All Forum Posts by: Evan Smeenge

Hi all!

I've created an excel document that basically takes BiggerPockets four quadrant analysis and puts it in an excel spread sheet. However, I need to figure out what is wrong with it. Yes, I could use the BP calculators, but I wanted to try to create something on my own. Perhaps I have it all wrong, and thus I will see how awesome the BP calc actually is.

I live in Chicago and am trying to find properties that match the rents. 2bd, 1200-1400 avg. 3bd 1600 - 1900 avg.

It just isn't adding up. Obviously, there are a few expenses that may be taken out (let me know if those are completely wrong), but for the most part, I am just baffled by how anyone accomplishes cash positive flow with an FHA loan.

Thanks for any help you all can give!

Look forward to your obliteration of my spreadsheet

E

@Scott Morongell Scott, this is exactly what I want to do. However, how do I get to the point where investors want to give me money? How do I get the initial experience?

@Jim K. I didn't mention that I talked to her last night and we agreed to look for a house hack first for 3-6 months before we looked for something else. She was intrigued by the FHA 203(K) loan. Would you recommend this for our start?

@Carlos O Gomez yeah, my wife is an strong *** woman, I am not in a place to "wake her up". She knows what she wants and I want to provide that for her. So, unfortunately that is that.

@Dennis M. Wow! You should write a post about your experience!

@Dennis M. But @Brandon Turner said that real estate investing ISN'T a jump off a cliff it's more of a hike or a walk on a path.. a journey to say the least.

BTW, ALL.. this post was really supposed to look like this:

I seem to have a grasp on my end goals in life. Many of them have fallen into my lap, many of them I've worked hard for, but many of them I feel could be started now but I don't have the know how. Real estate investing is one of those. In my case, my wife wants a house before a rental property. So I see the amount in savings decrease. Then we have a baby, decrease. Then, and only perhaps then, will I have 10-20k in 2021 to buy my first property. 

HOWEVER 

I am sick of putting off what I see as inevitable. I have the drive to learn and thus succeed, but the finances, in my naive mind, is fixed and I will never be able to begin. I need a concrete method to be able to learn, in order to sell myself to investors, in order to bring them deals and subsequently bring myself passive income.

@Jaysen Medhurst yes.. I agree... However here in Chicago to afford something like that, we would have to go into a F- location. Thoughts?

I seem to have a grasp on my end goals in life. Many of them have fallen into my lap, many of them I've worked hard for, but many of them I feel could be started now but I don't have the know how. Real estate investing is one of those. In my case, my wife wants a house before a rental property. So I see the amount in savings decrease. Then we have a baby, decrease. Then, and only perhaps then, will I have 10-20k in 2021 to buy my first property. HOWEVER I am sick of putting off what I see as inevitable. I have the drive to learn and thus succeed, but the finances, in my naive mind, is fixed and I will never be able to begin. I need a concrete method to be able to learn, in order to sell myself to investors, in order to bring them deals and subsequently bring myself passive income.

@Teri Feeney Styers, Thank you. I am working on the 90 day challenge @Brandon Turner posed in one of his webinars. He said to work on your goals for 30 min. a day for 90 days. I want to do that with the advice of these forums. Very excited for this next year as I am preparing to jump on a multi-family (3+ units) property. Just wanted to know what to do between now and then.