All Forum Posts by: Connor Duff

@Anthony Dadlani  Thanks for your input! I agree that each partner should bring something to the table the other partner doesn't have. 

For those that have invested in real estate with partners...what did you look for when trying to find a partner? What are some characteristics I should look for and characteristics that are red-flags? Thanks! 

Hello! I'm a new real estate investor looking to network with other investors and real estate experts in my local market. Are there any plans to have another meetup in the future? 

Welcome to Bigger Pockets @Weston Cole ! This is a great place to learn and network. I live near Long Beach too so I'm interested in what others have to say about this topic. Have you joined any local BP meetup groups yet? That might be a good place to start to get an answer to your question. If you haven't, try finding an event near you: https://www.biggerpockets.com/forums/521-events-and-happenings

@Andrew Delgado Thank you for the tip!! I remember reading about that type of contingency and definitely think that is smart to do! Maybe to get that contingency in place I put more earnest money down as a sign of good faith and that I'm serious about getting the deal. 

@Shawn Burns I agree! After reading more into this topic, I think you're right that it isn't enough just to have a certain amount at the beginning set aside that you don't constantly add to. Especially since at first I won't be relying on that cash flow from the property to live off of. I plan on keeping my job for awhile, and so setting aside money from my cash flow is smart in case of an emergency. 

@Sharon Ho Great question! So I think my plan will be to have money in cash set aside from the beginning (when I buy the property) AND set aside a smaller amount every month. The monthly amount might be less than what other people put aside because I'll have a nice cushion from the start. I don't know how much to set aside, but I've read that if you are buying an older property you should set aside more money and also if it is in a less-desirable location (as compared to a newer property and great location). I think to answer your question of is there an amount that is excessive to have in cash reserves should be answered by the location you are buying into and what other investors are doing in that area. Hope that helps and best of luck on your house hacking journey too!

@Marlen Weber Thank you for your response! I like the dual-method you proposed of setting aside some money at the get-co and then a certain amount every month. Better to play it on the safe side. 

I'm currently reading up on house hacking and how to analyze deals. I've read from multiple sources that you should save apart of your monthly cashflow for reserves in case of vacancies, repairs, emergencies, etc. My question... is it necessary to set aside money every month from your cashflow before taking a profit OR can you simply set aside a set amount of money at the very beginning when you buy the deal? Or is either approach fine? For example, let's say I want to invest in a $400,000 property and I have $24,000 saved up to invest. If my down payment is $14,000 (3.5% FHA loan) then what if I just put $10,000 aside in cash reserves from the get-go? Thanks!