All Forum Posts by: Stephen Chaney

I've actually purchased a mobile A/C unit just for this purpose. fairly cheap, and in a pinch it can save you and your tenants some stress. It's about the size of a large dehumidifier and very easy to install. Check them out.

I'm new at all of this, but if I were you, I would wait until my income increases. Just because you wait, it doesn't mean you can't plan. I'd focus on getting your income up, and keep your debt to income ratio as low as possible while still building your credit history. Buying a property isn't just coming up with enough for a down payment. There will be other costs associated with investing, like attorney fees (if you're setting up an llc or if you decided to create your own lease) and maintenance on the building. Depending on your plan, you will also need money for renovations. It's unlikely your first investment will not need any work.

You're young, I wish I had been thinking like you are at that age. I have very much respect for you.

My first complex is a 25 minute drive.

Hey Biggerpockets!

My name is Stephen Chaney. My wife and I are brand new to multi-family investing. Our new company (B&C Commercial Properties LLC) has purchased it's first 6 unit multi-family. Our first investment is located in Highland IL and there are a few other opportunities we are looking at in the same area. We hope to own 10+ units by the end of this yeara and we would like to double the amount of units purchased next year and so on.

My wife and I have been interested in investing in real estate for about five years, we spent a lot of time talking and preparing, and not a lot of time acting. I'm not sure what happened, but something clicked and we jumped into action on our first property. I've spent a lot of time watching and studying groups like BiggerPockets and Derosa group. Immediately after purchasing our first property I sent an email to Derosa group for his Mentorship Monday series. It was a blast to watch and listen to his advice for the future of our company. Here is a link to his video answering some of my questions.

I've created a YouTube channel to document our growth as multi-family investors. My first video I explain how we prepared, how we financed, and what our plans are in the future. I was a bit nervous so there is a ton of missing information. I also did a walk-through of the property and one of the vacant units. If you want to check it out, click here!

Thanks,

Stephen