All Forum Posts by: Taylor Stamm

Thanks Mitch, I am still in college and do not own any properties yet, but I believe that with the costs drastically coming down annually on solar panels, the efficiency of solar technology going up, and the tax advantages (at least Florida has these advantages) that there is a great long-term potential of utilizing solar energy at rented out homes, especially in large multi-unit apartment complexes.

I plan on starting with buying small multifamily homes and eventually moving my way up to large commercial multifamily homes. My plan is to calculate how much energy I would need to produce with solar panels so that most, if not all, of the energy consumed by the rental home could be supplied directly from my solar panels. I would put in the lease that the tenant pays utilities to me for energy consumed by these solar panels, and have them set up conventional power grid utilities in their own name just in case the panels do not supply sufficient enough energy for the day. Obviously the tenant would only pay for what he uses, and I would charge the same price, if not slightly less, than what the utility company charges. I eventually could buy rooftop pv (solar panel) systems in bulk, and by the time I can afford this for commercial multifamily complexes, I assume that the solar panel prices will have drastically decreased.

Hello BP, has anyone had any experience installing rooftop solar panel systems to their rentals and charging tenants for the energy usage in order to increase cash flow? How did this work out for you? If you have not done this before, then what are your thoughts on this idea? 

In my opinion, if you did the math and can truly afford the car, then I would go for it! As an electrical engineer, Tesla's have always fascinated me, and I believe that the model 3 is the best $35k-$45k sedan that one can buy. (Except for long drives due to the time it takes for charging). 

My friends consider me the most frugal and best with my money out of the group, and I believe that one should make smart financial decisions (buy assets and limit liabilities); but even I believe that we should treat ourselves sometimes and reward the hard work it took building such wealth. At least take a look at used models and see if there are any good deals, but whatever you decide on, I hope you enjoy it!

Hello BP, I am planning on building up some good REI contacts in the Brevard County area of Florida (Especially in Melbourne/Palm Bay) and was hoping I could get some recommendations for real estate agents, property managers, and contractors. Also if you know of any meetups in the area, I am interested in attending networking events!

 Okay, great! Rentometer almost seemed too easy to use for me to initially trust it but I am glad to hear that you had success with it. I will definitely use it as a source then. Thank you!

Hi everybody, when you analyze a potential residential rental property deal, what do you do to analyze the "market price" rent for that kind of house in the area? Does a website like Rentometer work well, or is there an easy way to see the price of similar currently rented properties in my area?

I understand, I appreciate your input Jerry. Great to hear! I didn't realize my education would count towards that requirement.

 Thank you for your input Aaron. Will do, the 5+ units were going to more be something for the future. I will keep doing research.

Hello BP, I am currently 23 years old and will be entering graduate school next year in Tallahassee, FL (FSU). I have been researching REI and practicing analyzing potential deals over the last year. With all of this newly built knowledge, I am itching to start buying and renting out multifamily homes so that I can build practical experience in the field and start my journey to building a large portfolio. I have analyzed several deals that I would have potentially went forward with if I had the money, so it is a little frustrating to see these deals slip by while I wait for a "real" salary after graduating. I have been looking online at 2-10 unit multifamily homes to start, which I see typically cost about $50k - $100k per unit in my area (Tallahassee or Melbourne/Palm Bay) without any negotiation.

I do not want to wait to start this journey, but I understand the necessity of money in REI; so I wanted to hear some opinions on whether it would be too ambitious or not to start REI so soon, and especially without a large income. I currently have about $10k invested in the stock market that I can pull out, and will be working in a research lab making about $20k next year. I will be graduating August 2020, and will be expecting to be making a salary between $70k and $90k in Florida.

So my question is: is there any feasible way that I can start getting funding and investing in multifamily homes now without a decent income, several consecutive years of full-time working experience, or previous REI experience? Should I wait until I make a consistent salary starting in 2020 and can save more money for this, or is there a feasible and sensible way that I can start sooner?

My plan is to do both. I will raise steady income with an engineering salary and supplement that income with REI until it's at the point where it's more like my salary is supplementing my REI income.