All Forum Posts by: Kyle S.

 Not just yet, just looking on market/mls. I dont currently have the time/will power to try and get off market deals. In my area there has been enough supply that I can find/get a deal on market, I just haven't pulled the trigger yet, even though there has be ~3 in the last month that would have been decent deals, on market. 

One of the single families I was looking at was $160k, all in payment per month would have been around $950, and it would easily rent for $1200, likely for more, but I like to be conservative. 

Another example was a duplex for $200k, with 2 units each renting for $800. All in payment per months would have been around $1100, rents of $1600. So a bit more cash flow, but more work obviously with 2 units/tenants plus for multi family I need 25% down instead of 20%. 

So I am open to either, and there are deals to be had on market. I just gotta decide to grab one when I see it. The first step is always the hardest!

Thanks Wesley! I don't foresee any issue with getting the rental property, I am more worried that I may not get approved for a construction loan, once I already am carrying 2 mortgages (rental, and existing primary residence). BUT I think from all my googling and research it will be close and I should just barely come in under the require DTI. Worst comes to worst I can always just wait about to save up a bit more.

Hi 👋

Just wanted to make an intro post and possibly get some input on a few matters.

In the next quarter I am looking to get my first rental property. I have around $100k in cash and up to another $50k I could use if needed from emergency funds and via liquidating, and then $50k I could use from a 401k loan. I also have $80k in equity I'm my current house, which should jump to around $125k in equity after I complete the current renovations on it.

My plan is to purchase a $150-200k single family rental or a duplex of It can be found in that range. Definitely doable in my area, but less available than single family. I should be able to cash flow around $300/m with a single family like that around here, more if it is a multi family. 

However, my wife and I also want to purchase land in the next year and build on it in the next 2-3 years (for our primary residence, we would then sell our current residence). So I am currently trying to figure out the best way to finance everything, with my goals and what is available. 

My initial plan is, get rental with 20% from cash or from heloc from primary residence. Get land with cash. Use land that is owned outright as collateral for construction loan. Built new house, move, sell current house, have a rental property. 

Those are my goals for the next few years. I have been listening to the bp podcasts on the way to work for a while now and am hoping to dive in soon!! 

Eventually, when funds are there and I have a few rentals under my belt I would like to get into development/building multi family properties. 

My day job is a software engineer by the way. (For now)

thanks!