site "Network" > "Events" link. They are also pretty active in northern KY as well. Good luck with all your future REI ventures.
- James Wilcox
@Kevin Seele I love audiobooks! I listen to them on long car rides or bus routes to and from class. If I could make a minimum of 100$ cashflow per unit then I would set a goal of 100 units. I hope to make more per unit but 100 units is a great standard. If I make more than 100k a year so be it.
@Michael Lee I plan to do a combination of homes and apartments. I feel as though to only select one would lessen my chance of finding solid deals. Plus it may take some properties to build the income or equity it would take to purchase apartments. I do believe I will have a preference for multi family units. I do have some questions about construction. One of the things I'm considering in order to buy my first property, is buying land in a neighboring county outside the city, and having a duplex built on it. I would prefer a fourplex but it may be out of my income range for a standard bank loan. I could theoretically get a USDA or FHA loan depending on the area, and if the home is constructed new then I wouldn't need to rehab the home. Is building a home as good as an idea as searching to buy one?
@Ryan Camenisch Thats what I'm here for! I'm very happy to see another poster from Lexington. I do want to get a duplex, triplex or fourplex as my first home. However, My investing strategy is fairly unique because I'm in school, and I feel as thought a multifamily home with 3 or 4 units may be out of my income range. I have a very stable part time job. I've worked there for 4 years and I make nearly 15 an hour(Plus a 30% discount on groceries, which unfortunately I don't think a bank would count as income). Because I'm in school I should be receiving income from scholarships, grants, and loans as well. There in lies the possibility of saving the entirety of what I get back from school, and using it to make investments. So long as I stay in school, any loans I have don't need to be paid back. I could make smart investments so that whenever I decide to finish school, I have the income needed to pay it all back. I start graduates school this fall, and with it comes the possibility of saving 30-80k within the next 2 years to invest. What do you think?
Originally posted by @Kevin S.:
Best of luck to you Perry,
Continue to build on your MBA education and make sure to read or listen to audio books to continue your financial education. I listened to 100s of audio books and they have proved very helpful so that is what I always recommend.
Start by determining how many doors you need to own to acheive your 100k goal. Then set off to start buying some cashflowing properties.
Not that I'm aware of your income but hacking the system and buying a duplex/triplex with an FHA is always possible. After that art by determining how many doors you need to own to acheive your 100k goal.
Once you have that down and are on the move I have 16 townhomes that I may be selling closer to the end of the year. :-)
help me out with some upvotes if you find this helpful!
I love audiobooks! I listen to them on long car rides or bus routes to and from class. If I could make a minimum of 100$ cashflow per unit then I would set a goal of 100 units. I hope to make more per unit but 100 units is a great standard. If I make more than 100k a year so be it.
Originally posted by @Michael Lee:
Even though some do OK with rental homes. If they are doing well it may just be good timing. Apartments would be the way to go because 1 vacancy will not hurt you so much. No matter what you choose to do a good location will make a difference. A good source of info on youtube is video by Grant Cardone. He is a little pushy but has many good things to learn about buying apartments. Do not pay close attention to the ones that have never done it. Your parents grew up in a different society and you should not think their input on school and business is very useful. Local clubs and events can be very useful to you. Further education is ongoing. The more you know, the more confidence you will feel and sounding like a professional will help you. Beware of anything you hear on the internet. Most there is BS. There is basically two types of investing. One is Traditional, the other is creativity. You should choose to be creative, not Traditional. If you have any questions about construction or real estate let me know, I had about 30 years of experience on both. Best wishes!
I plan to do a combination of homes and apartments. I feel as though to only select one would lessen my chance of finding solid deals. Plus it may take some properties to build the income or equity it would take to purchase apartments. I do believe I will have a preference for multi family units. I do have some questions about construction. One of the things I'm considering in order to buy my first property, is buying land in a neighboring county outside the city, and having a duplex built on it. I would prefer a fourplex but it may be out of my income range for a standard bank loan. I could theoretically get a USDA or FHA loan depending on the area, and if the home is constructed new then I wouldn't need to rehab the home. Is building a home as good as an idea as searching to buy one?
Originally posted by @Ryan Camenisch:
Perry, welcome to BP! This is a great community for growth, inspiration, and education. My first thought would be to recommend you towards considering a multi-family purchase for your first home. Something under 5 units, so you can still acquire owner occupant (low down payment) financing. But your needs and goals for your first home might be more than just strictly pragmatic. Let me know how I can help!
Thats what I'm here for! I'm very happy to see another poster from Lexington. I do want to get a duplex, triplex or fourplex as my first home. However, My investing strategy is fairly unique because I'm in school, and I feel as thought a multifamily home with 3 or 4 units may be out of my income range. I have a very stable part time job. I've worked there for 4 years and I make nearly 15 an hour(Plus a 30% discount on groceries, which unfortunately I don't think a bank would count as income). Because I'm in school I should be receiving income from scholarships, grants, and loans as well. There in lies the possibility of saving the entirety of what I get back from school, and using it to make investments. So long as I stay in school, any loans I have don't need to be paid back. I could make smart investments so that whenever I decide to finish school, I have the income needed to pay it all back. I start graduates school this fall, and with it comes the possibility of saving 30-80k within the next 2 years to invest. What do you think?
Originally posted by @James Wilcox:
@Perry Thomason welcome to REI and the BP community. Even though you may be moving soon, I suggest you get involved in your local REIA club. There is the one in Lexington that has a meeting this month. See on the BP site "Network" > "Events" link. They are also pretty active in northern KY as well. Good luck with all your future REI ventures.
Hey Jim. I'll actually still be here in Lexington! The MBA from northern Kentucky is an online degree. The only time that I'll be moving is when I move into my first small multi family home!
I'll check it out! Thanks. Again, nice to see another member on here from Lexington.
- Rental Property Investor
- Bowling Green KY ~ Lexington, KY
- 565
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- 1,318
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@Perry Thomason oh well definitely come man! We have a great group here in Lexington. Very BPish! You will learn a lot and have a nice meal lol. You would be surprised how easy it is to qualify for a FHA loan. There are places even covering money closing costs right now for certain types of properties. Getting into your first time really doesn't take a lot of your own money as long as you have a decent job and credit. MFH would still qualify for FHA but might not for other perks like money toward closing costs. You can still "house hack" a SFH. You would just need a roommate or STR a room out.
- James Wilcox
#1 New Member Introductions Contributor
- Solo 401k Expert
- Anaheim Hills, CA
- 6,194
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#1 New Member Introductions Contributor
- Solo 401k Expert
- Anaheim Hills, CA
Welcome to the BP family! Glad you joined the best real estate investing website! Here are some recommendations for you:
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- Dmitriy Fomichenko
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@Perry Thomason, what you can afford really depends on what your priorities are. Some investors focus on location, some focus on condition of the building, some focus on short term gains, and some focus on long term cashflow. You don't have to decide everything up front, but it is good to have an idea of what your goals are as you are getting started. Things might change along the way and you can pivot and adjust as you go. The reality is, you can get a 4plex for less than 200k in Lexington if you really want to, but it isn't easy. Let me know if and how I can help!
- Ryan Camenisch
I f you chose a good area where the market is hot, you would probably do OK. Just do what is average for that market area. A local Agent could possibly tell you some good things that you should do. The one thing you should consider is the availability of owner financing or other creative financing methods.
Welcome to BP! and best of luck to you!