All Forum Posts by: Account Closed

That is a great idea to continually build the reserves to minimize the impact of when I have to utilize them! I hadn't thought of that but will be sure to implement that strategy. Thank you.

There are a plethora of investors with years of experiencing on this site and I was hoping to glean some knowledge. I have one single family home rental and I am currently looking to acquire a small multi-family property. My plan is to keep 5K per unit in cash reserves as the portfolio grows. What have you found is a sufficient amount of capital to keep in reserves for 1-4 unit properties?

@Josiah Patrick Zebarth

I understand what you mean about the opportunity cost of spending years at an institution and the financial costs that go along with it. I graduated in May 2018 and now make a solid income. I sometimes wonder what I could have done instead of going to school but the reality is I'm now in a position where I closed on a house in April and I'm now looking to purchase another. All this is possible from the W2 income I'm now receiving.

I grew tremendously during my time in college from a personal growth standpoint and a networking standpoint. I absolutely don't regret going. My recommendation would be to see what you want to do to earn income. If a job that excited you requires a degree then definitely go! If it's something that doesn't need the degree then don't feel bad for not going to college. It is not a waste if you attend with a purpose but there are certainly ways to prosper without it. I hope that helps.

Hey Colin Murphy, 

That is phenomenal insight! I was wondering if the mobile homes would impact the value of the house and if it cost that much with your contractors there is no way I would have made money on that one. Thank you for the tip on the flood zoning. The FEMA maps definitely support your assessment of flooding west of 19. I am glad to hear your are able to find so many properties per month in this area. I'll keep looking, especially now that I know that deals are out there. Thanks again!

The link to the property I visited is below

https://www.trulia.com/p/fl/pt-richey/10905-scenic...

I purchased a turn key property in April and have since been reading about the BRRRR strategy. I found a foreclosed property online and arranged to meet with a real estate agent at the site. This property was built in 1968, 2 bedrooms, 1.5 bathrooms in Port Richey Florida. The bank is asking 65 thousand and my research on Zillow showed similar houses having sold for 90-100K. The real estate agent that met me showed a 3 bedroom house listing for 120K (not sold yet) and a 2 bed 1 bath that was listed for 85K and sold for 75K in the area. I believe this would hurt the appraisal on this property, let me know if I am wrong. At first I thought it just needed simple cosmetic work; repair some of the tile floor and repaint the house. Upon arriving at the property I quickly realized it would need much more work. All the floors in each bedroom are horrendously cracked and would need to be replaced, part of the living room tile is cracked, holes are in every wall. I quickly realized I didn't know how much it would cost to fix this so I couldn't even begin to make an offer. The real estate agent said after a bid is accepted and inspector could come out and then that report could be given to contractors to get estimates. Is this the process everyone uses or do you have another method? I think I will be finding my own real estate agent to help me find properties in the future but do you have any advice that would help me assess a situation like this? I did purchase the book on estimating rehab costs from biggerpockets and will start to read that. I know the pictures are not the best, I wasn't sure what I was looking for but I figured I would post and try to learn as much as I can from the experience.