All Forum Posts by: Tyson Bumgarner

So if 6k isn't enough for a unit around this price, how much would you say I need?

And with the market cycles. Is that so much of a problem that if I miss this one I should wait years before I try again?

And forgive my newness, but what does NOI and GOI mean?

What are some key factors I need to learn about for me to do this?
What kind of loan would I need? What do allot of these acronyms mean, like CRE loan requirement?
I understand the concept of what I'm trying to do, it's just the details that I don't understand and what I'm trying to learn.

Here is an example property on craigslist I thought seemed good: 4-plex (pictures and google maps shows that it is in a group of similar 4-plexes, like a small apartment community), asking $189,000
Year Built 1981
Sq Footage 3,648
Bedrooms 8
Bathrooms 4 full, 0 partial
Floors Unspecified
Parking 4+ Uncovered spaces
Lot Size 8,714 sqft
HOA/Maint $0 per month

I like the location allot, and from my time living around there I would say the rent is about $700 per unit, so $2,800 with all of them rented out. As an example, how would you work this property?

I was wondering if I should try to find some property in Hawaii or not. Seems rather expensive. I'm thinking about finding some stuff outside Ft.Lewis in WA. I'm from WA and I'm trying to go back to Lewis when I'm done at Hawaii.

They still have tons of pineapple fields at the Dole plantation just past Schofield. I take my kids there to ride the Pineapple Express all the time.

I honestly thought that was aggressive. I'm not worried about being conservative with this. I'm 26 and I have a good 13 years left in the Army, so if things don't pan out I won't end up on the streets.

So what I'm gathering is I need to find a good 4-unit and hoard the cash. I basically don't want to pay it off because I can just trade up for a bigger unit down the line to avoid taxes on the sale? I remember my uncle telling me something about this.

I'm in Hawaii now but I will be moving back to WA when I get out. Hawaii RE is crazy expensive. Should I just try to find a 4-unit in WA and hire PM? Or should I start in Hawaii? I have about 2 years left here in HI. How much cash do you suggest I start with? I know the rule is to be able to cover 6 months mortgage along with repairs.

Thanks for all the info!

For starters, I have zero RE investing experience. I am not interested in owning SFH. Is it's reasonable to believe I could be successful starting off with multi-family units?

Here is my plan (keep in mind my 0 experience):
Purchase a duplex and pay it down using my pay and the tenants rent. Once paid off, purchase a second duplex, again using my pay, tenants rent and cash flow from first unit to pay it down. Rinse and repeat until I have 4 units. Sell all four and purchase a 12+ apartment complex.

Just for a little background of my financials so you know what I'm working with.
0 debts
6k saved, will save at least 30k before I start any of this.
I'm active Army and I will not be getting out, so basically I will have around 1,500-2,000 a month to put towards whatever loan I have.

I think that’s a pretty basic overview of how I want things to pan out. Granted I know very little, so please be brutally honest in your replies. I need the info.

-Tyson

Here is a little about myself. My name is Tyson Bumgarner, I'm active duty Army and I'm stationed at Schofield Barracks Oahu, Hawaii. I'm married and I have two young boys. My interests include motorcycles, flipping balisongs, and snowboarding.

I found this site while looking for info on owning apartment complexes. My grandpa owned Harry Moore real-estate in Washington, and my uncle is a real-estate broker in WA. I figured it's in my blood, and it just seems like the most commonsense way to invest and have a good retirement and a good comfortable life while being my own boss.

My goal is to one day own and manage at least four 15+ unit apartments. I just have to figure out how to get started.

I'm excited I found this place and I hope I can learn allot from you guys!