All Forum Posts by: Matthew Koch

if people individually are trading on the stock market and they can lose money or gain money and then there's people that are investing in an index fund which covers an entire area of a stock market essentially putting their money in America so if America does well we do well investing in that stock index fund so why isn't there an infrastructure in place for a bond or an index fund for Real Estate Investors as big as this company or idea is growing for investing in real estate then how could it be set up where it is an index fund or a bond other people can benefit from that?

ah yes indeed, i was thinking it was tomorrow but thanks for the heads up and I'll be there! 

well I appreciate the warm welcome and to be perfectly honest until I have a chance to get some deals going on and complete my first deal and then get some traction from my own company there may be a long while before I get to travel anywhere money is very tight with me right now I'm just trying to do the one deal and work on my own personal expenses about $5,000 to take care of what I need to be in an absolute better position to also fix my credit if I need to use it for that route and leverage some loans to get my deals done. Nonetheless I appreciate the warm welcome and looking forward to hearing more about you or any kind of deals you're getting into.

So I suppose that I had jumped the gun and did this a little bit backwards but now that I'm able to actually do the introduction portion  might as well let you all know a little about myself and what I intend to do.

I'm 34 years old I have three kids living at home with me and my wife and I have a fourth with another that's another story altogether but I won't get into that.

Recently became a big Pockets Pro member looking forward to using any and all the resources that are available, been listening to a lot of the podcast started with the money episodes and got up to about 40 episodes and then switched over to the real estate portion of it and now I'm up to episode 27.  So far it's sounding really good it is definitely a building upon the last episode process and that is how I love to learn through a podcast or talking to someone directly like a forum. I drive a front end loader for 11 hrs a day in the cold outside all day, rain snow or whatever. Been recycling cardboard for 3 years and started out doing cleaning of the portable toilets and progressed to the warehouse baling cardboard, twine, and plastic.

I'm used to working hard but tired of trading time for dollars and worrying about when I might get fired and start over at our minimum wage of 7.25 a hour!

Looking into realestate to do my first deal within the next month by one or two methods either wholesale or buy and hold with another's money and make in into a rental! Fingers crossed.

My 10 year goal is to buy property here in Idaho and improve our economy one property at a time.

Looking for private lenders to borrow from, make the sale and buy the property, sell it againto another then give that lender back their money with Interest then turn around to do it again.

Basically wholesale for now.

Look forward to hearing from the community!

I'm excited to be here

Eventually going to be posting a newly remodeled 5 bedroom 3 bath house with a 2 car garage in Twin Falls, Idaho. I had other posts before on the price and such for what he wants for it but with one other house that is even comparable is 40 grand more because of the square footage. You all can check it out and maybe be able to suggest if I should even continue with the contract or not?

The address is 1140 blake street North, Twin Falls, Idaho.

I hoped to get the house for $205,000 and then turn around and assign my position to another buyer for $230,000 (as per his appraiser quoted the ARV)

The issue I am seeing is most people NEVER pay for What is actually quoted and thus people want to pay 70% of that instead..... I dont want to have him take a loss on it or myself included missing out on a opportunity to launch my career for real estate investing......

I REALLY want to hold onto this property and make it a rental which would be great significant cash flow but as I'm just atarting out I could use a little chunks of change to reestablish my bills and better my finances first and have more options to move forward with other endeavors later on.

Basically a ready to move in type of place after it warms up and he plants new sod also. I believe the word is turn-key property? I'm still new and learning all this so any help and advice I'd love to hear it!

Thanks for reading my reply and look forward to hearing from the community.

Matt Koch

So I checked out the market place and the forums to find out what houses have been posted and are available in Idaho and I'm just curious why there's only two that are listed? May I be lead to assume that if I was to start a deal and try to post it on this bigger pockets profile is it going to be a great opportunity for someone to see it or will it be like a ghost town as they're only two listings on there for the entire Idaho State?

Wyatt,

I understand what you're talking about in knowing the people whom ill rent to might be dangerous, however, unless I missed something in most of the reading and the podcast that I've heard the whole idea for these deals and other stuff, is to In fact have a good relationship with all parties that are involved? Also the tenants as I can remain professional and they can respect me that if they do miss out on rent then it's just simply business with a notice, but I can still be friendly and they would know and understand that I would like to run a tight ship with possibly rare exceptions case by case issues. 

I wasn't living with them as this is only for a rental and I'm trying to own it and try to hold onto it for 10 years at the protected possible appreciated value goes from 202k to 504k. (According to the calculations on the bigger pockets site)

the home supposedly is looking to be sold at $230,000 according to the seller himself that's what he's proposing by his appraiser as soon as they rehabs are done. No I was hoping that I could use it as a rental as it's literally two blocks from our high school and then three blocks from our college campus so it's in a great desirable location and I was going to talk with my Bishop personally from our ward of the LDS Church. The strategy was to see if I can have his approval and maybe even some assistance with financing this deal for me to obtain this house which is 5 bedroom 3 bath 2 car garage, and only have church members in there as I know personally I'm going to church myself they are very well organized and know the value of their living space and having five people live in that house in separate rooms each paying $500 a piece give me a $2,500 income and the mortgage that I had based upon the numbers for a 15 year loan brings the amount to $1,278 and so I would actually have a profit of 1222. Going a little further this would also take care of my personal rent where I'm currently in an apartment complex if I was to consider using some of that money to pay for my rent just what I was hoping to do however putting this information into the biggerpocketscom you later on a proposed summation of the rental property route gives me an estimate of 1927 without the loan of 230000, but actually based on a purchase price of 218,000, and that includes the closing fee and no repair cost because the work is being done as we speak on his dollar.

This is a single family home built in 1979 and according to the website that I had referenced was xome.com and they currently have the house value. 217000 however, when I called our state's County Commissioner's Office and talk to them about last year's estimated value they had told me it was $202,083.00.

$860.67  would be the expenses factoring in the Gas Electric Insurance property tax that kind of thing according to the BiggerPockets calculator. Now those amounts are a small ballpark figure based on just estimation by my own accord now granted I could be wrong but that's why I'm asking questions and talking to you guys.

Rent is 1066.33 is after expenses.

So 5 people in 5 rooms at $500 a pop would be beneficial to covering the loan or financing for this deal plus my own rent paid for.  If I had left anything out then please let me know and I can make adjustments to the calculator and see what the change reflects so I can have a better outcome.

Thanks in advance

I have this house that is coming up for sale by the end of March or possibly sooner  and I did the calculators for two scenarios one a wholesaling route and to the rental route and I really want to do the rental route because I believe it would be a great cash flowing property especially when it is a five-bedroom three-bath house and location that is close to the high school and college. I could have five tenants in there 5 bedrooms house hacking at $500 a piece  not only is that rent  but also paying my current rent and we can focus on our other bills and slowly get out of debt. I need a little help and confirmation on if I had ran the numbers correctly . Yes to be honest I'm that type of a person that kind of needs the reassurance or in the matter of speaking confirmation hand-holding to know that I'm doing it the right way any information is helpful so looking forward to hearing from one of you folks in Idaho preferably.

Matt koch

I certainly appreciate the reply and as I currently don't own a home yet can I just still add the umbrella policy for that piece of mind for being a business? I have no clue on what policies I need for what I am doing.....

Which, btw is trying to go get my first deal done by either renting this particular property out or making it a rental.... Either way the numbers definitely Work to support what I want to do for a start and get this ball rolling!

I've not yet obtained or wrote up a contract or proposal for this house as I don't even know how to do that yet.

Maybe you have some advice or a pdf I can view as to what the actual offer or proposal may look like?

Thanks in advance!