All Forum Posts by: Jared Ferguson

I really appreciate your advice. It felt spot on. I started running the new set of numbers last night, for the next property, to help get things rolling again. I also meet with my property manager today to finish up the details. I work two full time jobs currently so I need this to be as passive as possible. 

So onward and upward. Rome wasn't built in a day. The first step of any journey is the hardest.... etc 

Thank you all for the responses. To be clear I'm going to keep going. The draining is five years of work to get something your never going to touch. Lol I thought the knowledge that I owned my first property would be enough.

its the gearing up to get the next one that seems to be the trouble. My process is definitely improved with all the lessons but the thought of square one again is troubling (I'm not quitting, ever. This is the way)

My goal is 10000 a month in passive income. So I working for another 6 properties then paying them off. That is the goal line. 

posting and reading here will get us all through!

Thank you all again. P.s Any other tips or stories are welcome and appreciated

I just bought my first property! It closed 4 days ago. Its a duplex in a local city with good rent, some repairs are needed but nothing really big. Closing was a nightmare! I'm one of those self-employed people. Even though a work a full time w2.

All that being said I'm currently in a bla mood. I did all this work saved for 5 years to put 100,000 down found and bought my first property. Ya for me right? On my way right? It drained all my forward energy. I'm not trying to whine. Seriously anyone who tries to great more out of life knows it takes energy and drive. I lost mine with my purchase. Mentally I'm there I did a great thing for my family in getting us moving toward financial independence. In my head I understand it is a long game and I just need to move forward, but I lost my drive. 

Anyone else go though this? 

How did you deal with it?

Thank you for replying.

I structured the loan with such a heavy down payment that one unit will cover the mortgage. I also have an emergency fund to cover ten months worth of expense incase of worst case.

Currently after the Carr Fire there has been a shortage of housing available, therefore dropping the vacancy rate to 2%. 4% was a very conservative number.

I was looking at four plexs but the numbers didn't work. House hacking is currently the norm here, do to the shortage so investors looking to make a profit are priced out by individuals just trying to get in a home.

This is my first property. I have other sources of income and I am looking for a stabilizing investment in my portfolio. I do business in cash. Therefore I did not have any credit in the beginning of this project, hence the large down payment. This is the best local property I was able to find after a long search. My goal is another 5 properties in the next 10 years. then debt snowball them. I understand there are better properties out there but I want my first to be local and this is my local market. Northern California. just want to see if anyone sees a glaring problem.

View report

*This link comes directly from our calculators, based on information input by the member who posted.