All Forum Posts by: JT Spangler

That's a pretty impossible question for anyone but you to answer.

The great news is that you have one UNBELIEVABLE advantage over most RE investors in the world -- time. You're young, and compound interest makes us all rich if we use it right. 

I suggest you use the time between now and graduation to decide if real estate is really interesting to you, or just a means to an end. Being a landlord can suck. So can buying, selling, financing, negotiating, partnering, hunting for deals, tenants, and doing rehab/turnover work.

There's a huge amount of education needed between (a) a rich guy told me MF is a real money-maker (in LOS ANGELES, where very few people can qualify to buy anything), and (z) I own a property worth 7 figures at the age of 22. It's totally possible, but it will take a lot of work. I'd start by reading the BP beginners guide, and if you're still interested after that I'd probably pick up @Brandon Turner's book on investing with no money down. It deals extensively with creative financing, which, if you want to buy a million dollar property with no cash and no credit history, you're definitely gonna need.

Man, great info! I'd really love to buy another house on the dead end street where one of my rentals (formerly primary residence) is. I've mentioned it to a few neighbors, but not much luck so far.

Welcome, man! I would definitely look into becoming an expert on Lebanon rentals and comps, because I think a lot of the outlying areas outside of Nashville have deals to be found, as well as a really solid demo to draw on as tenants or retail buyers. 

Personally, I'd have to agree with him, for two reasons:

You don't have a clue about the area, and the cash flow sucks. That's a bad combo for a new investor who's out of state. I'm pretty new myself, and if I was going to buy out of state I'd want (1) a rockstar PM, (2) a property in good condition, and (3) slam dunk cash flows ($200-300/month).

Have you checked out the BP Beginner's Guide? It's free, and jam-packed full of good info. A lot of the questions you've asked here are answered there. 

I'd also start listening to the podcasts. Start with any about house hacking or buying income properties without a lot of cash.

Update: rehab in progress.

My gf and I got most of the demo done right after closing. My roommate, who has worked as a drywaller, replaced two ceilings for me. I used a good chunk of the seller plumbing concession for a repipe, replacing 75 year old galvanized supply pipes with pex. Still have a few drains I need to change out (I'll do that myself).

I bought out Home Depot's supply of Allure Ultra Vinyl flooring, which I can't wait to install. Bought two new vanities at surplus stores. Doing all oil-rubbed bronze hardware/lighting/fixtures, so I've got them coming in from various suppliers (Home Depot/amazon/surplus stores).

I scored a major steal from the Habitat Restore on a prehung exterior door for 75 bucks and two 24" interior doors for 26 bucks (total). Also a nice cast iron double sink for 40 bucks. I LOVE THAT PLACE. 

I think the only things I have left to purchase are light fixtures (which I'll get from home depot), appliances (when they go on sale next week), and butcher block countertop (when they go on sale next week). Oh, and some travertine tiles for the kitchen backsplash (which another friend is going to do for me at a discount, which is known in the music world as the "bro-rate").

I spent today sanding all the trim (while wearing a heavy duty respirator, since it's possible one of the early layers of paint was lead based).

This weekend I'm going to paint the cabinets (solid wood, so I sanded them down and am re-using them with new hardware), paint the trim, and hopefully get started on the walls. All of my paints are purchased (and I took pictures/uploaded to evernote which color went where, so I'll always know what color to get). The painting will probably take me up until I head home for Christmas, and when I get back I'm hoping I can get flooring and countertops done before New Year's.

My first mortgage payment is due February 1st, and I hope to have tenants in place before then. Unless there are major snags that shouldn't be an issue.

I like Cleveland. I think there're a few cities in Ohio that have a good base of young professionals, colleges, and major sports teams (don't ask me why, but I think those three things bode well for a city). 

@Matthew S.  Absolutely! I'll keep you guys posted as we move along. Right now I'm considering a macerating toilet or a saniflow system to pump up to the drain line. Both of those cost ~1k, so not nearly as bad as jackhammering out the slab.

Accessory dwellings are legal in most municipalities I've lived in, although that doesn't mean they won't violate an HOA if you're unfortunate enough to have to deal with one of those.

@Marian Smith 

 Yeah, basement plumbing and sound isolation is definitely a concern. These are not insurmountable problems, though.