All Forum Posts by: Ryan Auber

Hello All!

I just sold my rental property, I am near the end of the closing process and getting my funds put into a 1031 exchange escrow.  

Ideally, I am looking to purchase two single family properties off of these funds.  I have enough capital for one 20% down payment, but not for both.  Ideally If I could get away with 20% down and a 5% down, I'd be able to afford both.  

Does anyone have any creative ways on how I could accomplish this?

Thanks in advance!

Ryan

Hey fellow BP members,

Time is getting closer and I am looking to buy my first rental property. I'm 22 years old and would like to pick the brain of successful real estate investors. Currently I am working full time saving as much money as I possibly can. I pretty much have no bills living with my father at home making roughly 50k a year. I really am curious on how to go about this...

• Obviously I need 20% down, which wont be a problem here shortly.
• I want to spend around 40k-60k on a foreclosure home to get the best deal. Some work needed done to the house like drywall, paint, carpet, kitchen, bath, room work.
• Seeking for advice on how much money I should have stashed to spend on fixing the house and also for emergency funds.
• Once i get the house, I would like to live there for 2-3 months fixing the property and going from work from there.
• Once i get a tenant, move back in with my father, refinance the home and find another one and repeat..

Yes I know I am young but I've really taken the time and held off on not staying on a college campus or making stupid young purchases. Right now Im debt free, and willing to take a risk early in life where I don't have much to lose. Goal is to have financial freedom, and be able to quit my full time job. If anyone has any advice for me please please reply to this thread. If anyone would be willing to give me tips along through my journey please shoot me a pm to stay in contact. It is very appreciated.  

Also i posted this in the wrong section on the fourms prevously.  Hoping someone will delete that one shortly.

Thanks!

-Ryan

 Thats very true and something i've never really looked into.  Im definetly going to look into that. Thank you for your input!  Also i saw i posted my thread in the wrong fourm, is there a way anyone can move this for me?

Hey fellow BP members,

Time is getting closer and I am looking to buy my first rental property.  I'm 22 years old and would like to pick the brain of successful real estate investors.   Currently I am working full time saving as much money as I possibly can.  I pretty much have no bills living with my father at home making roughly 50k a year.  I really am curious on how to go about this...

• Obviously I need 20% down, which wont be a problem here shortly.
• I want to spend around 40k-60k on a foreclosure home to get the best deal.  Some work needed done to the house like drywall, paint, carpet, kitchen, bath, room work.  
• Seeking for advice on how much money I should have stashed to spend on fixing the house and also for emergency funds.
• Once i get the house, I would like to live there for 2-3 months fixing the property and going from work from there.
• Once i get a tenant, move back in with my father, refinance the home and find another one and repeat..

Yes I know I am young but I've really taken the time and held off on not staying on a college campus or making stupid young purchases.  Right now Im debt free, and willing to take a risk early in life where I don't have much to lose.  Goal is to have financial freedom, and be able to quit my full time job.  If anyone has any advice for me please please reply to this thread. If anyone would be willing to give me tips along through my journey please shoot me a pm to stay in contact.  It is very appreciated. 

Thanks!

-Ryan

@Jordan B.

Very true, I like that idea, and I forgot to mention.. I do live at home for free, so i am planning on banking a lot of money and putting it into a property very soon.  I am going to put some more research into multifamily homes like you said, I need to explore around and maybe consider a multi instead of a single family home.

@Caleb Heimsoth That's what I plan on doing once I get in the job,  Did you do a 15 year or 30 year loan? 

Will do man, plan on being super active here in this community, also would like to hear what you end up trying also.

Cheers and goodluck

Hello everyone from BiggerPockets,

Since this is my first post, I'd like to give you a little background of myself.  I am 21 years old, living in Ohio, looking to get into real estate as young as possible.  I am on my last semester of school until I get my associates degree in Automation Engineering.  I also have a job lined up after school where I will be making 70k a year(salary without tax) this upcoming spring.  I have been heavily researching and listening to podcasts while I work my part-time job and also when I make my drive to school.  My goal as a real estate investor is to eventually quit my full-time job and earn a passive income through real estate.  Anyways, I'm here to get any advice from experienced people.  As I am a newbie to real estate.. I have several questions hoping the BP community could lead me into the correct direction.

Since I am securing a pretty well paying job with zero debt, I am curious on how I should go about purchasing a rental property. I want to focus on a single family home a first and try the BRRR strategy, Im not sure if I should wait and save up to buy my first property in cash, or to finance a property with 10% down on a 30 year loan and buy multiple. Like I said above, I want to replace my income with real estate, I am just trying to find the best path to go about this and the fastest way to add properties into my portfolio.