All Forum Posts by: John Leake

@Peter Wellman

I agree with Joel go with a small multi family! If it can be purchased with your VA loan you can get in with great terms. The cash flow on multi-family buildings also tends to be better without a drastic increase to expenses and when you move out you get a raise! You may also be able to refinance at that time and use your VA loan a second time. Lots of possibilities and little downside in my eyes.

Regardless best of luck to you!!

@Dennis Moore

I feel like everyone should work just a little faster than they are comfortable with. Growth happens just beyond your comfort zone. I don’t mean jump in without any thought but if you are wanting this to be more than a hobby then treat it that way! Who do you need for 5+ units and a good person to call for repairs is someone you’ll need. I wouldn’t waste my time learning how to do the repairs you just need to know you are being treated fair.

@Dennis Moore

That doesn’t sound unreasonable for rent based on my area. I would see if you can find a general handyman as a next step. They are invaluable in what you are working towards and can be hard to find! Your time will be best spent looking for more dealers sooner than you think!

@Todd Nelson

I would want to do the refi. I like the idea of growing my income in retirement as well and I think that will be easier for you to accomplish with more properties. If you did run into trouble you would be able to still sell the property in question. Regardless great work!

@Zach Woods

There are also listings of software on bigger pockets under tools then property management. Bigger Pockets, I feel has always listed and presented things with the best of intentions so I’d guess they are all reasonably good.

@Red Peterson

When I first got started I just got a good liability policy I believe with an LLC taxes become more complicated/ expensive. I also felt without other significant assets that I wasn't at as big a risk if sued. I would be less concerned about an LLC and more about getting a great first deal to get started. Best of luck to you feel free to reach out if you have questions I'd be happy to help!

@Liam Floyd

First off good for you! You’re about half my age and I would love to be in your shoes with the knowledge I have now! The down payment is also impressive but wouldn’t leave you a lot for reserves unless you have a decent W2 income. Also mentioned above it will be an important factor for financing. Based on already having a lot of exposure to real estate I would look to focus on whole-selling. In my mind the most Important part of being an investor is the ability to find good deals. If you become an excellent wholesaler you will make good money building a W2 income and be able to hand pick deals that come across your path! Regardless of what you choose I have high confidence you will be able to succeed best of luck too you!

This was a nice bonus find for me I’m planning to build a storage facility this year! Not to steal your post but Do any of you have a software recommendation for the invoicing and keeping track of the facility?

@Patrick Orah

My thinking is that with the 16 units I have I might as well save the money for now. I’m looking for a larger property this year if I can find something around where I live. Ideally I’d like to have about 50 units when I hand off management or build my own business of management.

@Jerad Godefroid I do not this is something I’m looking into for my business this year as well.