All Forum Posts by: Martin Mondejar

Thanks for the input everyone! So I ran the numbers on the place we are renting through the Rehab 70% rule and BRRRR calculators (using my free trials) and every which way I sliced it, I would have to propose that the Owners sell it to us barely more than what I believe they bought it for in the mid-2000s. Then I would have to sink a lot of renovation money into it to get it rent ready and propose a much higher rent than what I think I can get in my area to even make it a good deal. Seems like a lot of variables to make that deal viable. So I guess I'll need to rethink my entry point into REI.

Next question is, does it make sense to buy a rental property when you yourself are renting? Or should I stick to a different strategy until I can buy my own home?

Thanks for all the great insight. You've all given me a lot of material in which I can include in my "pitch" to the wife when I present to her my business plan. I've received so much from this community already only having been a part of it for a short time. I'll be sure to update this thread after I present my plan to her. Thanks everyone!

@Bob Okenwa

Thanks, Bob! I really appreciate the reach out. I'm definitely trying to absorb as much as I possibly can in order to take the right action as soon as possible. I'm currently thinking about wholesaling to get into the swing of things, analyzing deals, and hopefully build some capital for a first time home purchase, flip, or rental. If you have any advice or resources on pursuing the Valley markets, I would greatly appreciate it!

Four years ago, we moved into the house we rent for about $1500 per month. We originally signed a 2 year lease and when that was up, the owners let us continue at the same rate on a month-to-month basis. We think that this is because we are pretty good renters, we always pay our rent on time and I sometimes fix little things around the house that need repair.

Around the time we started that 2 years ago,  we had an off-hand conversation with the owners where they told us that they might be willing to sell us this house as we have never before owned a home.

Two years later, I've discovered BiggerPockets and I think that buying this house might be a good way to start in REI. The house was built in the late-80's and has all original finishes and fixtures. It also seems to have original kitchen appliances. It is definitely in need of some updating. We already like the area that we live and are familiar with what the house needs having lived here for awhile.

I am feeling that we could be in a good "house hack" situation, but I have a few concerns: 

1. First, I have to convince my wife that this might be a good house to buy. She's always viewed owning a home as risky ever since her ex-boyfriend lost his house to foreclosure back in 2008. Also, she's not too keen on living in a house while it's being renovated. We have a newborn daughter and the thought having both of those going on at the same time does not appeal to her. Any advice? I'm thinking that if I bring her hard numbers on the deal that might help, but I'm not sure how to start putting a value to the home.
2. Second, does anyone have advice on how I can approach my landlord about selling to us? I'm concerned that we may not have enough for a down payment and if we are unable to come up with a good deal, the owners may want to immediately sell to someone else and then we'd have to find a new place to live. 
3. Any thoughts on creative financing for the home purchase based on that? Perhaps seller financing? What about the costs for the renovation?

I want to do as much research and have as much hard data so that I can convince both my wife and the owners that this would be a win-win-win. Any help would be greatly appreciated.

Hi! I'm new BiggerPockets and REI in general. I mentioned in my New Member Introduction that I'm currently researching strategies to enter the local Phoenix are market. 

Has anyone had trouble convincing their spouse that REI is a worthwhile/legitimate pursuit toward financial independence? My wife and I have always been fairly financially conservative. I've only just recently convinced her to start putting money into her 401k and an IRA. Based on the conversations that I've had with her over the years, she definitely adheres to a "play-it-safe" model. To top it off, she works in the marketing department of a large real estate company and she has often expressed to me the opinion that "people become real estate agents when they don't know what else to do". We also have a mutual friend that always seems to be into a new get-rich-quick scheme every week, so I have a good feeling that she may view REI in the same vein.

Though I've been recently converted, I'm challenged on how to approach her on this delicate topic. I want to emphasize to her that my interest in REI is not to get rich quick, but to gain financial independence so that we both can spend as much time with our new daughter as she grows up. I really want to shake off this feeling of "I can't convince her" and turn it into "HOW CAN I convince her?" Any advice is greatly appreciated!

Hi! My name is Martin and I've been living in the Phoenix area aka, “The Valley” for almost 10 years. Even before I moved here from my home state of Michigan, I've been renting. I currently live in a rental with my wife and newborn daughter.

I currently work in the commercial building industry as a licensed Architect. Like many others, I've been looking for additional avenues in which to gain financial independence so that I might have more time to spend with my growing family. 

I’ve always been aware of real estate investing as a wealth generation vehicle, but I was always uncertain if it was one within my reach. I discovered BiggerPockets when I started doing YouTube searches on the topic. 

I've since realized that financial independence may be attainable through real estate investing and I'm currently learning as much as I can while putting together a strategy forward towards my goals. I'm considering wholesaling to build some capital to then get into flipping and eventually SFH rentals.

At almost 40 years old, I feel as though I’m getting a bit of a late start and my desire is to be aggressive, but smart. I would like to make my first deal within the next six months.