All Forum Posts by: Account Closed

Thanks! I'll send you a colleague request to follow up. I'm ok with taking on basic rehab myself too, I enjoy home renovation projects. Though starting out I don't think I would want to take on a complete rehab of the entire house (like if it needed to be gutted or something).

And yes, we own our home so not looking for any occupied financing options.

Thanks for the advice on flipping to start out.

-Brad

@John Rogers, thanks for commenting on strategy! I appreciate your insight. Definitely a fan of OPM, though from what I've gathered it can be harder to get without proving yourself on a deal first. I do have decent credit (Discover FICO score fluctuates between 780 and 800). Sorry for the noob question, but "target rich" is a good thing, right? I remember my in-laws talking about HUD homes... aren't there more restrictions with renting them out? I might be thinking of something else.

I think my goals would be more BRRR/hold than flipping at this point, but am open to whatever is a good start to get in the game. I'm also trying to find out/join the local REI group too.

Thanks!!

@Tyrell Perry congrats!! So I may be a complete noob but are you saying you purchased a triplex for only $14,000.00??? did you find that deal from Realtor.com or somewhere else? How is that even realistic to find a cashflowing property with not a lot of rehab needed for so cheap? Thanks!

Sameer, Great questions... I'm almost in the exact same boat, less already having a property. Looking forward to the discussion. I know my in-laws have 8 properties and had that issue with 6 mortgages. If I recall they had 3 and then would have had to have a ton of capital reserves per property so went the private money route. I've also seen people use LLCs to help purchase the deals as well.

Thanks for the replies! I look forward to connecting. 

I'm also skilled in spreadsheets, financial analysis (used to be a BA), home repairs, DIY projects, website management/maintenance. I would really like to find other investors in the area to connect with and bring value to them for their time. Even just to walk through a deal to learn from. I'm game for anything. Thanks!

Hello World!

I stumbled on this site last week and am hooked! Really looking forward to getting involved. (BTW love the podcasts! they were my late night driving companion as we came back from vacation this week 😀).

I'm a twenty-something husband and father of 4 working full time as a software engineer at a non-profit. My purpose in life is my family, and I want to get to the point where I can incorporate my income earning with them (while not having to be tied to a desk). By 35, I want to be able to work only part time and supplement my income through my investments. I love the idea of real estate and am looking forward to learning all I can here to prepare for my first deal.

I've been blessed to have REIs as in-laws (they're out of state) and have learned a lot from them, even getting to help them better track cashflow from spreadsheets I designed.

This year we finally paid off my school loans so we're debt free (less our mortgage) and looking to start hard core saving / investing. Here's my current strategy...

1. Build up 30 days of expenses in checking account to handle short term fluctuations (following the YNAB rules). Complete
2. Put aside $5k in high interest (1.05%😢) for emergency fund. 50% complete
3. Max out IRA contributions ($5.5k). 18% complete
4. Save remainder towards purchasing my first deal. $2k saved

One question I have is what's a good starting goal to save before starting out? $10k? My goal would be to not need as much of a down payment by looking for distressed properties that would allow a low LTV. I know every deal is different and obviously various financing options but just wanting to shoot for something. My guess is I wouldn't seriously consider buying until next year, unless something changes before then. In the mean time I'll be saving and learning as much as possible.

My hobbies in addition to family (4 under 5) is urban homesteading, home projects, reading books (but I rarely find time), reading up on blogs (like Mr. Money Mustache). 

Nice you meet you! 

-Brad