All Forum Posts by: Okeoma M.

@Alex Gaw Ooops sorry! About a year from when I started getting serious about REI to when I closed my first deal. I decided on my 30th birthday last October that I needed to get more serious about chasing financial independence and that's when I started really reading and learning about real estate as an option for chasing that dream. The reason it took a year was primarily because it took some time to get our finances together and we were specifically targeting a summer purchase because our target tenants are students and we wanted to have the place in time to do any rehab and hit the prime Aug/Sept moving dates.

@Rony Mueller As far as estimating rental incomes, your agent should be able to send you a list of MLS rentals for comps and you should also check craigslist and local property manager websites. they key is to find out how people in your target area are finding rentals and then it's easy to just check those sources to see how others are pricing their properties. Once I had a property management team onboard, I would do my own due diligence but I could also send them a listing and ask them for rough numbers.

@Vincent Crane

4-plex

Purchase price: $105K

Financing: 30 yr. @ 4.5%. 25% down = mortgage ~$400

Taxes & Insurance: $305/mo

Rental income: ~$2000/mo

Units are all occupied so no upfront rehab costs.

Tenants pay utilities.

@Alex Gaw The first step was to consume as much content as I could. I read books, attended webinars, listened to podcasts, etc. It quickly became obvious to me that buy and hold made the most sense for me because what I want is cash flow to supplement and eventually replace my income. Then it's really just a process of working backwards. Figure out what your goal is and how you can break it up into manageable steps. I found it really helpful to set clear actionable deadlines (like analyze 10 deals a week, reach out to 4 lenders by May 1, etc.). Once you get started feel free to PM to chat in further detail. Good luck on your real estate journey!

@Albert G. Hah. I'd settle for a SFH for $100K!

Welcome to BP! Look forward to seeing you on the forums.

@Adil Oghlan That's great! Having a spouse along for the ride will be a big help. My husband is super supportive but def not interested in getting involved (yet!) Good luck and I look forward to hearing more as you chase your real estate goals! 

@Hersh M. There are also three colleges in Abilene and a satelite campus for a fourth (Texas Tech). I was drawn to Abilene due to the student population and the property I bought is walking distance from one of the private universities but is not currently occupied by students. There's also a hospital that provides a small but stable tenant pool. 

@Don Washington III congrats on making the decision to invest in real estate and joining BP is a great first step. My three tips would be:

1. Educate yourself - I got a kindle and for $10 a month kindle unlimited gives me access to so many great ( and not so great) books on business, REI and financial independence. I also listened to every single BP podcast, attended every webinar and took lots of notes.

2. Network - I spoke to anyone and everyone who would give me some of their time.  During the process you'll have to speak to a lot of people (lenders, appraisers, insurance providers, property inspectors). I asked every single one if they had investment properties and many said yes and we're excited to talk shop. I even got a tip from an insurance broker who gets his best leads from the mailman! I also networked with tons of folks on BP. There are so many people in this community who are willing to take the time to answer questions and share their experiences.

3. Understand the numbers - do not pull the trigger until you are sure the numbers work. You understand why the work and you have a clear exit strategy. Then run the numbers again...;)

Good luck! Feel free to PM me if you ever want a second pair of eyes on some numbers!

@Brionne Moss Congratulations on the birth of your son! I always say that my kiddos are my "why" not my "why not".  Good luck!!

I must have been typing my response when you asked but here are the basic numbers again.

30 yr. @ 4.5%. 25% down  = mortgage ~$400

Purchase price: $105K

Rental income ~$2000/mo

Units are all occupied so no upfront rehab costs.