All Forum Posts by: Joseph Shevy

 Yes, this was why I like the idea of partnering. It may be 1/2 cash flow but also 1/2 the expenses of maintenance. I have a few friends that could probably invest with me by year end. I also like that by doing a partnership n buying a property now, I could start seeing those returns now, as opposed to waiting another year or more to find the cash to do it. 

Joe

Joe,

I know I don't have a ton of cash to work with now but everyone has to start somewhere.. And I don't know anyone my age or in general already in this type of partnership. 

Frank,

I need some convincing for sfr's.. I like that I can pick them up cheaper but then again if the tenant leaves or isn't paying for a month, there is no other tenant there to pick up some of the slack like with a duplex.. But one tenant would be much easier to manage than two. I am gonna start looking into them more for sure. 

Joe

 Hi Frank,

Thats true. thanks for the input. I look at it both ways and like them both.. On one side, Ive seen single family rentals go for around 80k, maybe coulda snatched it for 65-70... in that case, definitely should do it myself. But, I also look at larger triplexes or quads, or just nice duplexes in nicer areas that are going for closer to 150k or higher.. It would take me a long time to save for that down payment. Would you suggest looking for the 70-80k SFR's for now until im able to generate more capital for a larger down payment?

thanks,

Joe

Hi BP,

Just curious as to what everyone thinks about partnering up with someone to invest in an income property? 

My situation: My fiance and I are in the process of buying a duplex through an FHA loan to live in half and rent out the other. We are saving a lot of money through the use of that loan and id like to start planning for a second rental property already. When this deal is closed (Hopefully in March) I plan to have about 10k left. We have a wedding in September (being frugal about it and it wont cost us much). So because the wedding will be less than 6 months after the closing of this property, I figure we will wait until ATLEAST October to buy a second rental. At that time We hope to be closer to 18-22k saved. If I partner with someone, we could both throw down 15k each and invest in a property around 100-120k without much of a problem. Or I could keep saving until i have that money all myself..

What are your thoughts on Partnering up for investing in rental properties? any past experiences? Downsides? Upsides? would you do it again? Any info would help! Thank you.

 Thanks for the reply Steve.

Yes I think it is a smart move.. If you're going to pay rent, why not pay it to yourself? And im not worried about the "married" or "break-up" aspect of it in the slightest. More or less looking for advice on where I should go from here.

Hello BP,

This is only first BP post, excluding my intro post. My name is Joe and im a 23yr old accountant in the beginning my real estate investing adventure. I have been reading and learning so much in the past couple months from websites and pod-casts about investing, but I want to hear from actual people for a change!

My fiance and I are in the process of buying our first duplex with an FHA loan. Hopefully we can get this closed during March! Anyway, as everyone knows, the FHA loan is great to get your foot in the door because it allows for 3.5% down. The numbers looked real good on this property and it was in a decent location so we went for it.

Since we will be living in the top half of the building and renting the bottom half, we technically won't be "making" money, but the bottom apartment rent is $11 short of covering the total monthly payment. So, although we won't technically be "making" money, we will be saving ourselves that rent expense every month, and as far as i'm concerned.. a penny saved is a penny earned. 

So, despite not technically profiting every month, we will be saving a lot more money. Now my question is this: 

What should our next move be regarding the acquisition of a second rental property? Assuming this goes well, which is sounding very promising, I'd like to start accumulating more. Id like to hear what others have done in this situation and some advice on what i should plan on doing.

Thank you.

Hi, My name is Joe from the Albany area in NY. I'm a 23 yr old accountant, out of college for about a year now. i have always been good with numbers and have wanted to get into real estate investing for quite some time. In the last few months ive gotten my fiancé on board with it and we are getting close to closing on our first duplex through an FHA loan :)

I think that being a landlord and owning many rental properties is my goal, because this is the only portion of it I can really wrap my head around. But, my ideas and knowledge of real estate as a whole is bound to grow without limitation, and maybe my goals will change someday.

Compared to many of our friends, we are way ahead of the game in terms of saving, investing, and achieving our financial freedom. But, when I come to this site, there are many my age and younger doing way more than us haha. This makes me feel way behind! But it also tells me I came to the right place for information, advice, etc. and I'm excited to learn even more about real estate investing.