All Forum Posts by: Ben Clemence

@Matthew Van Parys thought that might be the case but figured I'd mention anyway, I do the same and run each property at least 10 different ways to see what happens.

Right now I'm reading as much as I can, listening, and networking. I'm working with two agents in CT who have set up an automated email search for me from the MLS so I can find properties quickly. Also headed to a networking event tonight in my local area, and then meeting another guy tomorrow for a beer that I connected with through BP.

I feel a little like I'm stuck in analysis paralysis, but I hope to get my first deal in the books within the next 3 months.  

@Matthew Van Parys looks like we are in a similar boat, I'm 26, college grad, and have $0 in property.  Seems there are a few people on the forum that fit this similar situation.

Not sure if I can give you the best advice, but my suggestions would be lower your purchase price until the numbers are what you want for cash flow and ROI, then make an offer at that price. May take a few tries to get someone to accept. In CT at least most homes sell below list, in hotter markets like Austin or Denver that's probably not the case. Not sure what its like in your are but worth looking.

Another thing I noticed is that you haven't included PMI. With your down payment below 20% you'll need PMI in addition to home insurance.

My plan is to self manage my properties to start out, once I'm more established and have a bit of equity I will make the switch to a property management company but as i start out I'll be doing it myself.  Doing the same would help your numbers.

Hope something I said was helpful and I wish you the best of luck. 

Welcome to the area and to BP! Seems like we are pretty similar positions. I'm 26, living in New Haven, and just getting started in real estate. I've got one deal I'm in the process of making an offer on up in Meriden and hopefully it will be the first of many!

@Brett Pirie I had not seen that BP thread, thanks for pointing it out.  There was an article in the Times Union a few years ago about it that got circulated around on Facebook for a bit by some RPI folks.  I did a dual degree in mechanical engineering and social science so it's possible I took one of your father-in-law's classes but probably unlikely.  What did your wife study while she was there?  After freshman year I lived up pawling ave for a few years and then spent my senior year in south troy right near washington square park. That area has some amazing architecture from when Troy was one of the wealthiest cities in the country and I got to live near it on a students budget which I thought was pretty cool. 

@Mark Nolan thanks for the tip!

@Rick Santasiere appreciate the welcome from someone else in CT, looking forward to the next steps in the process and I'll do my best to follow your advice.

@Brett Pirie couldn't help but notice the title to your post as I put up my own BP intro post.  I'm an RPI grad and lived in Troy from 09-13.  I got to see the area change quite a lot in the those 4 years and more since, I've even seen articles calling Troy the next Brooklyn.  If you have any questions about RPI or Troy I can do my best to answer from the perspective of a former student.  Hopefully someday from the perspective of an investor as well, I've been thinking Troy would be a great place to make some investments and I go there every fall for alumni weekend anyway

Also, I wouldn't have known to look for the FEMA flood zones when buying in Troy but I can tell you I was there when Irene came through and there were quite a few buildings underwater near the river.

Hi All,

My name is Ben and I'm just starting to explore the word of real estate investing.  I currently work as a technology consultant so I'm constantly on the road, and in my free time I like to play hockey, rock climb, and mountain bike.

My first goal is to house hack to reduce my living expenses, then from there I'd like to start acting on some of the strategies I've been reading about to generate some passive income in real estate.  I'm not sure if I plan to make this a full time venture someday, I guess it will probably depend on how fed up I get with my current job.  Looking forward to being a part of the Bigger Pockets community. 

Cheers!