All Forum Posts by: Billy Helvey

@Kenneth Hynes The deal kind of fell in my lap and its something different.

So just wanted to update what has happened in the last 3 months. I will be closing on my first RV park next month. Its 24 units. I'm getting owner financing on it with a down payment of $10,000 on a purchase price of $160,000. The property just appraised for $250,000. The property Expenses yearly with the mortgage payments are roughly going to be $22,000 and average income the last 3 years has been $65,000. Branching off into something different but my second year in real estate is starting off great.

My goal is 4 more doors but hopefully do more. I bought my duplex on an FHA loan so I didn’t have to put much down on it out of pocket. The other two I found a local bank that has in house loans that only require 10% down and with most of my first loan getting paid for, I was able to build up down payments on the other two. My parents are wanting to get involved in real estate and I’m going to partner with them on a few as the have some money to put down on some deals.

On July 28th, 2017 I bought my first rental property. I bought a duplex and my wife and son lived in one side and rented out the other (househacking). My goal for the first year in real estate was to get two doors and by buying a duplex, I had already met my goal. It’s not even been a year yet and I have bought two more rental properties and negotiating on another. I didn’t realize this until just yesterday but I’m realizing I’m almost to the point we’re the rentals pay for all my wife’s and myself a student loans, mortgage payment and with adding one more rental we will have our car payments officially covered. I’m not to the point of quitting my job by any means but I sleep better at night knowing if anything ever happens to my wife’s income or mine that we will be ok and can get another job without stressing. Goal for year 2 was four rental properties so hopefully I can get eight. Keep pushing.

Hello,

I'm looking to purchase my first duplex in SE Springfield, Rogersville, or Ozark area. I'm not finding anything so I'm reaching out for help to see if anyone knows of anyone who has one that is willing to sell to me. If anyone knows of anything please let me know as I'm wanting to get started in real estate investing and I need a place to live as well. Thank You.

Hello Everyone,

Tonight is the REI group meeting in Springfield and this will be the first one I will be attending. Hoping to meet up and talk real estate with new and experienced Investors. Looking forward to tonight and excited to meet new investors. I hope some other investors on here will be there tonight. See you there!

Originally posted by @Marvin Degroat:

Yes it's in Springfield. He's gonna call me in a few and I will find out about a Duplex or 4 Unit. Would u prefer turn key or are u looking for a project?

 I would prefer a project since I will be living in the unit as well. I am not opposed to the 7 unit. I just don't have much experience with them, but doesn't mean I can't learn.

Originally posted by @Donovan Castaneda:

What area are looking to move Missouri is a big state or are staying in Sprintfield ?

 I work in Springfield Missouri so I'm wanting buy in or around Springfield.

Originally posted by @Marvin Degroat:

Hello Billy. What's your budget? I have a friend with a 7 unit and he's willing to carry a second mortgage. Is this something you would be interested in? If not I can ask if he has a 2-4 unit

 I am interested. Is the property in Springfield, Missouri? Not sure what the cap rate is for the area. I have a few more questions I will send a message to you about them. Could you also ask if he has any 2-4 units?

Hello I'm looking for referrals on some hard money lenders in Missouri. I have been pre-approved for a loan but I am looking to pay cash for a property and the use the BRRRR strategy. If anyone has any experience or knowledge of good lenders please let me know. Thank you.