All Forum Posts by: Reece O.

I would find a different place to invest. Those margins could be better and make you more money in a different area. Breaking even works.. until it breaks you.

Wow, it's been two years since this thread. Just an update: I purchased a SFH last February for $85k. It's currently listed at $125k and have a few promising offers. Acquired a duplex that is a 20 percent ROI with a partner. I have a credit score of 700. Currently going to school to get licensed. Nothing will stop you unless you allow it to! 👍

Hello, Thank you. It is nice to hear a success story of someone with the same disability who also shares the interest in real estate investment. Especially with knowing that this person overcame the obstacles that I will for sure be facing while in real estate. As some of you may disagree, real estate or Julie is impacted and is a visual environment. There are many other factors to consider that I know are huge such as location, but visuals are huge. However, I look at this as a positive thing. I will have no visual bias against any property and will make my decision to invest so wait because of the numbers which are what matters. Having a disability may slow you down a bit and may make things hard, but who said real estate was easy anyway? :) Then, I tried to reach out to you but I could not find your contact information. It could be from me using the mobile application. If you or anyone else would like to reach out to me with any advice or opportunities then below is my contact information: Thanks. Also, I forgot to mention this in my original post. Please forgive me for any misspellings or typos in my post as I use voice recognition to type and it isn't always completely accurate even if I check over my post before posting them.

Hello, Welcome to the forum and yes you posted in the right place! I am also from Kentucky and am about half an hour to an hour from Louisville. I would highly suggest the Podcasts and checking around the forums for any threads that are in line with your ambitions, you have found a great resource here.

Hello, Thank you very much, I appreciate it!

Hello, It has been a year since I have logged on and a lot has changed since then, but one thing has stayed the same and that is that I want to invest into real estate. Let me give you a little background information as it pertains to how I will finance later on. Last year I signed up here without much knowledge like most of us, looking to invest into my first rental property. I was actively looking to expand my knowledge in real estate investing and was looking for a property up until October of last year. On Halloween, I was involved in a car accident that should have taken my wife but I was lucky and it only has taken my vision. I have now 19 years old and disabled, but please do not feel sympathetic for me as I still have all of the same ambitions and goals that I had before and I will still accomplish them with my site or not! :) Now, onto how this pertains to my current goes in real estate and the lending options that I have. I have $60,000 to invest in a rental without any financing. I would also like to Mitch and now that I have no credit. I have now torn between using the money that I have to purchase a property or to try and fix my credit and purchase an even nicer property by borrowing some money. I talked to a broker the other day and he told me to get a couple credit cards with a low maximum ballots and to spend just a couple hundred every month and to pay them off in full, then in just a few months for me to call him back and he would give me a loan. The two locations that I am focusing on now in Kentucky or Louisville and Lexington, mostly as I know these areas the best. Although, I am leaning more towards Lexington as I prefer the atmosphere, community, and some other aspects of it. I have been in contact with at least one realtor that has gave me a property there with tenets in it that only cost $50,000. Yes I know I need to get the numbers to do the math to see if it really is a good deal as there are other things to consider such as vacancy which may make this deal not as good as it may appear. However, at first glance to me it obviously seems like I could get cash flow pretty easy and quickly. Quick is not what I'm looking at though, I am very realistic with my situation and I know that I need to be looking for the future so I need to buy and hold something that is of value and will appreciate since I am at a young age. My other option that I am considering is to build up my credit and you have the money I have now to use as a large down payment on either a nicer house or a duplex. I am wondering what you feel would be the most beneficial for me in the long run as I am in no rush to jump into this and I'm fine with building my credit and taking time to check out different houses for the best deal! Assume that I have another residence to live in and that this is a rental property only. From my disability, I received a disability check every month which I can use toward my mortgage.

Hello, I am from Kentucky as well and live within an hour from Louisville. Can you elaborate more on what you are looking for in a partner, as that is what I assume you're looking for. Are you working to flip, purchase to rent out, or some other strategy? Also, I'm interested in your graphic design skills for an upcoming project of mine, so if you wouldn't mind to private message me I could talk to you further about it.

I would hold and hire a property manager.

Originally posted by Brian Mathews:

You gross $400 a week or a month? I'll assume month. Look at it logically. You buy a place for $40K. You put down $20K. You still have a $20K mortgage, taxes and insurance. You have to keep power on, water, sewage, etc... Then make any repairs to property. How you gonna pay for all that? You'll be repo'd in a year making $100/wk.

There are some nice homes around here that are foreclosed in the $20-35k range that I have been looking at. Say I were to take $20k down and a mortgage of just $10k, rent would pay for the mortgage, taxes, and insurance while still having a slight amount left over. All additional money will be put into an account that will be used to fund repairs and the like. I do not have to keep the power, water, or sewage payment as that will be up to the renter as it is standard around here. Most renters around here only upkeep the outside of the house and advertise a home for rent. When a renter finally decides to rent the house they pay for all of the utilities. I have lived in upwards of a dozen renters growing up: trust me, I know this area.

I currently am trying to save as much money as I can so that by the end of July I will have a separate funding of (hopefully $3-4k) that I will use only for repairs/maintenance on the property.

I am fine with not directly making profit from this house. I understand that as long as I have a renter (which should not be hard as most homes around here ARE rentals and they do not stay open long) that I will be getting closer to owning the home while the renter is paying my mortgage.

As a full time college student, this isn't that bad. I figure by the time I graduate I could sell one of these foreclosures for a nice pay or I may hold as a renter.

RE is where I plan to invest this money. If you say that my plan will not work please give me suggestions as to what I could do with this investment (REI).

Thanks.

I have $20k cash and am wanting to purchase a home $30-50k (estimated) but have no credit. I am a full time student starting in August and will only have an income of around $400 (gross).

Is it feasible for me to seek out a REI?
This is my first property/investment.