All Forum Posts by: Tony Ruiz

Not new BP been on here and reading for a while first time posting. I have saved enough money to have some money down on a rental property but do not know where to begin. I have read a couple different opinions on purchasing a property in your backyard but my location is fairly expensive to purchase a home. Not to worried about having a property manager and having less cash flow because from what I've observed from podcast and other investors is once the ball gets rolling it is a lot easier to keep going. Any input, tips, or recommendations is very much appreciated thanks in advance.

I'm fairly new, Tony, as my wife and I started with our first SFH this year, and we're in an expensive area also. If there is anything I learned in the process, it's make sure everything is about numbers and not your emotions. Don't be so excited to start that you end up buying a bad deal.

Often, it's mentioned on the podcasts that your first rental will not make you rich. It's about the education. For me, I eased in with a rental-ready property that does cash flow, but just not that much. My plan is to learn the ropes with the rental side of things before, perhaps, diving into a BRRRR, and, so far, it's working out well to start in this manner.

Hopefully you find the right way to do it for you! All the best of luck to you!!

yeah I do understand that the first one doesnt get you rich but that will be a foundation for the future I believe. It seems as if we have similar goals that exactly what i have in my plans.

Maybe we can bounce some ideas off each other once I get started. Thanks for the response

0 Votes

Originally posted by @Joe Villeneuve:

Originally posted by @Tony Ruiz:

Once the ball gets rolling is a metaphor as once you get your first deal or two obtaining more deals is easier. As in strategies do you mean different ways to make money in real estate or different strategies to get the funds for a deal or both. I have a plan already for goals so I understand what I need to make to get there. Thank you for the reply and input

Yes, I know that it was a metaphor, I just wasn't sure how you were applying it to REI.

Yes, to both questions regarding "How Money Works", and more than just that.

When you say you have a plan, does that mean you have each step in that plan laid out, in order, with each step leading to the next step, and with every step's criteria being the bases for the decisions you make regarding each previous step?...or,...do you mean you just have a set of financial goals?

From the podcast it talks about it gets easier because after the first deal you get confidence, equity, and if done correctly cash flow. I have a financial goal but I like that layout of a plan a lot better thanks for the feedback.

0 Votes

All Forum Posts by: Tony Ruiz

Tony Ruiz has started 3 posts and replied 14 times.

Post: First Rental Property

Post: First Rental Property

Post: First Rental Property

Post: First Rental Property