All Forum Posts by: David Paul Westenberger

Save dat money! Try a BRRRR with someone. If that seems like to much just do a house hack. Just remember a 4bed your likely to break even or make a little due to capx / repairs. Depends on market of course.

If i were you i would start looking for the next job that pays you well, prepare for the worst. plan accordingly.

Your young, do you ever plan on DIY / repairs / fixing things in your homes you buy in the future? If so do some construction as a side hustle. learn all there is on investing while you save up money. invest in your future like a IRA. Figure out what type of investment you want to buy. Live below your means. you will get there if you save well and just learn all there is about real estate.

if you doing conventional financing you need to get pre approval with a lender. Also if your not going to live in the property you will probably need 25% down. 

@Zachary Kingsberg your welcome I hope some of that helped. I wish you the best in finding your next property!

first run the numbers being very conservative, ask yourself how much cash flow you want, does it match the 1% rule at purchase price, what rehab you would do, ect. lets go conservative and say you can get 1500 in rent each month, at 160k thats close to a 1% rule, but not quite. how about cash flow are you wanting? what would the PITI be? basically run the numbers and find out for yourself if it matches what you are wanting. If your okay to cash flow negative 100$ cash flow on a property to get into the game and okay with it being close to a 1% rule and the piti is something you can manage then it might be a good deal for you to go on. every house has a number figure out how much you would pay for that property. also might be best to not post the exact property you are interested in because other investors might get interested in the same one then leading to competition. I am not interested just due to me not looking for a house in Dallas.

well i know two different types of property management at least in texas

1 - property management company's that take a % of the rent it makes usally 7-10%

2 - property management company's that do a flat amount no matter what the rent makes ( usually preferable if the property rent is high, as its less than a 7%-10%)

For me I bid 5k over asking price and that was how I won my first BRRRR house. if there are multiple people interested just go above asking price and you will be more likely to beat it. just make sure your numbers still work out with the extra money you bid over asking price. regarding refinance, find a lender you cant start building a relationship with that offers what you want.

if you don't want to wait for your savings to build up partner with someone or try joining a syndication. Go to your local REIA meetups.

Also if your DTI income is maxed out just wait a while, build up some cash, and get that next property next year or so.

everyone gave great advice, I would just be careful, you are risking a lot by just doing appreciation. But is is interesting and the payoffs could be huge. Be very conservative with how much you can get rent wise.