All Forum Posts by: Michael G.

Hey there all! 

I have just begun my real estate journey and I had a simple question. 

Is there a type of flooring that is durable, appealing, and cost effective?  

I was thinking Vinyl or anything else that could be used throughout the property minus the bedrooms. Please, let me know what you guys think.  Thank you for your time! 

@Trent 

@Trent Currie Good to keep in mind.  Thank you. 

@James Masotti Yeah, I guess you can never discount the maintenance/property management expenses (I'm guessing thats what CapEx is?). And that's what I've heard so many times ; The first deal is the scariest thing imaginable and the second is nothing!

Thanks for the input guys.

Hey BP, 

I would like to receive some advice on a potential first buy and hold property.  A little about the area:

Its in a class A neighborhood.  Great location, great town, near a major city. 

It is a condo.  1 bed 1 bath, 900 sq ft.  Listing Price 73K ( I think I can get closer to 65K )

HOA: 265 Prop taxes (annual) : 1387.13 Insurance (estimated) : 55/month

Estimated Rent : 950 

Tenet pays for utilities.

I accounted for 2 months vacancy as an overestimate in my calculation. 

11,400 (rent) - 3180 (HOA) - 1900 (est. 2 mo vacancy) - 1387.13 (annual taxes) - 660 (Insurance) - 404 (estimated mortgage payment with 20% down) = 3868.87 Cash flow

Is this a safe first buy/hold or are the numbers a little tight?  Rent/insurance/and vacancy are all estimated and possible to change. 

Just wondering about everyone's first thoughts. 

Thank you for your feedback and keep in mind: FIRST DEAL (#'s may be off)

Thanks @Joshua Malik I'll start listening on my drive to/from work. 

@Rebecca Knox I will definitely look into going to the REIA meetings at a minimum of once per month. That sounds like a great place to start learning and networking. Thank you for your input, I really appreciate it.

And a quick question for everyone: I know most people here are invested in RE but, how much of your investments are allocated to the stock market/other investments? If someone has an example of a percentage of their breakdown, that would be greatly appreciated.  

 I am rather new to investing in general so I would love to hear that breakdown if possible.  Thanks everyone! 

Thank you @Sean O'Gorman

Hello everyone, 

I'm very happy that I found this forum.  This is a great avenue for learning and future success.  I am very new to RE investing (have never completed a deal) and am in the learning phase.  At this point, I am doing my best to soak in as much information as possible and learn about the area of Milwaukee (hopefully other people/networking).  

A little about myself: I have a full time job in healthcare and am looking to broaden my horizons and learn about RE investing.  I am looking for opportunities that are low maintenance/more passive income situations.  Due to my full time career, my time is quite limited during the day and if there are any suggestions as to what type of investment would be the most beneficial, I'm all ears. 

If anyone has any resources, books, networking events, or anything that they wish they had when they were starting out, please let me know. 

Thank you in advance and I look forward to connecting with everyone!

Happy to start my journey, thanks for the post!