All Forum Posts by: Evan Smeenge

@Chris Mason I am just not finding the right places in Chicago for my budget and know the west Michigan Market well, and have a 20% down (is that enough) for a property there.

Hello,

I might be buying a condo for personal living. I would use an FHA for this. Then I would still have enough for a down payment on a property in a cheaper market. How quick can someone get a second mortgage after they get an FHA?

Thanks! 

All,

The Image attached is of a $325K deal where the rents are $1200,$1450, $600. I would love all questions and critiques of the numbers below.. i'm really trying to get a better idea on the analysis of the deals.

Obviously the numbers are yearly. Repairs here are including big costs (roof, HVAC). Am I too low, too high on anything?

Please, rip this apart so I can even further fine tune my analysis.

Just finding this..... @John Warren, can you do a house hack with a conventional and 5% down? I thought multi-family properties can only be bought with 20%+ down or under 20% but FHA... would love to know!!

@Eli Rollins

Basically they were talking about how they have 20 year of experience in real estate investing, over 5000 analysis'. They said that starting on your own is nearly impossible without major mistakes. They stated it's a different between making 10s of thousands and losing it.

Then he said, I take on people and would be willing to help.

I asked the cost

He said in the thousands..... I laughed and said, I'll find someone who wants to help because they like teaching.

I now know what people feel like when the person "interested" in them on tinder just wants a pic.

All,

What are the things I should learn, understand, etc. prior to analyzing and buying my first duplex+?

Books?

Webinars?

RE license?

I want to be able to say I'm ready to start, I know everything I need to know to start (yes, I'll learn from the process also).

Looking forward to ideas!

@Travis Kemper

I was never sure how to take his advice. It seemed sound.

@Frank Patalano

I'm paying off crippling credit card debt, then I need to save to buy the first property.

In essence, no capital.

Side note, wife wants a home before starting investing, she is ok with a house hack. But she wants whatever she is living in to be her place.

#compromise

Thanks guys!!! This is incredible! You just helped me win an discussion with the wife!