All Forum Posts by: Shawn S.

The best advice I had seen on this was so long as you have enough cash set aside for maint issues and/or vacancy, use any other available funds to buy more properties. Do this until you acquire the number you had your mind set on, then aggressively pay down the mortgages to get them free and clear. That is my plan at this point.

I was actually born on the Missouri side, so oddly enough I root for Kansas first, Mizzou second, and K-State third. So long as they are not playing each other I'm happy to see all 3 schools do well.

Well I am still very much a novice and only just now preparing to close on my first property. It is a SFH.

I grew up in the KC area and know it fairly well. I still have family and connections there so that is a huge plus. My brother is a mortgage banker, one of his best friends is a PM who runs a pretty solid looking company, and his wife is my real estate agent. It made putting a team together a lot more doable. Since that time I have connected with a very solid inspection company who will really tell you the ins and outs of the property you are getting. Also connected with a good handyman and a good pest control company.

As for numbers, the place we got was right about 70k. The estimated rent is projected to be between $850-950, and I think the higher figure is more realistic honestly. So after all expenses we are looking at just slightly under $200.00 per month in cash flow. I'd be happy with $100.00 however on our first property.

Dan P. Welcome. I grew up in the KC area, mostly in Shawnee, so I used to run all around Lenexa. I trust you are a KU fan.

I'm right with you on the reading, keep that up.

As for making 20k grow super fast, I'm afraid I can't help much there. I'm doing the buy and hold thing so it slows things down just a bit.

Thanks guys.

Mehran Kamari, I actually am not investing in Wisconsin. In my area the property taxes are so high it really makes finding good investments difficult.

Another thought is what about making your parents partners in your first venture?

Jenkins Ramon I teach high school.

Thanks for the welcome.

Exactly what James said would be my main issue. I'm closing on my first property in a few weeks and already want to get my 2nd even though I need to find the capital first. Slow and steady seems to make a lot of sense to me.

I took classes in Stevens Point a couple of years ago. Welcome to BP.

I don't know the answer to your question, but I'm surprised they care much where you get the funds so long as you have the credit and ability to make the mortgage payments.

Jay Wright Won't many of the companies that hold IRA funds charge you surrender fees on the money you take out?