All Forum Posts by: Jeremy H.

Welcome Konstantin! 

I am based out of Lafayette, LA as well. Nice to see someone else from the area!

Awesome to hear @Robert Leonard! I'll definitely start attending. I really believe if you want to be truly successful you have to be all in or all out, there's no grey area. I work offshore right now but know for a FACT I will not do this forever especially with my kids starting to grow up (currently have a 3 year old). Thanks for the help, I look forward to meeting everyone

@Jarrod Suire Awesome to hear man - my realtor does some investing himself which is awesome - and I've ran into some coworkers offshore that have a few rentals. Good to hear there is some activity here!

I searched on meet-up (both groups and events) - am I doing this right?  

I'm a relatively new investor in the Lafayette area (from Houston and a TAMU grad) and own a duplex and a SFH in (previous primary residence) and looking to expand the portfolio. I have a realtor I use and a few different lenders that offer different packages that I can work with. Haven't found an awesome contractor yet, I've just been managing the subs myself (had a decent rehab on the duplex). The thing I'm running into now is finding good leads for new properties. I know the market is tough for all of us, I'm reaching out to see if anyone may have leads for any new properties, wholesalers or anyone that wants to get rid of something.

Also if anyone has any contractors they love or CPAs that would be extremely helpful as well. I have a couple ideas but I'm learning through experience here. Also, let me now if there is anyway I can help you. I have a few contacts and have been actively learning & investing in RE for about a year. 

Have you tried going to any of the smaller/regional banks (I mean 3-5 branches) and asked about in house or portfolio lending? Could maybe do this for the short term (6-18months) then get a conventional loan from a smaller bank once you get a place fixed up. A bit of a gamble but it would get you in the door. Still need to solve the problem of employment history...but there's a chance they could extend the loan or refinance it to give you more time for work history (ask them if they could extend or refinance if you still couldn't get approved) to swap to a big bank w/ a 30yr conventional. 

Sounds like you have a idea and are committed to it...thats the first step! I would dedicate a full year (or two depending on your strategy) to saving and learning. By the end of a year or two you'll have plenty of $ saved and the knowledge to do well. Prepare for success. 

Rental property investing and BRRRR books (you'll see them on this sight) will give you good insight. I personally think a BRRRR strategy would serve you best since you can recover a lot of your capital. I'm assuming money is tight with kids and school, even working 2 jobs.

Just buying a SFR or duplex, unless you get an insane deal isn't going to make you rich anytime soon and takes a lot of capital. Mutual funds and the stock market are pretty comparable imo

Bolded what I think is the key - I understand the "work harder" la, la, la, the real estate industry is full of "hard work makes you successful...I just make more because I work harder" type, especially online. Of course you have to work hard to be successful. Not trying to be rude here, and I appreciate your reply!

Finding off market deals (by working hard) is the message I believe you're saying. This is a good point! 

I'm a current homeowner and new investor - I keep running into an issue finding cash positive single homes. 

First off - Primary reason I am interested in single homes is I believe they will be easier to sell in the future

I've ran the the Biggerpockets calculator on rental homes and a few others and even with "cheap" homes (<140K) I am having trouble getting them cash flow positive. 

Screenshots from a recent calc I ran (I continuously run into this issue):

I've been looking at houses in the 120-140K range in the area that I live. I can put 20% down no problem...the issue is getting these cash positive while charging a competitive rent rate. I will have to have a property manager initially just due to my lack of experience and that I work out of the country for weeks at a time. 

So you're on the fence about it yourself...and you have at least 2 property mangers saying they wouldn't buy it...that has me leaning towards a pass. Especially for one of your first deals. The property you said has already been renovated and is the "best" on the block. Seems like some of the potential money to be made here is already made. 

 I'd start with something "easier". Seems like there are more downsides to upsides on this one.