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All Forum Posts by: Sam Washburn

Sam Washburn has started 3 posts and replied 9 times.

Post: A Realistic Goal? 10k/month in 10 years

Sam WashburnPosted
  • Toccoa, GA
  • Posts 9
  • Votes 2

@Cory Binsfield Ah, yes that makes sense. 20 properties at $500/mo sounds like a good target. Thanks for the book recommend, I went ahead and ordered it.

@Account Closed Heheh. Yeah, I'm getting that picture. I'm all for doing something right.

Post: Possible First Deal

Sam WashburnPosted
  • Toccoa, GA
  • Posts 9
  • Votes 2

@Jon Holdman Great analysis. I see my mistake in the calculations. Thanks so much. And It's good to know what's too small.

@Patrick L. This is a great point. Thanks! I'll now be looking for something with higher rent.

Post: A Realistic Goal? 10k/month in 10 years

Sam WashburnPosted
  • Toccoa, GA
  • Posts 9
  • Votes 2

Thank you all for the *great* info and insights! It seems like I need to step up my capital a bit, or at least pay more into it month-to-month; which is fine.

So I'm eager to jump in and I found a property that I'd like some advice on.

I posted about it over here: http://www.biggerpockets.com/forums/88/topics/126279-possible-first-deal

Thanks again!

Sam

Post: Possible First Deal

Sam WashburnPosted
  • Toccoa, GA
  • Posts 9
  • Votes 2

For those who don't know, I joined BP yesterday, and have only even considered REI in the last week or so.

So, I was thinking of starting with something I can play around with that wouldn't hurt too bad if I really screw something up.

Here's what I found:

2BR/1BA for $32500 ~850sqft, I'm thinking of offering $26k

I drove over there and peeked in the windows and it seems well maintained with nice windows, bath(what I could see) and carpets, also the roof and siding looks good to me.

There was an apartment down the street, that looked about the same size, with a rental sign out front that said $450/mo.

I found it on HomePath.com and they say I can get it for 5% down. Is that right?

Ok, so here are some rough numbers I've calculated. (I hope I'm doing this right)

Rent: $450

50% rule: $225

Down Payment: $1625

Closing Costs: $3000? (I'm not sure how to calculate this, but the last time I refinanced my own house it was about that much).

P&I for 30yrs at 5% would be $191

Out of pocket: $4300? (Not sure if I'm missing something obvious)

Cash Flow: $69.30 / month (low, i know)

Cash over cash: $832 / $4300 = 19%

Did I do that right?

Thanks for helping me figure this stuff out!

Sam

Post: A Realistic Goal? 10k/month in 10 years

Sam WashburnPosted
  • Toccoa, GA
  • Posts 9
  • Votes 2

@Russell Ponce Thanks I'll check that out.

@Justin Schwartz I am in an area where <$100k homes are not unheard of, but maybe that isn't what I should be looking for? Maybe I need to double or triple the capital before I start?

What do you guys think?

Post: A Realistic Goal? 10k/month in 10 years

Sam WashburnPosted
  • Toccoa, GA
  • Posts 9
  • Votes 2

@Cory Binsfield Great to hear! What do you mean by "tightening your goal as you start"?

Post: A Realistic Goal? 10k/month in 10 years

Sam WashburnPosted
  • Toccoa, GA
  • Posts 9
  • Votes 2

Thanks @Shawn M. I totally *want* to do it! lol.. Just wondering if it's honestly realistic.

But thanks for the encouragement, you're right that a lot of this is having the motivation. :)

Post: A Realistic Goal? 10k/month in 10 years

Sam WashburnPosted
  • Toccoa, GA
  • Posts 9
  • Votes 2

Hi I'm a total newbie. All I know right now is that I want to build passive income through rental properties.

So, I'm just going to throw this out there as a starting point to help me set some expectations...

I currently have about $10k to play with right now (and probably could allocate more if needed) and in 10 years I would like to be making $10k per month in rentals.

I also have quite a bit of time to pour into this. I work from home at night and have nearly every afternoon/evening available to work towards this.

How realistic is this goal?

Thanks! I'm looking forward to interacting with you all more as I learn the ropes.

Sam

Post: Hello, My Name Is Newbie

Sam WashburnPosted
  • Toccoa, GA
  • Posts 9
  • Votes 2

Hello everyone.

I'm a computer programmer who, for the last five years or so, has been working from home doing contract work. It's been a great experience and I can't see myself going back to work for The Man.

Then it hit me hard the other day... I need to prepare for retirement. After scouring the web for options, I've decided that real estate investing is the direction I should take. I'm not sure of a focus beyond that at this point.

I am very inexperienced, but I am here to ask questions, learn, and act.

I'm looking forward to learning from and interacting with many of you.

Sam