All Forum Posts by: Eldon S. Bailey

I appreciate all of your inputs.  I was able to find a calculator that worked for what I needed.  After running the numbers, the seller would have to come down significantly to make the deal work.  I believe I will stick with residential for now.

I would like to run an analysis on a 6-unit that I was made aware of (for education purposes), but I don't see a calculator for this.

it is a seller finance, interest-only three year term. I don't see this option on the rental property calculator.

Hello everyone.  My name is Eldon Bailey.  I'm actually a returning member.  I would like to tell you about myself.

I am retired from the U.S. Air Force (active duty) but currently work the DoD, as a civilian.  My wife and I have five children who are now adults and living on their own. 

I am 52 years old and will be able to retire from my current job in 8 -10 years. Because of the retirement structure, sticking around for that is not vitally important to me as I will basically be funding my own retirement with my Thrift Savings Plan (TSP).

My wife and I are in a GREAT financial position (zero debt, cash on-hand, disposable income) and are excited to start building passive income for us and generational wealth for our family.  Most of all, not needing to wait 8 - 10 more years to quit my job.

My initial goal was to purchase at least two properties by the end of the year, but the housing market we live in is extremely over-inflated and seems very difficult and risky to invest in right now. I have no idea where to start with long distance investing, so for now, I'm just trying to learn everything I can about "buy and hold", "BRRRR", private and hard money, and analyzing properties. Unfortunately, I don't work with or know anyone who invests in real estate (at least not anyone whom I would consider an expert or mentor).

I love to learn, so I will continue absorbing everything I can on biggerpockets and hopefully find other helpful resources/people along the way.  I am grateful for any advice or "words of wisdom" shared by others.  I look forward to networking with as many of you as possible. 

I haven't made my first deal yet. When should I create my RE company? What are the tax and legal pros and cons to creating a company now compared to waiting until I have a few deals under my belt?

@Casey Christensen thank you so much. Yes, as I am learning (from your input, podcasts, reading, etc.), I can see my numbers getting more accurate each time I analyze a property.

I appreciate the input you, and others, have given. When I finally close on the RIGHT deal, I'm going to have a lot of people to thank for it.

Is buying auction homes a good idea, and what is the best strategy for doing so?  What happens if the starting bid is too high and nobody takes?

@Andrew Smith

I'm a newbie in Clinton, UT. Having trouble finding good deals, but probably because I can't seem to find an agent who specializes in investment properties north of Salt Lake City. When I find one, I think I'll do well. I know the deals are out there.

Thank you Jaiden.  Those rents are substantially below market, but you're right, those numbers definitely don't work.  I appreciate you finding that for me.

I actually had more information in the post, but it didn't show up for some reason. 

I'm trying to find my first property and was quite interested when I ran the numbers on this one. The problem is I don't have all of the down payment. So I was hoping for advice on good creative financing solutions for this situation. I considered house-hacking with an FHA, but the numbers fall apart. Should I try hard money, private money, or something else? I'm researching like crazy on my own, so any input would be greatly appreciated.

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