All Forum Posts by: Kevin Ravenscroft

@Wooden Alexander

I am definitely interested in the Indi market. I am from Michigan city, In but currently live in denver. I would love to get in touch and talk about the market where you are.

@Andrew Bradley

Andrew, thanks again for the feedback. This is excellent advice, it makes sense to be more specific about what I can offer instead of,”whatever”. I do need to take a moment and figure out how my skills can translate, as I have little experience in RE or rehabbing. I was a mechanic at my previous job so I am certain that I can pick up on the nuances of rehabbing fairly quickly. I am currently a manager at a distribution center and I am sure I can find how the skills used here can carry over. As for the seminars and meet ups, thank you for these suggestions, I would love to start attending and surround myself with people of similar goals.

@Bill S.

Thanks for the feedback Bill, I did mean .8 to 1.1%. I can see how it would be tough to reach that in this market, so using it as only a guideline makes sense.

Thank you all for your help!

@Andrew Bradley

Thanks for the response Andrew, saving is the plan for now. As for partnering, time and effort are not an issue. I do work a full time job but have 3 days off a week and intend to use that time towards investing, rehabbing, learning, etc. However, I don’t really know anyone who invests, rents, or anything similar. Any thoughts on how to start meeting people like that in our area? Even if not partnering, I would love to spend some time helping someone to gain experience, in anyway they might need.

@Matt M.

Thanks for the input. Yes, my little guy is 8 months old! I would like to be as prepared as possible so waiting a little longer isn’t the worst, we have no other debt so saving isn’t a problem. I know that great deals are tough to come buy in this market but they are out there, so I will continue to save until I find one that works and make it work when the time comes.

@Michael Glist

I love this idea. For some reason I thought I could not rent my current home because it was FHA however, the house hack rule would apply here as well. I have a good friend who is a lender that may be able to get me approved in this specific regard. I am going to continue saving but start analyzing other properties (hopefully a duplex for easier first time management).

How do you guys typically price your rents? Do you use the .08-1.1% of your homes value, view the market, or both? I’ve read both but again have no experience to what works.

Thank for your feedback!

@Caleb Jordan

Thank you for the feedback. I figured that wouldn't be quite enough for HML but it's good to know for sure. I'm near the 80% mark on my current mortgage so that could definitely be an option in the near future. Luckily, I can cut some closing costs as my RE agent is my brother. Again, thanks for your feedback.

My wife and I are both 26 and make 52k and 70k a year respectively. We are looking to buy our first investment home and currently have about 10k saved towards it. We can consistently save a minimum of 2k per month as we have recently paid off all debt except for our current mortgage.

Would you guys recommend continuing to save or leveraging in order to make our first buy? A little nervous to use someone else’s money on something I have little experience with, other than on here and the books I have read. Hopefully you can give us some insight into how you all went into your first deal and the risks you took.