All Forum Posts by: Ryan Peach

Congratulations! That's such cool news! I'm in the local Evansville market as well. I'd love to get connected some time. Hit me up!

Lots of great advice to think on. Thank you BP crew!

I have roughly $30,000 in my 401k. I recently changed jobs and they do not offer a 401k program. After listening to Grant Cardone and the BiggerPockets podcast I am contemplating pulling this money ($26,500 after fees) and use it to put a down payment into my next REI. Yes? No? Why?

ERS Management in Evansville manages my two properties. Not sure if they reach to Chandler. They do great work.

I am interested for sure. How do I get your my email address? Send me all the info you have. I would love to come take a look.

I live in Evansville Indiana and have bought my first two single family investment properties in the last year. Together I net roughly $500 a month and have really enjoyed my experience. I recently stumbled across a Quadruplex that is selling for $230,000. It's in a good (not great) part of town and the tenants have lived there between three and seven years. Three of them rent for $625 per month and one rents for $725 per month. I would get a construction loan for the property which means I would have to put no money down. $2,600/month in rent sounds great, but after running the numbers (i.e. mortgage, insurance, taxes, 10% for property management) I would only net $75/mo per unit. This property has little to no upkeep done since the owner bought it 10 years ago. It would need some serious cosmetic work if a tenant moved out. I love the idea of owning 4 doors and not 4 separate houses, but not sure of this is the right deal for me. Can you help?

IKEA butcher block. Done! Inexpensive and gorgeous. 

@Allen Thomas I totally agree! If I had earned as much money as experience I would have been rich. I had three really huge takeaways:

1. Hire an experienced realtor. 

We used the same individual on both houses and learned the same lesson twice. He was a friend of ours so we wanted to give him the benefit of the doubt, but once both deals were under contract he became more concerned about pleasing the other realtor and their client then looking out for our best interest. Never again! We now do our research and find top realtors for the type of property we are looking for. 

2. Fight for every dollar.

What I mean is that, whether in the buying, selling, or renovation process you have to push hard for the best deal possible. The first house we took a lot of things at face value and really struggled with the budget because of it. The second home we did much better. We fought for closing costs, better estimates, and put it a lot of sweat equity to keep costs low. We realized that if you fight for an additional $500 at every step in the process (i.e. purchase amount, closing costs, renovations, sell price, closing costs) then that's at least $2,500 in savings. I can think of a lot of things to do with $2,500!

3. Set goals for every property

I felt like our first two properties we were just flying by the seat of our pants. We didn't do enough research and therefore didn't set realistic goals, if any goals at all. We just put an offer in today on what would be our third property and we have done much better about hiring the right realtor, checking comps, getting quotes, and setting goals. This has allowed us to breathe much easier knowing that if we stay within the guidelines we set for ourselves, then success is almost inevitable.

What about you? Any great advice or learning experiences?

@John HeffrenI have a friend that lives in Oveido that has been a REI for the past five years. He is a great guy and a savoy investor. I'd love to connect you. Shoot me a DM and I'll see if I can get you two together.

We slow flipped two homes over the past 5 years and had some good results. We only got out of the first home what we put into it, but didn't lose any money and it sold quickly. We moved into the city and just sold our last home in December. It also sold quickly and we made around $15,000 on top of what we put into it. We had around $50,000 in hand so we decided to put $45,000 towards getting out of debt and set $5,000 aside for our next project. We currently live in an apartment (very short term) and have just put an offer in on our next home. The potential is good, so I will keep you posted. Happy Flipping!