All Forum Posts by: Josh Whiteley

Intrested in a meeting with locals.  I've been a long time lurker here on the forums and would like to connect with people in the area. 

1. Approx 280-300k completed cost.
2. Taxes would be approx 2500/yr
3. Rental income 2200-3000/ month (wide range but thats what I can expect out here at this time) A lot of people are renting out rooms in thier homes for 600-900/room/person.

P&I would be about 1900/yr on a 30yr fixed I believe.

The home would be set up top and bottom almost the same way. Bedrooms, kitchen, dining, living room and bathrooms. Like I said before, the home if rented the lower half for 2k/mo for 9 years it would be paid off. 3.5k/mo -> Monthly balance.

Quick back history.

Bought a twin home in oil boom country so pricing is inflated at this time, and will be for many years to come. I have been thinking about this for a while now to see if it would be feasible.

I would sell my property that I live in now and work with a contractor to build a

1. Multi- family property of some sort
2. Duplex or twin home similar to the one I live in
3. A 2 story home with separate entrances (Possibly built so 15+ years convert it into a single home with upstairs/downstairs)

Basically, I am asking if this situation would work.
Sell current home, and build a new home in that half of the property would be rented out and I would live in the other half while being the landlord. Staying within the qualifications of the Lender so that I would be able to make the payments with current job monthly. 300k approx.

This would not only pay for the property by renting it, but would be a nice situation later in life to be able to invest in other properties while getting my feet wet in this market.

If I need to give more information please let me know
Has anybody done this before?

(I have searched and seems most posts are very generic)

Welcome Aaron looking forward to see you around.

Intrested in the area I'm located in dickinson. Any meetings or events going on would like to discuss information.

I appreciate the critique and maybe a few quick links to other posts would help. Like I said I am new but just trying to get the information and help as much as I can. It also helps others.

Not directed at just you Michael but at anyone with the experience
Please help me with my ignorance... Flame away
I understand there are better markets in the U.S. other than Pheonix and Las Vegas.
Ok, now... Beofre the market crash in these 2 areas the homes were selling for on average 100% more than they are right now? (Yes there were better deal last year exe..) but they are still good no?
My reasoning...
Home A was on market for 300k pre crash, Home was Forclosed, short-sold exe for 100k+ then. Investor bought fixed it up or relisted in todays market at 125-150k today. Home Still has ever increasing value and I cannot see it going much lower, but can and has great potential within 5-10 years to get back up to 225-250k within given time frame. So if you can buy now at that price, have renters in said house for Just above morgage payments, take extra money put into an account for repairs or time lapses when someone is not renting said home (SFR) within the givin time frame now only will the renters be paying for the house you own, market values should go up within that time frame your income from said property should be a profit almost 100% guarnteed.

Please someone help me and figuring this out... it seems so easy. What am I missing?

It seems most people are invested in the maximum ROI right now and not thinking long term? I have just started and waiting on many Real Estate Books from amazon, and reading as much as I can on here while sitting at my day job.

Thanks bill for the reply...
I'm not able to invest close to home anywhere within 4hours driving minimum due to the enflated prices this oil boom has done. Housing is very expensive ie. My new toun house 1127 sq ft for 189500 just purchased this year... unfinished basement homes 2200 sqft 1100 finished split level 220k minimum. Get my drift? Expensive! Just tgree years ago same homes were at 130k-150 max brand new so I'm worfied aboht a crash sometime in the future 10+ years from now but thats why I want to invest in another market and have a property management company take the work off my shoulders in the areas I listed...

I have not talked to a bank yet to see what I woukd even qualify for in the range they set. Thats why I figured if I make a mistake I want to be able to pay fhe morgage and all expenses out of my own pocket at no more than 800 per month

Here is the link to my current and more in depth goal/idea!

https://www.biggerpockets.com/forums/311/topics/80657-my-current-plan-to-investing-first-time