All Forum Posts by: Joseph Bennett

Investment Info:

other investment.

Purchase price: $100,000
Cash invested: $25,000

Invested in a gym with a friend, we upgraded it and are making a great return that increases every year.

@Matt Leber

I think you're right man, I'm 26 also and I just got a great Job with Wells Fargo so my wife and I are saving a lot right now. I'm in a hurry to get going in real estate because I've been renting for 4 years and feel like I'm wasting time. I'm in St. Petersburg so I'm not far from you. How did you get started and where do you work at? I saw you work in Finances.

@Greg Scott

We don't have any other sources of liquidity at the moment. We are mid twenties and are renting so we don't have equity for a Heloc. Once we move in we could save quickly because of the extra savings from the other tenants but I don't want to risk having a major cap-ex when moving in and stressing my wife out. It's not a matter of if to do this but when. I 100% believe in real estate investing but wonder if we should wait or if others have taken these same risks and to just go for it.

We have $20k in savings, we make about $80k a year before taxes, we have done a ton of research, have great credit, we are pre-approved. If we buy a property in St. Petersburg Florida where we live, it will cost basically all of our savings with the down payment and closing costs. We want to buy a duplex, tri or quad. Duplexes are running between $220-$270k and triplexes between $320k-$380k. Should we just take the plunge and take action or wait another year and save up more reserves. We are saving about $2k a month. We have been renting for 4 years and don't want to waste anymore money but maybe we should wait one more year for emergency funds.

I've been researching and saving for 3 years now. I'm fully convinced real estate is the way to go.

My wife and I are already invested in a gym and making returns on that. We have $22k in the bank and want to buy a multi in Florida's west coast where we live. The market is hot so multifamily is expensive.

Hoping to get a tri or quad but open to a duplex. So if we put about $15k down on a property, for example a $360k triplex and only had $5k left for reserves would that be risking too much? We make good money and are saving about $2k a month and if we moved into a into a property we owned it could save us an additional $500/month. I'm starting to get a little scared when I think of what could go wrong and having limited reserves. Should we just go for for it or save up more money?