All Forum Posts by: Mitchell Loukusa

@Yosef Lee

That's an amazing first deal!

I love the way you highlighted the beliefs that were holding you back and how you crushed them.

I'm still in the 'new to real estate' phase and working on getting myself the education and tools to do my first deal, so hearing from someone just ahead of me that did such a large deal is really cool!

@Stewart Beal - when I graduate in May, we will likely have less than $2000 in reserves. I like to have more than that on general, but we've had some medical expenses recently that chewed into our cushion.

For our first property, I'd like to house hacka 2- to 4-plex. If we can build enough cash for the purchase, any initial rehab, and sufficient reserves, we'll be able to save significant money on rent each month. We initially planned on renting for another year, but figured that if we will be living in an apartment type space for another year, it would be very rewarding to pay ourselves rent rather than paying someone else.

@Corey Hawkinson - Thanks! The fact that so many people are willing to share their advice and experience is inspiring.

@Brian Lieberman - Thanks! I recently listened to that one and enjoyed it a lot.

Hello,

I'm Mitch Loukusa, a newbie real estate investor in Buffalo, MN. I'm in my final semester of a Mechanical Engineering Degree, so up to this point I have been learning through reading, listening to podcasts, etc. I'm interested in getting into Buy-and-Hold Rentals.

Here are some of my goals:

1. 1. Purchase first property by September 2021.
2. 2. Own 10 rental units by the end of 2026.
3. 3. Maintain $200/month cash flow on each Unit
4. 4. Reach $100,000 in Yearly cash flow by 2030.

What I'm focusing on right now: Goal #1 - Purchase first property by September 2021.

My wife and I are currently renting a small 2-bedroom unit in an 8-plex, and our lease ends at the end of the summer. We've thought it would be ideal to be able to purchase our first rental property by the time our lease runs out. This at first seemed very challenging, since we're both in school right now and are only able to work part-time (I graduate in May and have a full-time job lined up). I very recently flipped the switch in my mind from "Will we be able to buy by September" to "How can we buy by September." With that mindset, I'm trying to learn as much as I can to meet our goal of purchasing by September. I'm currently reading Brandon Turner's book on Investing in Real Estate with No (and Low) Money Down. If anyone has suggestions on books, podcasts, tactics, or people to get in touch with to help in this area, I would love to hear them!

On a personal note: some of my hobbies are sports (especially Volleyball, Spikeball, and Disc Golf), Board Games, and Skiing.

I'm excited to be on BiggerPockets and look forward to making connections with and learning from the amazing people on here!