All Forum Posts by: Royce Haynes

@Scott Trench I also found this post useful in hearing how people got started:

http://www.biggerpockets.com/forums/12/topics/3037-how-did-you-start-

@Scott Trench - You share a similar story as I. I live downtown Denver and recently became interested in a buy/hold portfolio. Would enjoy syncing up and learning what areas your scoping. I have an eye on north of Five Points.

My wife and I would like to mortgage a house in Denver. However, the house we like is $360k and we dont have 30% to make as down payment. It would take us at least 4 years to save that much and we'd rather wait than buy now.

The option of putting 3.5% down with a government loan is attractive, but our monthly payments would be high and we would have interest on 96.5% of the money loaned. Expensive.

We also thought about buying a condo/townhome, but feel that would be a segway away from saving for "the house."

I'm curious if it'd be beneficial to wait until we can put a 1/3 down on a house or take advantage of low interest rates, and put down 3.5% and get the house we want?

Note: I'm assuming that interest rates will be higher 4 years from now.

Suggestions/opinions welcomed...

Twyla,

Well, i'm not to sure when I would want to get started. But as soon as I grasp sufficient knowledge on REI, i would like to start asap! So, I just recently turned down purchasing a condo out in Shawnee, KS. I felt a little uncomfortable purchasing since I am new to the area and I am new to the "real world." So, right now I'd rather rent before I start making big investment decisions.

Anyway, what I would like to do (eventually) is buy a duplex or a triplex, live on one side, and rent the other(s). I feel this would be a simple way of starting my REI endeavors. Currently, I plan on renting 6 mo to 1 yr just to, initially, get established and have a more money in the bank. I also feel this would be a good time to familiarize myself with the Johnson County area. I'd like to do this within the next 1 to 2 years.

My questions to you are;

1. Is this a good idea for the given area (Johnson County)?

2. Do you know people in the Kansas City area that have done this before? If so, are they willing to share their experience and answer any questions I may have?

3. What are the disadvantages of this idea?

4. Are there tax breaks when buying a duplex and living in it?

5. Do you know of any reasonable contractors?

Hi Twyla,

I just wanted to introduce myself to you. My name is Royce Haynes and I am fresh out of the box new to real estate. I have yet to begin my ventures in real estate. I am graduating this Dec from K-State from the engineering college. I am coming to Kansas City, KS to work for Sprint Nextel as a Network Engineer. I am interested in flip/rehab and/or renting places. I'd like to get a better idea of the market in kansas city. I would guess you would be a good resource for that?

biggerpo -- I am a new home buyer. I'm in the process of purchasing a condo in Kansas City, KS. I am interested in renting my condo after awhile and also rehab/flipping houses. Could you just expand more on how you experience living in a condo was and maybe even give me some advice on what I may expect when moving into this condo. I haven't signed the contract yet but I will be this weekend.

Take care,

royce178