All Forum Posts by: Jamie K.

@Zach Gring niiiice! Congrats to you too! Are you investing in single family? What is your predicted cashflow if you dont mind me asking?

@Jonathan Greene thanks for your reply! I believe the home will appraise for 10-15k more than the purchase price and the homes in the area have been appreciating very well. This particular home appears to be meticulously cared for over the years by an older couple. The inspection should give me a little more insight and confidence there.. It is outdated as far as old oak cabinets and linoleum tile in the bathrooms and kitchen. I don't intend on dumping any money on the cosmetics immediately because i believe i can get high rent as is based on my research and the homes nearby that are currently rented. The roof, furnace, water heater, permasealed basement, and hvac have been replaced within the past 5 years so thats a huge plus for me. I also have a dependable handyman that can fix just about anything for a great price. Does that change your opinion or do you still think I should aim higher on the cashflow side? Thank you!!!

@Michael Ablan good idea! I will definitely consider a partnership on my next deal as i am leaning toward multi-family. Fortunately the area I live in has had a great deal of appreciation and hopefully that continues! Right now I'm just trying to gain experience and get in the game. When do the jitters go away? Haha thanks for your reply!!

@Matt Leber Yes! That's a great outlook! Even at the low end it would still cashflow $100/month. This is less than i would like of course but its still worth the investment. I feel that if keep postponing my first purchase I'll regret it and lose precious time I could be learning and gaining equity! Thanks for your reply!!

Hello BP community! I finally have an accepted offer on my first rental property!! My question is: Should I use a heloc for the 20k down payment? I have approximately 100k of equity in my current home that I could tap into. I also have around 30k cash saved up to do so. Another possibility would be 401k loan? Any thoughts or suggestions are very much appreciated!! P.s. im 43 and work full time in Healthcare but eventually want to replace my job with rental property income.

@Joe Cassandra The property is a bit outdated but no rehab is necessary in my opinion for the area. It should still rent well. Its super clean and all the big ticket items are new!! And yes those thoughts are exactly what worries me! Thank you so much for taking the time to reply and making me more confident in my decision! You made a lot of great points!!

@Kelli Loo awesome thanks for your reply! This property is outdated cosmetically but all the big ticket items have been replaced which was the deciding factor for me. No work needed as far as I know. Hopefully it will pass inspection and appraise well. Good luck to you and your goal!!

@Cameron Tope that's a great way of looking at it because I have passed on a few deals and regretted it. I guess I'm just afraid of the unknown. My goal for 2020 was to get my first rental and I just got an accepted offer! I'm excited but still scared and hoping it will subside eventually! Thanks for your reply!

Any tips on getting over the initial fear of the first deal would be much appreciated!! I currently made an offer on a single family home in joliet, IL. I've ran the numbers and it should cash flow around $250-$300 per month after all expenses paid. What were your first rentals cashflowing? I know analysis paralysis is normal but how did you stop it from keeping you out of the game? Thanks for any tips!