All Forum Posts by: Darnell Kramer

Like in financial planning, each situation depends on the people.

Mindset-

You mention your GF and buying a home to become a good provider. Is that what she wants, a home?

Is that the best course of action for your life and goals?

I hear it is a small town, and that can not bode well for rental and property.

Always try to make sure you have good sources of renters.

Good school

Good job base

Military helpful.

Good nightlife (people need to want to move and live there.)

No answer needed just food for thought.

Rent.

You said rent is 950 and mortgage would be 1250.

Save the 300 a month for 2 years. extra 7200.

Use that time to find your new market where she will be pursuing her master's.

Build your team in that market.

Build your lead generation.

Find your money sources.

Learn project management.

Find an investor you can shadow/help in your free time and learn from them.

This is a long game.

So now you have a new market you're going to.

You have a possible team.

You can find a multifamily that you can house hack.

Heck. You can move down 2-6 months early and have the first unit(s) fixed and rented. (there will be stresses that perhaps it's better she was not around for.  New city, with new school, with a new place... It will be easier on your relationship.)

Wow.. 100k to start. Sounds high. 

My first house was bought on a VA loan, lived in it for a year worked on it on the weekends and after work.

15 years later with 100k, and getting out of the military, I would buy a 4 plex where I am moving and leave one unit open I would rehab myself.  I mean getting out of the military what else am I going to do with the extra 12 hours a day?  The after those 4 units have all been turned, or while waiting for another unit to vacate I would look for a second quad.  I could speed it up and use a team and really go high gear, but you know what.  I just want to paint walls and put up dry wall and hang cabinets at my pace for a year.

Good day,

Please IM.

I am looking for someone that may be interested in originating a 1 year 120k note in the Savannah, GA area.

Thank you.

Darnell

@Ryan Rogers

I would.

but insure that you are saving enough or can make those monthlies.

My first property was a down VA, 15% below market, did all the work on the in my free time, rented it when I moved a year later.

BRRRR Out of that one into a condo a friend wanted to sell. The condo was at 250 after expenses, and the money that was out of the first left me with about 125 free, but I had done all CAPEX.

Risky?  Know your risk and manage it.  If I was, expanding aggressively or a full time investor at the time I probably would have found a better buy.

Good one @@Dawn Anastasi

How about the same type of material, but something that has been in my high school chem class since the 50's?

epoxy resin, Now maybe not for the nice places the James is doing

http://www.locscientific.com/epoxy-resin-countertops

lol. @Jay Hinrichs well yes they are, and Radon is nuking our selves now still. not to mention that you get much more radiation when you fly.  O well. Guess in large quantity you get a better deal?

As an aside on those Chinese, my favorite, super durable, mountaineering gear is made in China... oh le sigh, ( the company is French.)

Think of it this way then. I also mostly have two localities that my job is. But each time I .. transfer.. refi out the old place and buy a new with VA. Not necessarily each new order period, but reassess each time you are in done with the last house hack. You can always Refi a property to take the VA guarantee off your last loan to use it on the next. Obviously you need to have created the 20% equity, or have more cash in.

Yeah stainless is great, and the advances in concrete are wonderful.

I do have to say I love my cutting board, and butcher block in my shop, but until the wood is seasoned if it is not taken care of then it will, well very possibly can, warp /bow/twist, but a quick sanding does get rid of damage.

Depending on the rent range I hear the new laminates can do well too.

A seemingly good comparison:

http://www.apartmenttherapy.com/chooosing-kitchen-...

Hope it helps.

@Lane A.

Welcome to BP.  Great community here.

One place to start is also:

https://www.biggerpockets.com/real-estate-investin...

Loved Millionaire Real Estate Investor. 

Another thought about the traveling the country Idea that was mentioned above and your schedule is that send out an invite to some of the towns you will travel to during your away games and meet up.  I believe it was the drummer from Smashmouth that did that one.  Hope it worked out, sounded like a great idea.

I have been full time military for the last decade so I get the travel. Sadly I do not get to research my other places, not much good RE there... ;) That leads me to Property management.  I have used property management my whole time.  You will basically find someone that will deal with everything.  Arrangements can vary, so talk to a few in the city you want to invest in, look over their contracts, make sure they have a good accounting system. I also like to ask my property managers for their idea on rent comps of my future purchases.

So congratulations on your future investing path.

@Account Closed I will give you the looking back.

I have been in the military 15 years and bought my first place 12 years ago.

Each duty station I have refied and used the VA to buy at the next duty station. I have purchased properties that needed work and I have done the work in my off hours, weekends, and down time from deployments. Some places were more just 'buy and hold', they were simple fixes of paint, flooring, cabinets. Some really needed more work to include roofing, walls, electrical and such.

I am now in the process of exchanging off those first houses and buying multi unit cash flow places. The amount will be much more than the retirement and insurance/benefits of a military career.

I would not limit to one or the other as they are both relatively similar.  I have taken 30 day leave periods just to rehab a place.  I lined up everything prior, drove me and my tools out, and got it done.  Before you do this though, line up your 'uh oh' contractors.  Make sure you have the out should you have work left over and need to return.

I currently do have a wife and two kids and doing the, house hacking, method can be.. fun. You spend less time cleaning up, as you are in a construction zone, and more time locking kids out of working areas.

Hope that helps some. Drop me a line if you have more questions.