All Forum Posts by: Derek Ackerman

I have a very good full time job. My goals are to start acquiring rental property told hold long term. Right now decent property are selling fast and are probably over priced.

So to get a good deal, I'd probably be looking at some distressed properties.

Any suggestions on handling a rehab while working, and handling normal family/dad duties.

@Jimmy Dang

I think Dave is spot on for personal debt. Paying off the house is arguable, but does make your expenses lower while getting closure to financial independence. I think on business debt and investment strategies that he has his opinion and others have different opinions. I dont think there is right or wrong, just a difference of opinion.

Now that I think about it, I found out about bigger pockets from a member of a Dave Ramsey Facebook group.

Thanks and good to hear.  It was already on my to do list in the near future.

I guess I'll go ahead and introduce myself.  

I'm Derek Ackerman, 39, living near Wichita KS.  I'm looking to invest in buy and hold rental property.  

I had a rental property for about 5 years when I lived in Topeka and kept it for awhile once I moved to Wichita.  I sold it about 2 years ago.  I felt like it was a ticking time bomb waiting to cost me a whole lot.  The property management company that I had managing the property was just OK.  When I lived in Topeka, I managed the property myself and gained some valuable experience.  I also managed a friends property who moved to Wisconsin for a year until he sold it.

My overall goal is to become financially independent.  I'm a big Dave Ramsey fan, and paid off my house (and no other debt).  Contrary to Dave's advice, I'm not completely opposed to borrowing to get into the rental market, but I do intend to keep a large safety net.  

I have some money that will be available to invest in rental property. However, at least around Wichita, the real estate market for a "family" type house (3Bed/2 bath/2 car garage) is very hot, with retail market houses selling in less than a day. I have a full time job, so a rehab isn't in the cards right now. I don't think this is a good time to buy a SFH.

I am in discussions about partnering with a couple of friends on a project, but we're in the very beginning stages of evaluating and deciding on the direction we want to go.