All Forum Posts by: Jeffery Burns

Thanks everyone for the prompt welcomes!

@Steve Vaughan, thanks for the little tips. It is a pretty tight market in Michigan! But I've lived here my whole life. I have a 60-ish mile radius around my home that I'm looking at, worst case. But I have my sights set in the micro market around the city I live in, so it shouldn't be a problem!

@Eddie Sumerlin, yes it's not my goal to achieve richest man in the world. I just want to have it where I can work one job, my wife stays at home occasionally working her dream career, and living comfortably in middle class. We both come from poverty families, so it's really tough coming from nothing. We hope to change the family books and give our future children the life we both couldn't have. So we just have modest goals with maybe around 25-30 total doors of estate. But who knows what will come! 

Hello everyone. My name is Jeff, 27, and my wife, 25, have both had a vested interest in real estate for the last 2 years. In April this year we closed on our starter home, and have since been saving up and doing mountains of research into what to expect in this field.

We don't have any kids and don't plan on having any until we have at least 5 doors of real estate, in any combination of either single or <4 unit multis. We have a set roadmap on our financial and estate goals, and are both working two jobs each to get where we need as fast as we can. (We both work at one of the same jobs so we can still spend a bit of time together during breaks).

So for my questions...

1) are you or someone you know a real estate agent? My wife wants to be one, but we don't know which website / area would be the best to go to for getting certified.

2) when you bought your first rental(s), did you hire a management company immediately to tend to them, or did you manage them yourself? If the latter, how many unit(s) did you accumulate before passing them to a management company, if at all?

3) what would be your recommended minimum cashflow / cash-on-cash return for the very first rental property? Looking for percentage amounts, and my current standard is 18.5%.

Thanks for taking the time to read. and I hope to make good connections and learn a lot more here than I could alone!