All Forum Posts by: Jordan Brown

@Andrew Kougl 

All good points. I’ll have to take a closer look at the numbers. Obviously not my strong suit. Knowing what I’m looking to achieve, do you have any recommendations for strategy or game plan that I should explore? 

I'm planning to get an LLC. What I've heard so far is that it can be harder to get conventional loans as a commercial entity though, at least in terms of getting the first one. The recommendation I got was to buy the property personally and then have an attorney transfer it into the LLC. What do you think?

@Andrew Kougl

My thinking was that I would like to try to 2x my number of doors for the first 4-5 years and then put all cash flow and extra money into paying off the properties. That way if I have 20 doors renting for about $1000 or more/month, 20 doors x 1000/mo x 12mo = $240,000 a year. It will definitely be a stretch to make it happen in 10 years, especially working a "normal" full-time job. I'm a shoot for the moon kind of guy though haha. The real goal is to be able to maintain our current lifestyle without having to work anymore but also be able travel, support our kids, support our parents as they get older, support whatever events or organizations we feel like supporting, etc without having to worry about it. 

I'd never heard of lifestyle creep but I can definitely see how that could happen. Thanks for that tip. BRRRR was definitely what I was thinking so I can get the HELOC money back and turn around and do it again. I think I'm going to have to judge it case by case though. Too big of a project seems risky to start with but something safe and turn-key leaves me less money for getting into the next deal.

My latest research has been looking at Versailles, Nicholasville, and Richmond. I was thinking a townhouse, SFH or duplex in one of those areas, needs a little work but not a full blown gut remodel might be my best bet. Thoughts?

Thanks again for the advice and feedback.

@Andrew Kougl

Thanks for the advice, Andrew. The situation with my family limits the number of plays fore me a little. Wife is not totally sold on REI yet so I'm looking for a solid win on my first deal that doesn't require much from her. She's willing to move, but not into a big fixer upper and not into a multi-family. And it would have to be in the same neighborhood. Right now we live in a nice 3/2.5 1700sqft in a great area. Our mortgage with taxes/ins is $1000/mo and I'm pretty confident we could rent it for at least $1500. So she's open to moving and renting our current house, but only if we find something comparable or bigger in our current neighborhood.

The goal at first was just to find a couple properties to serve as a gift for my two girls down the road when the wanted to pay for school or weddings or whatever in about 15-20 years. But once I started digging and found this website and started talking to people about it, my vision got a whole lot bigger. Now my goal is to have a mix of SFH and multi family and a couple vacation rentals that give me a total passive cash flow of at least $200,000 a year. And I want to get it done in 10 years before I'm eligible to retire from the fire department.

@Joseph Back

Thanks! My thought was that I can work on building up contacts and resources while waiting for my HELOC to be opened. I think it will definitely help already having a pretty solid foundation of contacts and work experience as far as rehabbing and construction, so now I'm looking to build relationships with the other side of the industry - experienced investors, lenders, realtors, CPAs, etc.

I’m definitely open to partnering and finding investor to help with the money side. In fact I would love that because numbers and spreadsheets are like hieroglyphics to me. My only worry would be losing their money and I’m anxious enough about losing mine haha. I’d feel a lot better if I had one or two deals under my belt first or at least a mentor to walk me through the first one. 

@James Wilcox thanks for the advice. House hacking is definitely something I'm considering. I have a wife and two daughters and we live in a great house in South Lexington. Wife and kids aren't keen on moving into a multi-family or a big fixer upper but we are still on the lookout for something nearby that we could move into and then rent our current house. We also have about 100k in equity in it and I'm in the process of getting a HELOC.

Hey everyone. I’m a firefighter in Lexington that works for a local contractor on the side. Very new to the game still but I’m excited to learn more and find my first deal. I’d love to hear from other people in the area on how they got their first. Thanks!