All Forum Posts by: Brett Pirie

@Jameson Sullivan I have a similar strategy as you, I'm using my wife's 40th birthday as the goal for financial independence which we define as passive income greater than our expenses.  We are counting the cash flow from rentals as passive income even though there will still be work involved in running them.  Visualizing not relying on someone else for a paycheck is what keeps me going.  

Listening to Tim Shiner's BP podcast gave me some ideas for intermediate goals and rewards.  He said that when he completed a certain number of deals he would allow himself to buy a Lamborghini.  I have zero interest in ever owning exotic sports cars, but I have found ways to implement this idea on a smaller scale.  Right now I'm planning big mountain bike trip this summer and need (really it's a want) some new bike parts.  The money is there (they're cheap parts), but I'm waiting until I put an offer in on our first property.  I'm stuck in analysis paralysis right now and hopefully this reward of some new bike parts will help get me over the hump.  

@Hiro Kitagawa I've been participating in the forums for my local area which are, fortunately, quite active with members who really know the area and like talking about it.  From time to time I poke around in the Multi-Family and Apartment Investing forum.  Some people are talking about big apartment buildings (100+ units) while others are talking about smaller deals (5+ units) which interest me more.  

@Hiro Kitagawa you're including everything that I can think of, but I'm just getting started as well.  Hopefully some more experienced users can jump in and give you some more detailed feedback.  

These are both great ideas.  Knowing who is funding projects helps you understand where the big players think the market is going.  I'll look for apartment owners association publications in my area.  

Could you elaborate on what they're trying to do to revitalize the city?  Are there certain industries that are being promoted?  I'm excited to begin investing in Troy with what I'm hearing about the downtown area and of course there will always be RPI.   

@Owen Halloran thanks for the real world example.  These are the kinds of numbers I was looking for to put in as a rough estimate on my cash flow spreadsheet.  

@Devan Mcclish thanks for sharing and providing a great easy to read summary of your analysis.  Great job on the win-win.  

As a newbie who was just turned down for a commercial loan on a 5 unit, this is what I need to read today.  My biggest takeaway is to not get hung up on purchase price, there are other ways to value a property, just make the numbers work!  

@Jim S. I'm a Colorado native currently living in Denver and moving to Troy this summer and am trying to learn as much about Troy as I can.  I've visited RPI many times, but have only been to downtown Troy a handful of times.  It does seem quite vibrant with a nice mix of restaurants/bars and shops.  

One thing that's popped up is flood insurance. Apparently Troy is in a FEMA flood zone and lenders are requiring flood insurance. There have been some articles in the Timesunion about the rising premiums. Just something that was brought to my attention and thought I'd pass along.

Unfortunately I can't help you with your real question of which market looks the most promising in the long term and I look forward to hearing other responses.  

@Hiro Kitagawa my first thought is that cash flow seems a little high, unless you're paying cash or a high downpayment.  Are you including insurance, property taxes, and any building utilities not covered by the tenants?  

@John Bower I'm moving to Troy this summer for my wife's masters program at RPI and am trying to get a lay of the land. My goals are similar, house hack and buy and hold rentals. I also enjoy fixing up places and want to find some properties for the BRRRR strategy. It sounds like downtown Troy is coming back, do you know much about what's going on there?

I'm sure that PM experience will be a huge benefit as you acquire rentals!