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All Forum Posts by: Bryce Bender

Bryce Bender has started 2 posts and replied 15 times.

Post: Is A College Degree Worthless These Days???

Bryce BenderPosted
  • Rental Property Investor
  • Tremonton, UT
  • Posts 15
  • Votes 6

@Lindsay Brake, this what I did. Graduated in Mechanical engineering a month ago. Used internships money (usually made around $24 an hour each summer), scholarships, and grant money when available to graduate debt free. Now I'm at my first full time engineering job and I make 33% above the median salary for my area, with the opportunity to make much, much more in just a few years. In the midst of all that, I saved up enough to put 5% down on a property that I'm house hacking. Requiring me to only pay 35% of the mortgage. WAY cheaper than renting.

So for those who doubt, tell me those 4 years isn't work it?

Post: Stop congratulating financially inept couples on loans/FHA’s/VA’s

Bryce BenderPosted
  • Rental Property Investor
  • Tremonton, UT
  • Posts 15
  • Votes 6

@Dabrielle Stevens

I am 24, just graduated college, and just bought my first home. I share lots of the Dave Ramsey views and live by most of them. No student loan debt, never hold a balance on a credit card, etc. However, I don't think credit cards are bad. Infact, I make almost all my purchases on a credit card to boost my credit score, and for the points which allows for free travel. I also track where every dollar goes (hence avoiding blind spending).

I also bought my first home with only 5% down on a 30 year. Why? Because I'm paying less than I did renting due to the income I get from my house-hack STR paying 65% of my mortgage.

I understand that Dave Ramsey has a great solution to make financially dumb people a little less dumb, but if you play strictly by his rules you miss out on opportunities that can supercharger wealth creation.

Don't congratulate me on my new 30 year mortgage, you won't see a picture of my house anywhere on social media anyways.

Infact, that correlation may have some value to it. Those who find value in posting everything they buy/do on social media are probably more prone to make dumb financial decisions.

Good rant, it's nice to vent sometimes, and I completely agree with you(:

Post: What is going on with this market?

Bryce BenderPosted
  • Rental Property Investor
  • Tremonton, UT
  • Posts 15
  • Votes 6

@Eric James

I recently credit a forum post about just this. Instead of buying overpriced multi-families, I want to learn about having one built funded by a low $ down loan like USDA/FHA since I intend on living in one unit for the first year.

Do you have any experience in it? Search my name in the forum and the post I made will come up.

Post: Buying land and building a four-plex

Bryce BenderPosted
  • Rental Property Investor
  • Tremonton, UT
  • Posts 15
  • Votes 6

@Nicholas Lohr, thanks for your reply. I know it's going to be a lot of work, but I thought that maybe new construction has less unforeseen headaches than a possible rehab (depending on how much rehab is necessary). I think you are right, it will be a lot of work, especially if I have little experience.

Post: Buying land and building a four-plex

Bryce BenderPosted
  • Rental Property Investor
  • Tremonton, UT
  • Posts 15
  • Votes 6

I am new to the BP forums, but I have enjoyed the podcast for the past few months and I have read Scott Trench's Set For Life and I am reading Brandon's Investing with zero/Little down book now. Three weeks ago we purchased our first home and are house hacking as we speak by AirBnB-ing the basement. Its been going amazing so far, and I have loved applying the first steps in Trench's book. 

Thinking through how I want to grow my real estate portfolio, I came across an idea I haven't read about, but my hunch is it could be a good move in my market. As I detail this idea, I am curious if anyone has experience with any piece of this concocted idea, and if they can lend their experience and success. 

The idea of purchasing a multi-family, namely a four-plex or smaller, intrigues me. However, their are not very many on the market in my area, and when they do go for sale they are sold for top dollar because investors (like me) see great value in them. The idea was planted in my head when I saw a piece of land that is zoned for multi-family construction for sale and in a price range that is easily attainable for me. (also finding land like this in my area is much easier than finding the multi-family type homes I want to buy for sale). The thought was I could purchase the land easily, work with a builder to design and build a four-plex and take advantage of a little money down loan (such as USDA or FHA) to fund the project with the plan to live in one of the units for a year.

I have an understanding of the purchasing of the land, and getting a little money down loan - however I have no experience working with a builder and haven't done enough research to compare numbers and really see if I would be coming out ahead of the over valued multi-families for sale in my area due to hype.

Thanks in advance for your tips, thoughts, experiences and criticism!