All Forum Posts by: Joshua Ferguson

@Brian Ellis Thanks for the advice! I wanted to make sure I have enough to cover the unexpected but didnt want to have too much saved away that I may miss out on other opportunities

@Steven Rubino absolutely beautiful! Congrats! I’ve been thinking about moving to a house I can flip and live in and these pictures just get me so excited. Fantastic job

Hello all, I’m just starting out and want to get into rental properties and my question is how much money do you recommend having in savings when starting out? I don’t want to buy my first property only to find out some major expense pops up and I don’t have the savings to cover it. I’m looking at a duplex to fourplex for my first property and just want to make sure I have enough of a safety net before I jump in. Thanks!

@Nicholas Paros Thank you for the info! Sorry it’s taken me awhile to get back to you, been a crazy week. I’d love it if you could send me a copy of your file. I’m a nerd so I love doing the numbers I’m just so new I want to make sure I’m doing the math correctly and not leaving out any cost. Thanks again!

Hello all I’m looking for a good lawyer that deals with home insurance/ bad contractors in the Dayton, Ohio area. Thanks!

Thanks for he response Cory! That makes a lot of sense. I agree I was looking at 30-40k properties and was thinking man these are rough. I’ll check out DealCheck. Its nice to see there is calculators out there that go a little more in depth. I’m a numbers guy so I like seeing a detailed break down. Thanks again and I wish you the best on your investments!!

Hello all,

I’m brand new here and was wondering what your way of setting criteria for buying a rental property was. 

I’m currently trying to set my own up, however I’m kind of confused on where to start. I’m looking to buy a 3 bed, 1+ bath, single family home with around 900-1500 sq feet. 

Most of these style homes in my area (Troy, Ohio) rent in the $600-$900 range. So do I use that in the 2% rule to get the maximum purchase price? ($30,000-$40,000ish) 

Or should I be more focused on other aspects? 

Thanks!!

It’s a low income area for sure. Trotwood is a pretty rough area. You could maybe try and look at Clayton, Ohio or Englewood, Ohio both are right next to Trotwood but much nicer

Also I just read this and found it very helpful http://www.biggerpockets.com/renewsblog/2010/02/24/should-you-get-your-real-estate-license-investors/

Hi Mindy! I’m brand new here (No deals or current properties) I’m also considering getting my real estate license. I think it could be a good way to get to know the market you work in and great for networking. Also it at least gives you another source of income to possibly make more deals. I’ve always been a fan of the Warren Buffet quote “The best source of income, is multiple sources of income”