All Forum Posts by: Randal Remon

Yes, so its probably best to pass? The property is over 70 years old.

Hi everyone, Ive been scurrying through the country, and ran across a few properties I'm interested to get started in. I found a triplex around 40k (tenants already in it), but needs foundation work, kitchen, br repairs, floors and painting, etc for each unit and its not in the best of neighborhoods, its like almost ok. The owner wants someone to take the payments, and im thinking to do a subject based on contingency with an inspection of course, but id like to have 100% control of the property. My question is would this be a decent potential property to look at? I know this is very broad right now not knowing the other variable factors like cap ex, agreements, etc. Im wondering since this would be my first property purchase, could i get any renegotiations from the mortgage company (lowered interested rate/etc) picking up the payments? And how much do you think id have to invest in repairs (just a ball park figure)? Its around 1600sq ft. Im thinking around 35-40k, but im not sure. I wouldnt want to tie up all my cash either, so if i could get a lower rate loan for like im guess 75-80k (and i might have to put 25% down) maybe thats the way to go? Would love to hear your thoughts?

Originally posted by @Cara Lonsdale:

Welcome.  Please don't feel discouraged.  You have already turned the corner by making the choice to make a change.  Good for you.

LOVE the Rich Dad series.  It's great.  I would recommend Millionaire Real Estate Investor by Gary Keller, and also HOLD by Steve Chader.  Both great books for where you are right now.

Do you own your own home now?  If not, that may be your first goal.  House hacking a triplex or 4-plex multi-unit for you and your mom with 1-2 other units that pay the expenses.  There are plenty of down payment assistance programs out there if you are struggling to come up with a down payment (without liquidating your other investments), and the income from the other units can help you qualify for the property.

That may be the best step for you to at least loosen the tight burden you feel right now.  Using OPM to pay your mortgage would free up some of your paycheck to put toward property #2.

Baby steps....1 at a time.  You'll get there.

This is my first goal as i do not have a home yet, and i dont want to just pour all my savings, however, id bust my butt over to get a down payment. I dont care if i have to drive for uber and use some of my savings if the property makes sense. 

Im not sure of the down payment assistance programs out there (im near the outskirts of Houston), and my income is very low (a good month could be around $1000), i have a crappy job that makes about $600-800, and then i have a passive income from a gig i did years ago that still pays me anywhere from $200-$400/month (it actually pays quarterly but thats what it averages it to), but im willing to put in the work and bust my butt for the down payment. 

Thanks

I appreciate every comment and post everyone has made. I still feel very stressed (also recovering a week after a bad case of the flu), but my hopes are up and im ready to take action. I dont have a home right now, but i feel duplexes would be the way to go.

Hey everyone,

What a way to start my introduction to this community, but currently I feel terrible. I'm near 30, and feel like I made mistake after mistake in life. I'm working a job I could've had out of High School that makes just enough to pay for the monthly bills, and nothing else. Life just feels so stagnant right now.

The only positives I could mention is I busted my butt doing any kind of side business, selling these years, and my net worth is around 100k (without including material items, cars, etc). Not 100k just sitting in the bank, but before taxes and if I needed to liquidate, I could get to that number instantly. I also have no debt (Rich Dad Poor Dad reader) unless you want to count the $500 balance left on my phone into consideration (another mistake I learned from). 

I just feel stuck and trapped at the moment. I don't know what to do. I've been reading the guide that is included when a user joins on here, and feel like I'm learning alot of new concepts. I also read a excellent book by Ken Mcleroy (can't remember the name, but really opened my eyes about properties, how they work, cashflow, capitalization rates, etc). 

I understand Real estate is not something over night, I want to make the burden easier not only on myself, but for my mother (she works extremely hard). It seems like duplexes and wholesale agreements would be to my liking, I just don't know where or how to begin?

Any help or advice would be appreciated. I'm willing to put the work in, I'm just in a slump/kind of depressed right now.