All Forum Posts by: Ryan Mahoney

Welcome to Bigger Pockets! It seems you have quite an interesting back story. I too am just getting started in real estate investing after at least partially looking to diversify my investments. I invest in a couple REITs but I want something I have direct control over. I hope the unexpected expenses are just beginners bad luck and you start seeing the returns you hope for soon!

I close on my first investment property this Friday (June 22). After listening to the first year of podcasts (up to ep. 104 now) and reading several of the recommended books I felt confident enough to start looking and put in an offer after a month or so of viewing properties. I ran the deal I ended up getting through the Bigger Pockets buy and hold calculator and took the PDF to my loan officer. He stated That I seemed very prepared and my organization and presentation along with solid numbers made it very easy to approve me for a loan. I want to thank Brandon Turner and Joshua Dorkin for the Pod Cast. I was constantly looking up terminology in he early episodes and I felt it help give me the knowledge and confidence to pull the trigger. I also want to thank the Bigger Pockets team for the calculator. It was awesome to be a first time investor and have a commercial loan officer tell me I obviously know what I am doing.

Any idea on when “coming soon” states will be posted? I close on my first property this Friday (a duplex) and would love forks for Nebraska.

Hi Jake. Fairly new here. Just bought my first duplex which I will close on next week. Start listening to the podcasts and read some of the guides on the sites. It’s a great way to start getting ideas and learning the lingo.

@David A. - I have not flipped. I thought about it looking at some homes that were selling for under 60K with comps of homes that were in better shape in the 100-120K range. Decided to pull the trigger on the duplex as I should be getting an Cash on Cash ROI of 18% on it.

Hi David. I just purchased a duplex in Hastings. Costs can be low but a lot of properties are older. Be sure to do solid due diligence and get quality inspections. Hastings and Kearney in particular have decent sized college student bases which can give you a good rental pool if you are willing to rent to that group. From what I see rentals are in demand and flipping affordable housing could be lucrative as housing tends to be higher end or low quality at the starter level. An affordable, good looking home would sell fast.

@John Thedford- Thank you!  

@Dave Van Horn - So true.  It felt good to do the research, put in a bid, and finally pull the trigger.  I still have work to do, but at least I am getting started.

@Scott Harper - Good advice.  I plan to speak with an attorney about my lease agreement and will do a thorough walk through and make tenants sign and initial all parts of the lease.  

@Kevin Moules - Good luck to you as well.  It is exciting to actually be putting what we have read and listened to into action. 

After reading Rich Dad Poor Dad (I know - the cliche starting point for all of us), reading a few more books, listening through the first 70 Bigger Pockets podcasts all in the last 4 months I put an offer in and bought my first investment. A 2 story side-by-side duplex. 3/1 each side. Going to do some minor fixes, add a 1/2 or 3/4 bath in the basement of each unit, and start my adventure as an investor and landlord. Thank you bigger pockets for the motivation and education to get me started.

Hello all.  I am looking to get into my first investment.  Currently, I am exploring the possibility of partnering with my brother on the purchase of a duplex.  The tentative plan is for the duplex to be in his name with myself as a co-signer (my credit is better but he can use traditional financing as a first time home buyer).  I would gift him the down payment which we agreed he would repay interest free when the home was sold or anytime before that point.  We would like to set it up where he can take a mortgage interest deduction as the owner.  He would be responsible for the mortgage and would keep any equity the property gains at future sale.  We would split the rental income on the other side and split any costs that relate to the rental side.  Any whole property costs such as a new roof etc. would be 25% my responsibility.  

At first glance I would appreciate any thoughts on this arrangement.  Not sure what the tax implications and mortgage deductions on a owner occupied duplex would be along with having myself on the note as a co-signer.  Additionally, because we would split the rent from the other side would this complicate our tax situation?  Would either of us be able to write off expenses and depreciation?  Would we be better served having him take the the rent and paying me 50% as the property manager?  Any other thoughts on this possible situation or better course of action would be greatly appreciated.  

Dana, when you first approach the person living in the house face to face be sure to take someone along just to be safe.  You do not want to risk someone lashing out against you.