All Forum Posts by: Jeff Arndt

I'm in a very similar situation as you Mike. All we have is time to build cash reserves. Right now I'm researching potential areas to invest when my reserves are large enough. It's really interesting to see how two communities less than 2 miles apart can be so vastly different. I've seen property taxes vary from 500 to 3000 in under a two mile range. I feel that this is a very daunting task being that I've never lived in the city and it's not possible nor smart to pick a spot on the map and roll with it.

So my advice is to narrow down your neighborhoods and start analyzing deals as if you are actually going to buy them. ie. calling realtors and negotiating price with them, inspecting for damages, estimating repairs, quoting insurance, calculating NOI and potential cash flows.

I have a friend that I will be working with that is a year older than me. He graduated and works at the company I will be working at. After two months of employment he went out and bought a brand new $38k sports car. He lives at home and pays minimal things such as cell phone and insurance. He complained to me the other day when his father wouldn't allow him to park it in the garage! I chuckled. If you can buy a sports car at 23, maybe your parents should be getting a larger cut than they are currently getting.

Roy,

I already have the job lined up and signed from my internship the last two summers. It is very exciting to think that I can move and invest anywhere where I can work. I'm going to continue to send my resume to other companies in cities that I think I might like to live.

I am still considering moving out of town but I know the market here is affordable, profitable, and it's close to home. I want to be around for my parents when they need my help.

In short, if I were to move out, the pay for my job would have to be really nice. Also, the market would have to be good for investors.

As for bird dogging I think that would be a great way to get started because I'm going to be studying markets no matter what while I wait for my savings to build. I might as well try to build an investor network and make a few bucks while I'm at it. I don't expect a lot from bird dogging financially, but the education that it would bring would be priceless.

Stacy,

Lol. Your math is correct. I forgot to mention I still have another semester in college, a time which I will not be able to save. So 1100*12 plus additional savings that I already have.

Thanks for all your input,

For my situation, flipping houses would be terribly difficult due to my limited funds and limited credit. The reason why I'm so inclined towards it is that I enjoy working with my hands and also design.

On a completely different subject. I will also have a substantial student loan to pay off. My theory is that I can invest and get a return greater than the interest on my student loans. Has anyone else here been under the situation where they don't know to pay off their debt or start to investing. For buy and hold investments I know that I can get a return greater than 5% which is the average of my student loans.

I never doubted for a second that they wouldn't play. The football industry is waaay to large for it to not play. The economical impact that it would have had in the states would be ridiculous. Imagine all the grocery stores that would miss out on tailgate food, clothing retailers of apparel, bars that have specials on Monday nights!

Go Steelers!

Cynthia,

I don't currently pay rent to my parents. However, I did pay rent for 4 years in college and it didn't take long before I realized that I was buying someone a house! I decided that I wanted a piece of that action and starting the learning process.

Thanks guys,

I've been reading the site for about 6 months now and have read about five books on real estate and other investment types. I have nothing but time on my side until I can save enough money to get started.

James,

I really like the idea of buying a multi-unit and living in one of them. If I choose not to go down that route, which would be more effective? Buying my residence first or buying the investment property first. It's my understanding that if you buy an investment property lenders do not usually count that as income for about 2 years?

I will be graduating from college this December and I will be able to save 1,100 a month living with my parents after graduation. At that rate plus current savings, I should have about 15,000 to invest with in about a year and a half from today.

My question is what strategy would you employ to move out and still have the ability to invest in property? My long term goal is to be a landlord and manage properties but I was thinking about flipping a few houses while living at home/in the houses while I fix them. Once I get some quick cash from flipping I could then hopefully buy my resident plus a rental property.

I would continue to live at home for a few years but I need to get out because I live in the boonies and there is a non-existent rental market. Not only that, it's about a 50 minute drive into the city where I work(Pittsburgh, where I plan to invest as well).

Thanks in advance!

Thanks guys

I took a photography general elective in college thinking that it would be an easy A (which it was). It's nice to know that I can actually take what I learned into the "real world".

Just like anything in real estate, I feel that a little extra time and care can really save you $ in the end. I definitely think that a wide angle lens will be a purchase in my near future.