All Forum Posts by: Amy Kendall

Awesome post @Brian Ellwood!  I absolutely agree!  I think some new investors get lost in thinking they have to add 100 units this year like they heard on a podcast, or else they aren't doing it right.  But if you know what numbers you are trying to hit and just shoot for that, then you probably can do that with a lot less doors than most people think.  My husband and I sat down about five years ago and developed a plan to replace his income and that was our plan.  Now, we have surpassed that, and of course our end goal changed, but he is now part time at his job and we have more time to spend together as a family and do the things we like.  We still don't have that lamborghini, but that was never what it was about for us in the first place.

If I were in your position, I would refinance enough to pull out all of my cash.  Then, make sure you save at least 6 months worth of expenses and keep that cash readily available at all times.  You don't want to get caught without cash to cover your expenses and the higher cash flow per month won't help you if you don't have sufficient reserves.  Then, I would take the money you have and go find another deal and do it again.  I think you will make it to your goal by doing just what you're doing and adding more properties.  Good luck!

Are you currently selling a lot of real estate, or are you more focused on growing your property management business?  The reason I ask is because a lot of my property management business comes from referrals from either my current customers or from other real estate agents.  I don't do any advertising, but my business continues to grow from these two avenues.  Real estate agents are always hesitant to recommend another real estate agent as a property manager because they are afraid you will be able to steal their client from them.  So, if you aren't actively selling, you could use that to your advantage to set other agent's minds at ease and spread the word that you are looking for more properties to manage and even possibly give them a small referral fee to get the ball rolling.  I am an active agent and manager and other agents in my office still give me clients because they know I won't try and take any of their business and will just do go a good job managing that property.  It can be tough, but I think that focusing on other agents is a good source because they just come into contact with so many property owners.  I have also found clients by just talking about my own properties with people at meetups or whatever, and I think other investors take comfort in knowing that you own and manage your own rental properties and can relate to them better than a larger management company.

I sent you a few contacts.  Good luck!

Real estate investing and being an agent is absolutely my passion and I love being able to make a career out of it.  I was working as a nurse and respiratory therapist before beginning to invest in real estate and then becoming an agent made sense, and it has been such a great change!  My husband is probably on the other side of this in that he does like the investing, but it is more as a way of escaping the rat race.  He recently moved down to part time and is enjoying the freedom the comes along with that!

They are just looking out for their best interests, but you have the the first option and should move forward with your inspections and not let this bother you at all.  

I don't think it really matters too much between a single family and a townhome for your first investment property. From my experience, I started with single family homes and then moved more into townhomes. I liked single family homes initially because they did not have an HOA and my cash flow was a little higher. Now, I tend to prefer a townhome with the HOA because they do maintain the yard, exterior of the building, and offer some good benefits to your renters, like possibly a pool.

Great advice from @Kyle Pierce and @Nathan Sampson. The BRRRR strategy would be a good possibility if you can get a good deal. Getting on a few wholesaler's lists is a good place to start seeing those deals and opportunities. Unfortunately, in our current market, traditional buy and holds are still not seeing significant cash flow without a large down payment.

I think you have put a lot of good thought into this, and it sounds like it might be a good time to sell your home.  If you do, as an investor, it will be the best time for you to have the capital you will need to end up with some sort of investment.  If you do go with option #1, how long will it take you to save up for another down payment on your next place?  If it's only a year and you're committed to doing that, then I think that is a great option.  But if you puts off you getting into having a rental property for 2-3 years, then I think you are getting more behind then ahead.  I know it was mentioned that you could house hack, and I think that might be a great option for you if you are willing to have tenants living in your basement.  I know that's not for everyone, but it works so well!  I cut in an entrance to the home I currently live in and fenced off a separate part of my yard to make a basement apartment.  I hardly notice the renters and they cover all of my house payment and then some.  You don't have to find a property with an established apartment, you could also make one from scratch with the extra money you have from selling your home.  That could accelerate your investing more than your other options.  Whatever you decide, I wish you the best!

@David Kitchen I would look through the forums more and you will find a few discussions about him and his services.  I agree with @Joshua Johnson though, and with just a little bit of effort you will be able to find more information than you will be able to handle all for free here on BP.