All Forum Posts by: Tyler Warne

Mine is not getting started earlier or working to maximize my savings to get more capital to work for me earlier on. I think that I thought it would just work out and that at some point I would have money. Turns out, kind of like everything, I had to take action. Once I figured that out, it has just been one foot in front of the other kind of journey. 

-Tyler

@Dave Meyer. What type of feedback are you looking for? What user is this for? 

I understand that it is for the community, but are you targeting a new member, experienced investor, buy and hold or flippers or an institutional investor? Looking forward to helping the conversation along! 

I think that you could take any one of these ideas and do pretty well over time. I do think that W-2 income is a big deal (@Dan Beaulieu) for a while, at least until you are making at least that much from your investments. I also think that you may be able to cut back your work or ask for part time or make it more manageable so that you can enjoy it more while still showing the bank that you have the ability to earn. But these next steps are your intention and your life, you will need to deal with this choice and you will reap the fruits or consequences of your choices. Do what makes you happy and know that you can change your mind in the future (a lot easier with a big bank balance). Good luck and the most important choice is to take action!!!

Well since you just purchased you will need to wait a year, unless a lender would allow you to purchase another primary in the next year. The next one you could buy a 4 unit as your primary, which would expedite the FIRE - if you did one of those a year on 15 year fixed rates as primary residences you could do pretty well. Sounds like you are making some good moves currently though. 

Offering any insight to the appraisal process or questions that investors might have about it. As an investor too, I understand people's frustration at times. Let me know if I can help or offer clarity! 

Good luck out there.

Brrrr as primary residences. Rent your current place and then do it again. I would suggest this because your terms will be better and you can arbitrage the interest rate. Live in Brrr - Even better returns than a traditional Brrr. 1 per year. Low risk low cost - after you season it, you can do that again. If you live in it for maybe 2 years you can hold it for another 3 and then sell before you would need to pay taxes on that money too. Just some thoughts of how I would have done my younger years better. 

I am sure that several of you are very into these and if you were me and could only go to 3, which would you choose and why. 

How did this one turn out? Are you still looking for a buyer? I would take a look at it to see what you might be able to do with it. 

We should meet, I am in this space - mostly buying Commercial, but can do residential too. 

-Tyler

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $210,000
Cash invested: $50,000

Purchased this one in a partnership with my father. I have no money in the deal and it has paid for our families phones since the purchase. Invested $21,000 in Cap X. This gross rents for $2700/month and ahs approximately $1600 in expenses, fully financed, tax, property manager, etc.

What made you interested in investing in this type of deal?

Had some potential to fix and increase rents.

How did you find this deal and how did you negotiate it?

MLS, there were multiple offers

How did you finance this deal?

Commercial loan

How did you add value to the deal?

renovated a unit, re-leased, fixed landscaping.

What was the outcome?

Just had it valued by an agent for $415,000 - but don't have another deal to roll the money into yet.

Lessons learned? Challenges?

This one was a little tricky because the financing couldn't be a traditional mortgage and I had to switch to a commercial loan

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes listing agent.

I thought I had a large mind-shift once I owned. It was around the time that I wanted to get into buy and hold and investing in general, but a side effect that was beneficial was the change one has when one goes from a tenant to an owner - pride, sense of accomplishment, which all added to my self improvement and has since improved a lot more of my life.