All Forum Posts by: Tyler Daly

@Mac F. Wow yeah I’ll definitely have to run those scenarios! Option one is definitely attractive, I’ll play around with that one first... as far as my partner and I go, we’ve developed a level of trust so deep that even if one of us meets someone and moves away, we would still make this happen. Neither of us are in a rush for that just yet... living the bachelor life is pretty awesome ;D

I appreciate your input and will be happy to share any updates I come across!

@Anthony Gayden I owe a little over 60k but here’s the catch: my dad works a very good job, and he told me that he’s willing to “help” me pay it off faster. So I think he will be throwing a good chunk of change at it along with me so I think it’ll be paid off relatively quickly

For context, a quick background.

I’m 23 years old, just graduated from college, making 45k a year (going to be relatively open here about finances because I want the most accurate feedback)

I have about 60k in student loans that I’ll have to start paying back in December. No credit card debt, rent of 600/month with my roommate and soon-to-be real estate investing partner, and very low expenses otherwise.

At 16, my dad opened a Roth IRA account for me, and today, the account is worth 4 times the amount it was worth when it started, well ahead of the average "double every 7 years" rule of thumb. Needless to say, I'm a firm believer in contributing as much as you can as early as possible to see that money compound every several years.

That being said, my roommate and I are "on the clock" with our investment plans. We just signed a 1 year lease that drops to a month to month agreement September of 2020 (a benefit to us if come a year from now, our perfect property isn't on the market). Therefore, we are trying to aggressively save as much as possible between now and then to have a sufficient down payment (hopefully 3.5% with a FHA so long as we can qualify) and enough to cover closing costs and some reserve money for any unexpected circumstances.

With student loan payments on the horizon, I've been contributing about $500 a month to my Roth IRA in anticipation of having to cut back dramatically in 3 months.

My question is this: should I keep investing into my Roth IRA during my student loan repayment/saving for our first property or will losing a year to a year and a half of contributing really hurt me that much in the long run?

Thanks in advance for taking the time to read through this and provide your thoughtful input! It’s gonna make a young, hungry entrepreneur very happy :)

@Brandon Ingegneri thanks Brandon! While we are saving for the short term for that first purchase, I like what you said about reverse engineering our goal! Over the next year or so my roommate and I will diligently discuss our financial independence goals and through that we will find exactly the point at which both of us will be free to do what matters, a key driving factor of this whole ordeal! I’m excited to get started and even more humbled that I’ve locked myself into this at the age we are at!

@Frank Patalano Thanks frank! Hope to meet you soon too!

@Brian Allanbrook hey Brian! Thanks! I currently work an 8:30 - 5 desk job as a technical sales advisor. I love the people, the work (for the most part), and the challenges it presents me. I've learned a lot in the 2.5 months I've been with the company. But what I DON'T like is working my tail off to put more money into someone else's pocket, and sitting all day... I need to be out, chasing deals, working with contractors, getting my hands dirty, the whole nine yards!

I'm sure this is where the sudden drive to get into real estate stemmed from (well, that and my reading of Rich Dad Poor Dad, of course)

I will definitely keep the job I have now as my primary vehicle of income, but I would ideally like to switch jobs into a leasing professional or agent role (I love going out and earning certifications, I did it last summer to become a NASM CPT, so a Real Estate License would be a whole other challenge!)

I look forward to connecting and meeting you someday soon!

@Anthony Thompson wow that was very poignant! We definitely plan on forming an LLC! I graduated with a Bachelors of Science in Business Administration in Management, which taught me a lot of the basics of business law, management, etc. However, the main thing I took away from my time in school was the importance of surrounding myself with people who have complementary skills where I am otherwise weak -- therefore, I would love to hear some recommendations of local attorneys you might recommend?

Thank you for your time responding to this, it is very much appreciated!

@Anthony Thompson thanks Anthony! I sent you a request to connect. I look forward to speaking soon!

Hi All!

I posted several weeks ago when my curiosity was first piqued in the world of Real Estate. Now, I've developed a more defined plan that has me in the market within the next 1-2 years for my first rental property. I am a recent graduate of the University of Rhode Island, and my roommate (and also longtime friend from college) and I are quickly preparing to purchase our first property.

We were both fortunate enough to acquire well-paying jobs straight out of college, and being bachelors, have very little expenses (though student loan payments kick in starting in December so that's another expense to be factored into all of this). We plan to up our savings rates as high as possible over the next 12-18 months to put away money for a downpayment on either a duplex, triplex, or fourplex, depending on what the market conditions will be like a year or two from now (if we need to push the 18 months out to 24 months, we are okay with that too if it means finding a better deal later on).

For me, personally, I plan on maxing out my yearly contributions to a Roth IRA my father and I set up when I was 16 (I'm now 23 and my portfolio has been performing outstandingly). Between now and December, I'm planning on stowing away as close to $1,000 of my monthly income into savings until the student loan payments become a factor, then I will readjust my status accordingly (hopefully not too much will change, as my father has agreed to help me pay the loans down quicker come February, bless his soul!)

I already have $3,000 put away in savings, so by December, as long as no unexpected expenses present themselves, I should have around $7,000 put into my savings. My roommate, who makes more than I do, will be pursuing a similar strategy. We are moving into a new rental tomorrow that is a one year lease, so as of tomorrow, the countdown clock to buying our first property will begin. I am confident that by this time next year, we will have enough money saved in conjunction with one another to put a decent down payment on a multi-family home. My credit is a few ticks below excellent (and again, I'm confident that with my personal finance abilities, I can get it into the "Excellent" range within the next year), so we plan to take an FHA loan out, as we will be living in our owner-occupied rental.

Some criteria we have for potential properties:

- As mentioned before, we are looking for duplexes, triplexes, and fourplexes

- We ideally would like the location to be within 20-minute driving distance to North Kingstown (both of our places of work)

- A property that either breaks even, or produces some sort of cash flow (obviously!)

If any of you reading this are from the Rhode Island area and would like to connect, please reach out as I'm trying my hardest to immerse myself into this community and Real Estate at large! I figured since I can't make any moves currently, the next best thing is to educate myself to the best of my availability in order to "sharpen my axe" for what is to come. Thank you in advance if you've read this far, and I look forward to seeing the feedback/response as time goes on!

@Anthony Thompson @Frank Patalano wow thanks guys! I actually heard of the RIREIG through some Google searching a couple of weeks ago and the day I discovered it was the day of the monthly meeting so I missed last month. Thinking about attending the next one for networking/learning purposes! I'm actually living in Warwick for the time being so maybe starting around here is my best bet... I just want to be sure that I have all of the necessary resources before tackling my first wholesale deal... then again, waiting can also lead to never taking action so I'm trying to find a balance between not getting to ahead of myself and not becoming complacent!