All Forum Posts by: Justin Miest

@Dan Vleck I wouldn't invest "with" her until we are married just getting her on the same path as me so when that day comes we can utilize both of our scenarios.  And I definitely agree Practice will help Ill just keep running numbers as much as possible. 

@Tim Swierczek I Think I will at least save enough were if I find an "amazing" deal I can jump on it and then focus on paying debts short term. I do think that If I could find an amazing deal and house hack I could actually still pay debts rather quickly while building equity as long as I can swing major issues that may come up.  

@David Waldy I really agree with everything you said in you reply. I think its is a lot of risk vs reward and at this point in my life I can afford to wait a year or so to be completely debt free and have more resources to back me in my first deal. I know that I would like to buy a property as soon as possible but if I make a mistake or something big $$ wise comes up it could take many years off of my investing "plan." I just need to have some more patience which is hard when i know what i want but it will be worth it if I can buy a place that works and have no debt to worry about. 

@Joe Splitrock I really appreciate the list on repairs! Also the idea on posting on the forums I think I will do that as soon as possible to make sure that I am on the right course with my numbers. BP is most definitely an amazing resource no reason no to use it. 

Thanks for all the replies!

Thanks for the replies! None of our debts are above 5% interest rate and we never carry credit card balances or anything like that. Only subsidized student loans, a few sub 5% auto loans and a personal loan that basically is interest free but has to be paid back by a certain date. Around 50k total in debt between everything. (currently paying 4-8xs the minimum payments) I'm leaning towards paying everything off as aggressively as possible and saving more for reserves over the next nine months to a year. Being completely "Bad debt" free would definitely make me less stressed i'm guessing going into my first Property. I most definitely will be house hacking for my first property. I just don't want to wait and have interest rates skyrocket or something like that but I guess people made it work even when rates were over 10%. As long as I get into a property where the numbers work the interest rate is much less relevant i feel like.   

Hello everyone,

I've been spending the last 2 Months or so listening to as many BP podcasts as possible and reading recommended real estate books. There is a lot of information to take in so I just wanted to get some input at this point I'm at right now if anyone is willing to give me some. My Plan currently is to to take the Scott Trench approach somewhat from his Set For Life book. I am planning to try to pay off all "bad" debts that my girlfriend and I have. (student loans, vehicle, ect.) this will take us around 9 months to a year. We have very cheap housing lined up for this 9 months to a year to help us do this. (to be completely debt free) Along with this we will save up enough for a down payment and some extra reserves. Then I Plan to buy a 2-4 unit multi family and "house hack" in it. (preferably a 4 unit with some value add available) After this we will save up again and purchase as many more small 2-4 unit properties as we can via traditional financing until our debt to income limits us. Then I plan to switch into private or hard money and try to go for bigger properties. 

My main questions 

1. Is paying off all "bad debt" the smartest move or should I instead buy a rental property as soon as possible? (We both have 740+ credit and decently paying jobs. (100k+ per yr between the 2 of us.)  I've worked full time for 3 years she just started. w-2 incomes) Curious on people's overall opinion on this. I'm extremely torn because I want to buy a property that makes sense as soon as I can (especially with interests rates seeming to go up) but I also don't want to deal with student loans or other debts like this going forward or get into a property with insufficient reserves. 

2. What are some recommendations on posts/books/resources to really get good at "running numbers" on properties? I have used bigger pockets tool and run numbers from that along with what I have picked up from books and the podcasts but I still don't feel confident I am correct with my numbers.

3. What is the repair extent that I should look for in a property? I have time to dedicate to the the work and am reasonably handy and able to learn but have minimal experience with home repairs outside of basic things. I'm Basically just curious what people think are too big for my first property?

Thanks for any input!

Justin 

Minnesota 55009 multifamily small red wing Hastings Cannon Falls Minneapolis St.Paul  Lakeville 

Wish I could make this but work evening shift. Maybe next time!

Would love to make this but wont be able to as ill be working. Hopefully next time!

Hey Dave,

Would brand new "hopeful" investors be welcome? I have not done my first deal yet but am hoping to within the next year. I've been listening to as many BP podcasts as I can and have been reading books as well for the past few years. I'm currently just trying to get all of my finances lined up and stable to buy a 2-4 unit and "house hack". 

Hi, my name is Justin Miest I am 23 years old and brand new to real estate. I attended a 2 year technical program out of high school and have been working in that field for a few years. I realized early on that this is not what I want to do for the rest of my life and I plan to escape the "rat race" as fast as possible. I've been searching for a tool to help me reach financial independence and I really think real estate can be that main tool if done right. I attempted starting an online wholesale business but realized I really did not enjoy it at all. I have been reading books and listening to the BP podcasts as much possible. After reading Set For Life by Scott Trench I Really like his approach to financial independence. I am planning to learn as much as possible over the next year or so while I pay off the last of my debt and grow my savings to a solid amount. Then I plan to buy a 3 or 4 unit multi-family in the Minneapolis or Rochester MN area and "house hack." After this I am planning to grow my portfolio in what ever way seems best and hopefully reach financial independence before 30 years old. I am open to any suggestions. My passion/hobbies in life are spending time with my friends and family, Racing and riding motorcycles, and continuous learning and self improvement. Excited to be on Bigger pockets and hope to grow and learn along with everyone else!