All Forum Posts by: Kevin C.

Thanks Dale Tucker , appreciate the info very much!

You guys are a treasure trove of great information, thank you! David Kang , the houses I'm looking at are $100k-$150k which rent for $1,000-$1,500 in my area (30 mi north of Dallas). I'm assuming 20% down payments on each.

As Shawn Ackerman was saying 24 years is way too long. I reran the numbers assuming reinvestment of all cash flow and that gets me to 24 houses in about 12 years. Adding in (successful) flips could get me there even sooner I hope. I can buy two houses right now and stay under 30% DTI. But when will lenders start counting rental income so I can stay at acceptable DTI?

Levi Thornton , so you reinvested the cash flow from each property which allowed you to speed up the rate that you bought them? I love that! Have you mixed in any flips into the equation?

Can anyone share thoughts or experiences on buying one rental every year strategy? On paper it looks like I could essentially replace my income when I get to two dozen rentals cash flowing a few hundred dollars a month. Is this a good strategy for a part time investor? Has anyone done this? Did you stick with it? If this is not a good plan, what would you suggest instead?

Allen Fletcher what kind of success or conversion rate did you have from mailing people who own those worn down houses in your neighborhood? Also, does anyone know how to determine if a house is condemned? There's a few extremely beat down houses in my neighborhood and it seems like those could be great deals if I can get them for pennies on the dollar. Is this a good strategy?

This is great info, thanks! In addition to the down payment, what kind of reserves would be normal/needed? A couple months of mortgage payments? For example, if mortgage + tax + ins is $1,000/mo the lender would want me to have ______ in excess of the down payment. 

Assuming good credit and income could I get a mortgage on a rental by using a 401(k) loan as the 20% down payment? What about a private loan from a family member? 

Thanks guys! @Account Closed, yes I want to stay under $150k. Finding one closer to $100k that needs a bit of work would be great too, I think. 

I see you're from Princeton. Have you noticed any significant price differences out there compared to McKinney? Seems like there might be some better buys out there?

Hi everyone! I'm looking to buy my first rental in McKinney, Texas in 2017. I'm in super learn mode right now - soaking in all this amazing content on BiggerPockets. I'm new to real estate but I do have a degree in finance and work in marketing. Let me know if I can help anyone in the area!