All Forum Posts by: Nicholas Jasmine

I work in the oil industry and there are many millionaires out here because of 401k. The idea that you should only goes as high as the company match is crazy. Real estate is a great source of income, but for most people maxing out your 401k, 17,500$, should be the first thing you accomplish. This is easy to do. My example I started contributing 10% company matched 5% and every raise we have gotten I gave half of it to the 401k plan. Now in less than seven years of working I max out every year. There are many investment vehicles to pick from in a 401k so don't let that discourage you.

i believe I would get the house in good shape doing minor updates carpet, paint, cleaning, etc. Then I would start around 1,000$ a month to see if people are interested.

get with a local property manager and they can compare comps for renting in your area.

The only way to learn from any mistakes is to get out there and your hands dirty. The 50% rule is only a given guideline from what I understand.

i don't think I would worry about an llc until I had at least four rental properties with significant cash flow.

15% interest is just horrible. Why not just save the money yourself. I dont think I would do any deal with that rate. Maybe I'm picking but cash flow already seems difficult to come by so there's no way I'm leaving 15% on the table.

im glad I found this thread. I'm a new investor and I never even thought about some of the things mentioned here. After doing all my estimates my first property will have cash flow of 238$. That figuring in all expenses. I guess this is an OK cash flow. As of now me and my wife are paying the mortgage ourselves and banking around 600$ a month so we can make it to 10,000$ faster.

i agree with @chuck wilson. A property management company is the best opinion you can get on a rental. Rentometer does not give good estimates all the time. For my rental it said the average was 766$ but in reality its between 900-1100.

im just starting out as well, but my full time job is on a drilling crew working in the oil industry. I plan on keeping my full time job.

I have been able to bank about 3,000$ off my first rental so far. I was wondering when did most people feel comfortable purchasing another rental? Me, myself I'm thinking @10,000 is where I'm going to feel the most comfortable.