All Forum Posts by: Michael Vu

Welcome to BiggerPockets, Odafe! There is much to learn from this community as well as many opportunities to contribute and give back! Best of luck in your journey

@Brian Jones Definitely interested to hear about how it goes and what questions you do ask and answers received. Will follow post.

Looking to purchase multi-family rental properties in Cincinnati, OH (Norwood/Oakley/Pleasant Ridge areas). Would appreciate recommendations for investor-friendly local banks and real estate agents that investors have used in that past. Thank you!

@Brian Downs Welcome to BiggerPockets! Definitely an exciting time when you find out the potential of real estate. I'd recommend reading The Book on Rental Property Investing by Brandon Turner, a great overall step-by-step guide to real estate investing. Best of luck!

@Olivia Drake You should spend some time to determine how much cash flow per month would be enough for you to leave your job. This would cover all your monthly expenses and bills, with additional margin for travel and doing the things you love. Once you have that number in mind, set it as a goal for how many cash flowing duplexes/triplexes/fourplexes you would need in order to reach that number and be financially independent. Best of luck!

I'm just going to throw this one out there and since you already go to Purdue, an engineering degree! Engineers are taught to view and analyze problems differently than most other fields. I have found this to come handy in many facets of my life. Also, many engineering companies having great work-life balance that provides you enough time to balance both work and real estate. The pay is pretty decent as well, which is good to save up to finance properties. Lastly, it's one of the few fields where you can legitimately work on the most incredible technology and innovations that help the world operate and advance as a civilization every day!

Start budgeting, reduce your biggest expenses (house & car), educate yourself on real estate in your free time, rapidly pay down your debts, and then get into real estate. There is always the urge to get started right away, but sometimes you need to get your life in order first. Remember, it is a marathon, not a sprint!

@Caleb Lund That's a great conundrum to be in. I know this is the boring answer, but I would recommend continuing to work or find a new company that interests you and build up savings in order to buy multiple properties. As Jeremiah said you can use your structural engineering knowledge to your advantage to purchase discounted homes while having some type of knowledge on what is repairable and what is too expensive to do so. Biggest thing is to think about your family first, and to ensure that you can provide them with a stable lifestyle as you transition into real estate investing. Best of luck and glad to see a fellow engineer on BiggerPockets!

NOI will be Gross Rents - Operating Expenses where operating expenses include:

• Taxes
• Insurance
• Water & Sewer
• Utilities
• Repairs/Maintenance
• Property Management

@Account Closed Jeff Brower wrote a GREAT post about his first house hacking deal that he found through direct mail. He included a sample template of that letter he wrote on page 5 of his post somewhere near the bottom. I'd definitely check it out, I thought it was a great template that I will use in the future.

https://www.biggerpockets.com/forums/223/topics/645825-my-first-duplex-fha-house-hack-case-study-with-tips?page=5