All Forum Posts by: Chris Nester

@Clint Shelley

Thanks Clint! Yeah we had heard the saying "the easiest house to turn into a rental is the one you already own." While that was true in many ways, we had to get the house ready to show while we were still living in it. Definitely looking forward to starting with an empty house next time.

We were trying to figure out the best way to plan for capex. Where we're at right now is just to not touch any of the 300 monthly cash flow until we have 6 months of reserves and enough to cover Capex. 6 months might be a little excessive but we figured better safe than sorry and we could scale that back later if need be. From personal savings we have enough for 3 months of reserves and know that the roof and water heater probably have 3-5 years left on each at best. Of course like your AC example you have to to plan for the unexpected also.

Then once we have enough sitting there, any additional we can start using towards new rentals.

@Nicole Holcomb

Thanks Nicole! Well short term I think we will stick to the tried and true playbook: keep rolling with the SFR for now: 3 bed, 2 bath, 1000-1200 sq ft seems easily repeatable for the area. Our goal is to have 7 rental homes in the next 5 years with a stretch goal of 10. The BRRR method seems like the best way forward.

I just wanted to say that I am VERY excited my wife and I have officially started our rental property empire! I've been following (more like stalking) BP for close to a year now soaking up information but this is my first post as I'm in desperate need for a place to celebrate our first victory. Most of our family/friends think we're crazy for wanting to go through the "headache" of being landlords and have no idea we're actually serious about buying more.

We turned our previous primary residence: a 3 bedroom, 1 bathroom, 1050 sq ft home into our first rental home and now that we have the initial rent payment in the bank it finally feels real and not just talk about what we are "going to do."

I've spent the last year learning everything I could through podcasts, articles, books, forums, both through BP and elsewhere and to see it finally paying off is a feeling I can't even describe.

From listing the property to signing the lease it took just 2 weeks to find a solid renter. After the mortgage, taxes, and insurance is paid we will be banking $300 a month.

It's a good starting point and I know there's so much more to learn but just wanted to take a moment to shout our first win from the rooftops!