All Forum Posts by: Austin Rose

I really appreciate the follow-up Christopher, thank you. A lot of work ahead for me... better get going! 

 Christopher,

I actually did read the 10x Rule a couple of years ago... quite a daunting way of approaching business but it seems to be working for Cardone! I do plan on house-hacking for at least my first couple of properties, in my area multifamily properties are much more uncommon than SFR. I currently have found myself mostly looking at duplexes on the MLS that have been sitting for over 100 days, and I'm left scratching my head as to why some aren't selling when the numbers seem to make some sense... I am an advocate for a more aggressive approach, I'm wondering if you could elaborate on the proposition of pursuing owner financed deals? I'm unfamiliar with the advantages or nature of that approach. I'm currently working with an agent, if that factors in.

Thank you for your time!

- Austin R.

 Terry,

Interesting pieces of insight! I honestly hadn't really considered that I would ever sell any of my investments once I'd acquired them. But you're right, if the numbers are tempting enough it's a good option to consider! I'll also be running more hypothetical's using slightly more conservative numbers like $200/unit to better understand the changes in outcomes. Thanks for the posts and graphic!

 Thank you Zach! Your second paragraph exactly describes my current plan. And you're right, securing a stable and reliable source of funding as the portfolio grows will be a challenge. I appreciate the input!

The other day I sat down, and in about 30-45 minutes I had whipped up this plan. I was simply conjuring a hypothetical as I tried to close the gap between year 1 and year 10, but it's gotten me really excited about the prospect of actually turning the idea into a reality! I'm posting here to hopefully hear your thoughts, feedback, hesitations, or simply to generate discussion.

The $120,000/year number is somewhat arbitrary... At this point in my life it's hard for me to tell what kind of annual income I'd be comfortable living off of while still pursuing my own interests and business ideas. If you simply took the time even just to look this over I appreciate it!

Also, PD = Police Department. I apologize for areas of poor handwriting, I did not originally plan on sharing this.

Joseph,

I am actually currently in the process of negotiating to obtain private money from a friend, as I have no existing credit (I have paid everything in my life, car, tuition, etc. in cash) and I would hope to rent out both parts of the duplex to increase cashflow.

Lisa,

Thank you and yes, I still have a lot more reading and learning to do! That being said, I know there are deals and options out there I haven't even considered or found.

Thank you for the quick replies.

- Austin R.

Hey all!

I'm pretty new to the forums here, but it's been great so far. I want to complete my first deal by May of 2017, and I have reached a crossroad.

I originally was planning to make my first investment a "bread and butter" property, a starter home in one of the many neighborhoods that surround me in the suburbs outside Philadelphia. My county (Montgomery) is somewhat of an affluent area so unfortunately many of the homes around me are well outside my intended price range ($80,000-$180,000).

However, I recently met with an agent for lunch. He looked at my plan and pointed out that these types of properties produce much less cashflow than something like a duplex, and the property taxes in many of these areas easily are over $4,000 per year.

His solution was to buy a duplex in a hot area of Philadelphia. Property taxes are much lower, and duplexes yield a much better cashflow. I checked out a few zipcodes he gave me (19141, 19126) on zillow.com and it seems as though many properties are going up in value and being sold for right in my price range.

I write this to inquire for advice from those who are more experienced in investing. Is a duplex a manageable first investment? Should I bite the bullet and trade off cashflow for a slow and steady starter home? What would you do?

All questions and comments are appreciated, thanks!

Hello,

My partner and I are tentatively searching the area for a wholesaler to ring in a deal on a single family home. In the near future it is likely we will be able to fund this purchase entirely upfront. I message you to inquire as to whether or not you or anyone you know of in this area is wholesaling, or even if you just have a suggestion of someone who may be good to talk to and get in touch with. I very much appreciate your time. - Austin R.

Hey All,

Glad to be joining the forums here! I'm from Southeastern PA outside Philadelphia, and looking to learn and grow as much as I can in real estate investing. I'm 21 years old and trying to complete a deal by May of 2017, and at the moment am currently trying to narrow down my investment vehicle and approach! Any tips, inquires or comments are highly appreciated, as I'm currently seeking a reliable mentor and contacts in the field. Cheers!

 - Austin