All Forum Posts by: DB Brooks

Thanks guys, I am definitely interested in multifamily property. In my town the only mfh listed that are in my price range are in pretty sketchy areas that I would not want to live. I plan to live in my first property and am unsure about this. Would it be wise to take on a partner for a mfh in a better area that is about double my price range? Also, I will be in school for the next 1.5 years so my income will be limited, what would I do if I needed to make a repair to one or more units w/ little to no cash at hand? These are the main reason I was planning to buy a sfh and rent out a room or 2, the sfh in my price range are in decent shape and I would feel more comfortable about assessing the problems and attempting to repair them. Maybe I'm way off base in my thinking, if so please let me know.

Well, as my title says I am finally getting into real estate after watching from the outside for a long long time. I am 28 y/o and have family in real estate, though none are investors. Most are in title ins. I've wanted to be my own boss and generate income through real estate for a long time now. I've read some books here and there (probably the wrong ones) and never had the capital or the guts to jump in. I am currently in school for Nursing and I tell people all the time that this is just to fund my real estate future. I now have the capital to purchase my first property. My tentative plan forward is to purchase a sfh and I will live in it for the next four years or so while I finish up school (grad. in sept '14) and I will rent the spare bedrooms to help cover the mortgage then when I move (or maybe sooner) I will buy my next property and so on. I will keep the first house as a rental. I plan to have some long term rentals and maybe a flip here or there if the #s fit. I know this is not a very aggressive strategy but as my confidence grows (hopefully due to successful ventures) I would like to make this my full time profession. Feed back on this would be greatly appreciated! My name is Dallin btw.

Thanks William, thats good advice for the future but I do plan to do most of the restoration myself if possible. Also the houses I'm looking at are in the 70k-100k range.

Ok, here is my situation. I work and make around $1100 a month after taxes and etc. Its not much but I'm also in school and grad sept. '14. In the next cpl months I will be receiving 10-13k and I'm working to improve my credit which is around 600. My plan is to buy a single family home that may be a minor fixer upper and to rent out 1 or 2 rooms. I would live in this house for the next couple of years until I move from this town and then rent it out completely and buy my next house. I'm in Gainesville Fl. btw. I guess my question is, what kind of #s should I be looking for? It seems alot of the houses I'm looking at would have a mortgage (including taxes and ins) of around 600 monthly and rent for around 1k-1200. These numbers seem really good to me but I want your opinion and any other advice you would like to offer. Thanks in advance.