All Forum Posts by: Eddie Woodside

Current REI: 1 single family unit & 1 quadplex (pending) was

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Goal: Enough passive income to sustain my current and future lifestyle (whatever that may be).

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I'm new to BP and to REI and I am curious how seasoned investors would approach REI from my current situation.

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I currently live and work overseas as a logistics contractor and make close to $4k a month after taxes. Not an exceptional amount but I literally only have about $200 in monthly expenses so it feels like more.

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Ideally my strategy would be implementing the BRRR method but I'm not quite sure if that's feasible from overseas with no connections to contracting companies.

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Would turnkey properties be a more rational strategy for an unseasoned investor investing from overseas?

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Could you also share any and all tactics/rules of thumb you use to evaluate if you‘d be interested in a property you‘ll likely never see in person? This will be my first year filing taxes as a rental investor, anything you wish you knew about taxes when you first started investing?

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Also, fortunately for my single family unit and my quadplex (pending) I was able to purchase them with no money down using a VA Loan, so I have $0 of my personal money invested in real estate. But moving forward how much capital would you recommend having saved before investing in rental property? $100k is the magic number I hear from many people which would be difficult for most people but I could save $100k in about 2 or 3 years, would you wait or start with less than $100k saved?

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I’m only 24 so the good thing is I do have time on my side. Glad to be apart of BP Community and I look forward to hearing how you’d approach investing if in my situation.

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P.S. I plan to expand my portfolio in the Biloxi, MS and Clarksville, TN surrounding areas so any lenders, contractors, agents, investors, wholesalers..etc in the area feel free to connect with me.

I’m new to real estate investing with little experience, I just jumped in before I could talk my self out of it and currently have 1 single family in Biloxi, MS renting for $1350. My strategy moving forward is to invest in multi-family properties in the Biloxi, MS and Clarksville, TN area. I’m currently pre approved for $240k through the VA Loan. My question is how do I evaluate a multi unit to make sure I’m making a good investment? Also, I’m specifically looking for a four unit quadplex because to qualify for the VA Loan one of the units must me my primary residence, is there any difference when evaluating quads vs tri’s and duplexes? Lastly, since the VA Loan is 0% downpayment and I’m not paying anything out of pocket how would I calculate the ROI?