All Forum Posts by: JJ Buckner

So I have currently been working with a relator in my area on finding a duplex for my wife and I to buy as our first home/first investment. I think this is a great way to get "my feet wet" in REI.

My question is mainly focused on price. Originally we were going to purchase a home first before I started investing but I feel it would be best to buy and live in my investment first. I was planning on spending anywhere from $175,000 to $250,000 for our first home (with 20% down). My relator told me about some land in Raymore area (for those of you familiar with Kansas City) where a builder will build brand new duplexes for $229K. 

Do you all think it is wise to spend that much for my first home/investment or should I look more into a live in flip at a cheaper price? My plan would be to live in the duplex for a year or two then buy my wife and I are actual home.

Thank you all in advance for the advice!

-JJ

Hey Richard,

I am currently paying off my student loans as well before I get into REI. I have only been out of school for 6 months and my loans will be paid off within the next 5 to 6 months (I had roughly 35k in loans). The way I am doing this is by living on a written budget. I have a spreadsheet that I designate all of my finances for the month and do not go over the limit I set for each one. I try not to go out to eat that much (or any other useless spending) and put all that extra money towards my loans. The best advice I can give you is live on a written budget and try not to spend any money besides rent (or house payment), keeping the lights on, and other necessary bills. You will be shocked once you have a written budget and see how much useless spending you are actually doing when you account for every dollar you make.

To answer you question about consolidating your loans, you really won't find a bank or credit union that will give you the money on anything less than 10% interest. I tried this and also have very good credit. Best thing you can do is put all your extra money after bills are paid to loans and keep chugging along.

Best of luck!

I was wondering if anyone has started a storage unit business and how it went for them. This is something I am very interested in starting as a part time business. If anyone has any stories or tips, would love to hear! Thanks.

Hello everyone, I am a recent college grad working full time as a civil engineer. I am wanting to get started in purchasing rental properties but don't have much money to start. I have been looking at cheap foreclosures ($10,000 - $20,000) for my first property. Would like to hear some feedback or personal stories if this is how someone else started out. Only being 23 years old, I have never purchased a house before so not really sure what all intels to buying a foreclosure home but plan on doing my research. Thank you, -JJ

@Gordon Cuffe

Hoping for a big game 6 tonight!

Thank you everyone for the warm welcome.

Hello everyone, my name is JJ Buckner and I am a new member to BiggerPockets. I am currently a Civil Engineer at Black & Veatch looking to get started in real estate investing. I would like to purchase my first property within the next year or two and lease it out to start bringing in a cash flow. I am very interested in Real Estate and would like to do this as my full time job in the future. Thanks in advance for the welcoming and looking forward to connecting with everyone.