All Forum Posts by: Dylan Paul

@Jake Roland definitely lesson learned. After interviewing multiple I was able to find a much better fit. After spending the time talking to many, I have a great appreciation for agents who can view properties through an investment lense instead of viewing everything as a primary residence.

@Russell Brazil Hey Russell, thanks for hopping in. See I thought that initially but later my thoughts on his intent changed. The same areas he stated to "avoid like the plague" were the exact areas successful local investors, both from REA meetups and taking others to lunch were recommending based on strict dollars and cents. While not discrediting his experience, I think the issue stemmed from viewing every property through the lens of me physically adopting it as a primary residence.

So here's my realtor story. I started working with a realtor who is a family friend. He had done multiple deals with my father, mostly SFRs. I'm now in my late 20s and thought I'd give him a shot due to years of experience and knowing the guy for significant period of time. I bought my primary residence with him and all went pretty well. Submitted some offers, got one accepted and boom, I have a house.

A year later I'm now pursuing a small multi-family and it's like I'm pulling teeth to see some properties over here. I kind of get the sense "he's too big" and the difference is showing, in both attitude and overall ideology between us. The Dayton, Ohio area where I'm looking is ultimately a large C- to C area with many pockets of 1900-1930s homes, perfect for pursuing 2-4 units properties, while being free and clear of "war zones." Don't get me wrong, there are neighborhoods where I would NEVER invest, and I'm aware enough to avoid them like the plague. I've spoken to and watched many people make money and have successful careers right where I'm looking, spurning the stereotypical thought of "Why can't I too?" My realtor? Not so much. I'm consistently being directed either to areas where the numbers, and I've shown him using the nifty PDFs from the BP calculators, just don't make sense. Or I'm pushed to maybe not schedule a showing for a distressed property with quotes such as "don't you wonder why they aren't sharing more than 2 or 3 pictures?" Where he smells stank, I smell the opportunity to make money.

Ultimately, I understood where the relationship was headed and pulled the plug. But it's been a great example of keeping friends and business separate when ideologies do not match.

Share with me your realtor stories where they weren't on board with the investor mindset and maybe made your job a little harder than it needed to be?

Congrats @Josh Rowland! I made an offer today on a duplex with the intent to house hack it. Sounds like similar condition as yours, in a desirable area with a great 7/10 school district. I see your goal is to purchase again by 2020. What's your next target?

@Moshood Balogun congrats on completing school and finding a job that makes doing a 9-5 more than tolerable, that's half the battle in W-2 jobs. You are blessed to have something that you enjoy and provides you the opportunity to  set yourself up for savings to invest. I agree with @Adam Detig that the top 20 list is a good start (I've read a vast majority of this list and it's very educating).

I'd start here:

1)Read "Set for Life" by S. Trench, assuming you're in your 20s it's great read and has some solid fundamentals that will paint a picture for the path ahead, knowing specifically you have debt that you can work around. Most of Brandon Turners books are solid too and provide good fundamentals.

2)Look up on meetup.com or the web for a local Real Estate meetup, most are free and just network your nuts off. Shake hands, buy some people lunch and start deciding what strategy you want to start. Listen more than you talk.

3)Continue to educate and then COMMIT! I suggest finding one strategy and really honing in on it. Get good at it, learn, take your lumps, and make midcourse adjustments.

If you truly commit and educate yourself, there is a awesome future for you. (I'm in a similar boat, completed my Master's in Nursing and then decided to go into real estate. I have about 28k left in debt @4-5ish percent blended. Still able to set back a chunk of change each month to put towards real estate)

Good luck!

@Nicholas Morgan late to the party but I wanted to check in and see how your house hack is going? Like @Alex C. I work in the Dayton area and have been frequenting some REA meet ups. I just completed my first live in flip (summary post to follow soon w/ pictures) and man was it a steep learning curve filled with learning moments and tons of fun. Though I will say having 8 paws and a supporting GF makes for a hell of a daily clean up when living in a reno. My next move is to house hack a multi unit too. Looking forward to hearing how you are doing. Best of luck!

Dyl 

Sorry, I forgot to add its 2 bed, 1 bath both sides. It's a two minute walk to the bus line, less than 10 minute drive to downtown, 3 major highways, and is snug between the two largest hospitals in the area. Definitely a blue collar, lower to middle class neighborhood. Tenant pays all utilities.

So this Duplex is just short of 100 years old, in good condition with few minor repairs that can all be repaired DIY for under $3500. It passes the $100 a door and my Cash on Cash is well above 20% (FHA funding, 3.5% down, will live in one side for 1-2 years and then rent out the unit I previously occupied. Living in one side to save my 15-20% down for the next property). Is 8% for Cap ex and repairs good knowing the bigger ticket items are already accounted for by the previous owener? Any other input would be great.

Thanks team!

Dyl

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Darrin Carey sounds great. I'm setting a calendar alarm now and look forward to shaking hands and saying hey!

@Brandon Sturgill the strategy is to do live-in renos for awhile, but not with the intent to flip. My thoughts are to buy, renovate all DIY to save on the labor cost, and then rent and repeat. I believe this process will naturally improve my cash flow by limiting the total renovation cost and decreasing my money in. My lender only has a 90 day clause for occupancy. I think it is also important to share I have selected this strategy because I am paying down student debt at the same time from nursing school (approx. 20k left and plan on having it off the books in 3 or less years). Knowing that is my current strategy, do you have any further recommendations?

Also do you mind sharing more on your previous strategy when you were farming in the nearby markets?

Thanks,

Dyl