All Forum Posts by: Chad McDaniel

Hey Jon,

What percentage do keep back for capital reserves? and Also what is "rent-PITI"? I am mainly looking at rentals at this point and time. Single family up too 4-Plexs. Not too say I won't flip one or two. I like the idea of Buy and Hold for the long term.

"For rentals: Enough for the down payment, rehab and capital reserves. Assumes you buy deals that have real cash flow, not "rent - PITI" phony cash flow."

In a previous tread (What does it take to be successful) the following was stated:

"Like any business the number one way to increase chances of success is to be well capitalized.
Everyone talks about getting into RE with no money but the reality is your chances are probably 1-10% if you do that.

If you have a good bankroll that allows you to put money down on property, pay for rehabs and make a mistake or 2 your odds of success go up to 50, 60, 70% or more." Eric Michaels

My question is how much Capital do you recommend or need to get started "on the right foot" in REI? 10K? 20K? 50? 100.....?

As a newbie in REI, I'm consuming as much knowledge as possible. My wife and I have good equity in the assets we currently hold. But is it enough too get us started right?

Need to get a smart phone. I have a basic flip phone and need to get back in the 21st century.

What is a good all around phone for REI minded people? Also, What are some good apps I should have on my phone?

Thanks in advance!

Chad

Thanks guys for the warm welcome. I look foward to all that is offered on this site and meeting new friends with like interests. Happy Hunting!

Chad

Hello! I just found this site last night and I am fired up about all the info on here. Have not done any deals yet but have been researching and learning as much as I can. I am currently going through the richdad coaching. yeah yeah, I wish I would have found this site first.

Are there many others from Lincoln? I would love to buy you lunch and pick your brain for an hour or so about the market here. Buy and hold is my main focus however i will sprinkle a few flips here and there. Any advise would be appreiciated

As I stated, I'm fired up to have found you all. I have yet to even scratch the surface of info on this site.

Chad