All Forum Posts by: Jacob Humiston

@Ronan Donnelly

Good deal! They may be the best route, I’m not really looking to move around year after year either. I’ll have to work on that capital. If I save 1k/month that’s 12k for the first year, do you have suggestions on where to put that 12k to gain some more interest than a poor savings account?

@Jack I.

Thank you Sir, I do like that option, however I have seen 0 duplexes for sale in my area. I’ll go back to look at those, I have been only looking for townhomes and single families.

Hello,

BLUF: Buying first house, using VA loan, read books and continuing to do so on real estate investing. Looking to do buy & hold. Not sure what follow on steps after buying the house are.

Background:

I am paying 2k/month in rent for a apartment, I recently read rich dad poor dad, think and grow rich, The beginners guide to investing, the richest man in Babylon, and moving into The Millionaire Fastlane. These motivated me to quit doing what i was doing and conduct a lifestyle switch. Buying a home after 2 months of reading these books meant I have little capital for a downpayment which is why the VA loan was a blessing. I have found 11 houses I am interested in, 4/11 cashflowed. 2/4 have become contingent since i did the analysis. Im wondering how i go about moving forward after I purchase the initial house that I have to live in for a year.

After I buy my first house, I have to live there for a year before I can rent it, after that year?

1. Do I stay in my first house and buy another home after a year

2. Do I move every year to avoid investment property taxes? (The GF is not on board with moving every year...decorating)

Based on the houses I am looking at, I will save at least 1k/month on rent because my GF will be moving with me. Ill consider her a tenant to get the landlord experience. Thoughts on considering this 1k/month as "Cashflow" and use it to save for the downpayment of the next property?

Go Big Red

I am also new and learning as much as I can. I just read "The book on rental property investing" It will give a quite in depth run down, but if you are interested in flipping there is another book out there called "The book on flipping houses" by J. Scott.

I believe a 30 day notice is a "Month's notice". However I can see all tenants arguing 30 calendar days, to benefit themselves and it would be hard to defend. I would say your best bet is to stick to an actual "30 calendar" day notice, and to specify that in your lease agreements. I'm using my experience from gov contracting and have 0 experience in real estate investing...yet. 

That grammar got him in here to read this post, your marketing intent has been successful. 

@Richie Thomas

Thank you for that tip! I will keep that in my pocket. I totally understand I cant charge whatever and people will pay for it. This was my first analysis out of 7 I liked, so far 1/3 this is the only negative cashflow.

@Richie Thomas

Thank you! I saw the negative cash flow and wanted to get it out to the community and make sure everything was right. Thanks for mentioning Craigslist, I will remember that for future estimates.

Second thought, some people only rent off the mortgage so $200 more than the mortgage. What’s wrong with this? It’s kind of a rhetorical question as I have read you need to plan for all these expenses to create a successful portfolio. Personal thoughts?

@Jaysen Medhurst

It’s been on the market for three months. I’ll move on, does everything else as far as numbers go look good? I added in the adjustments you mentioned and yes it got even worse for cash flow, but other places I am looking at have worked well.

@Jaysen Medhurst ^^ Thank you for your responses. I’m hoping you can help me out with some more guidance on this after you see my above response.