All Forum Posts by: Don Johnston

@Angelo Senat Right now look for creative ways to decrease your expenses and increase income so you can SAVE more, not spend more.  Something like next year (your Jr. year) you could rent a 3 bdrm house and rent out the other 2 bedroom to students you know and trust.  Rent the 2 rooms for the total rent.  Figure what you would spend for housing and put it in savings.  Not all landlords will let you sublet the other 2 rooms.  Some landlords are renting the home by the bedroom already.  I didn't say it was without work.  :-)  Do your "homework" as the others above have said.  Plenty of material right here on Bigger Pockets.  

Study hard at school for the best grades to maximize scholarship opportunities now and for a great job when you graduate.  That job can be your main source of income for your real estate investing.

Oh, and welcome to Bigger Pockets, your best first step in real estate investing.

@Ibrahim Hughes Just a quick google search yielded a lot of help.  Just google " how to switch from yahoo to gmail".  If it says only your inbox will be migrated then put those emails from your folders back into your inbox and migrate.  Easier said than done, especially when you go to put them back into folders on gmail or whatever.  But check out what others say on the google search.

@Kyle Lane Did you ever get your question answered?

@Ibrahim Hughes I was just telling someone this week that that is the very reason I haven't touched yahoo in years, not even their search engine.  Not sure of their exact criteria but if you send too many emails at once or receive too many at one time, yahoo marks that email address as spam in their system and it has been impossible for some people to get it straightened out.

Best thing to do is create a free Gmail account and start using it just for Bigger Pockets unless you find you start to like it, then switch over to it completely.

Thank you all for your input.  It always helps to talk things out...out loud.  When the time comes, I will sell and invest in Florida where I plan to live eventually and where I have half of my Kids, Grandkids and Granddogs.

@Account Closed Thank you very much.  I am trying to analyze 3 properties a day for a month (suggestion by @Brandon Turner I believe and if not he will correct me since I tagged him here).  I have talked to a real estate agent in Tallahassee today.  I am working on putting financing in place (baby steps in that direction but working on it none the less.)  These are all proactive steps heading in the forward direction.

I will continue to post in this thread as I move forward in my journey of success because this is probably what the majority of the success stories of the members of Bigger Pockets looks like.  We all love the Fabulous and Gigantic success stories AND we NEED them because they motivate us but they aren't the norm.

To all you "norms" out there, keep taking that next step no matter how small.  THAT is success, too.

@Bhekizwe M. That is the mental attitude.  If you don't have the answer then the immediate next step is to search for and/or ask for the answer.  Being positive mentally and proactive outwardly will go a long way in moving us down the path of success.

@Jay Dewberry Thank you for your input. There would only be about $1000 in repairs because it was a total remodel in 2007 and we don't trash out our homes. Since the HOA pays for everything outside - roof, paint, decks/balconies - 10% might be a little high for repairs and maintenance. The only capital expense would be the hvac. So looks like I was putting the numbers in the right places. I will try to contact my neighbor who started renting his unit in 2008. That would give me more accurate numbers. Still undecided about property management.

Biggest issue for me is I am in San Diego and want to invest in Florida where I lived for 12 years and I have 3 out of 6 kids and families.  My question for me is do I want to be spread out with my properties.  If I sold it outright, I would have $50K to add to my $20K to invest in Florida.

But again, thanks for your input.

I have a townhouse in Littleton, CO that I co-own with my ex-wife.  She will be wanting to move and sell.  I am thinking of refinancing and buying her out and holding the property as a rental.  I have used the rental calculator but not sure if I am doing it right.  I owe $100K.  Market value is about $216K.  I am figuring on paying her about $50K (assuming that is half of the probable equity).

So, can I use the calculator to figure if this is a good buy and hold deal? Would I put in a purchase price of $150K and a loan of $150K. The last refi we did on the house had no closing costs or points, etc.. Also, would I put in the $216K for the ARV? The HOA fee would go under expenses. Rent would be appx. $1500, maybe $1600. Putting these figures in as well as % for repairs, cap expense etc, would this give me a valid read on renting this property?

Thanks for your help in advance.

Hey! I was there this morning.  GREAT time with great folks both attending and those running the show.  I was especially impressed with Alex Rabadan of Dinero Home$ (he owns this project).  He is over and above ethical and does the right thing because it is right, not because the planning department said it needed to be done.  His thinking is to the next generations and not just to the next quarter.

I had a great time meeting new people.  I hope they can say the same thing about meeting me (I can be a talker).

The next meetup is April 30.  I will let the "powers that be" give you the details.  Hope to see you there.