All Forum Posts by: Brandon Proctor

With someone new in real estate (like myself) what would be the ideal amount of money a investor should have saved up?

I must admit I joined in early January and this is a great site! I am so enthusiastic about REI and love the fact so many people are willing to teach me about REI. It's great to be able to pick so many minds on here.

@Ben Leybovich thank for all the information, I will definitely use what you told me as my guide for now on. It's a lot of information to absorb but I'm definitely going to learn it.

I'm I correct by saying you don't want your CAP rate to be lower than 10%? The higher your CAP rate the better?

Also what would be considered a good annual CF deal? Or does that depend on the investor and how much they want to make on a property.

I was also thinking about getting a real estate license so i can check out the MLS. The military would pay for it so I don't see why not.

@Ben Leybovich I'm proud to serve. And when you say knowing your local market would I contact real estate agents and ask them what comparable prices are in a area I'm looking around?

@Will Barnard ok that makes sense. I was trying my best to understand all the numbers.

Thanks for all the advice everyone. It really makes me feel welcomed here. I do have a few questions.

I'm 25, in the USAF and REI has really caught my interest. I would like to purchase a MFH some time in the future. I like the fact that I can purchase a piece of property, rent it out and (hopefully) have positive cash flow. Now with that being said I don't have that much credit I pay on my truck and I have student loans which I'm paying back. I also have a wife 1 year old daughter and one more on the way.

Now my question is I have read numerous times about the 2% and the 50% rule. I understand how the basics of those rules but once you all go deeper into the interest rates I get a little lost in all the numbers. I know understanding those two rules could definitely help me find good deals in my local area.

Hey @Austin Samber (not sure why the names won't link for me) that drive is actually not that bad. It would take me around 30 minutes to get to Fort Collins. I will definitely try towel the meetings.

Thanks @James Vermillion bc I am sure I'm in the same boat you were I'm back then. I do have some of the terminology down now. Still trying to learn all the acryonyms. I will definitely engage more on the forums that I have questions on.

@Kelvin K. I would love go to the local REI clubs, I looked up if there is one on Cheyenne Wy and there isn't. Not sure where else I could go.

Hey @Karen M. I will make sure I'm more specific in the rest of my threads. Thanks for the advice.

Hey all, I'm really hoping a BP active poster out there would be willing to coach me in the ways of rental properties and the ins and outs of getting started in the area I'm in. I know this maybe not be ideal way to go about it but bc of my job I don't have much time to actually find a mentor in Wy. I spend hours on this site learning as much as I can but some of the things you all discuss or mention I just don't quite understand.

I am very serious about getting into the REI business and I am willing to take as much time as needed until Im finally ready to make that leap into the business.

Thanks!

@James I looked up REI clubs for my area and there isn't one in Cheyenne Wy sadly. I have noticed every since I have been doing my research and reading all the topics on here I always look for FSBO homes and vacant homes.

Should I call the "we buy homes" numbers and ask what they are looking for in homes they are willing to buy? I figure they are probably wholesalers.