All Forum Posts by: Tyler Henry

@Jaysen Medhurst thanks, I’ll have to find some more concrete examples, and check the MFRs in this area, it’s awesome hearing this feedback though.

@Jaysen Medhurst

Maybe I need to change my mindset a little on how much I can find a single family home for.

I’ll have to see what is available, my biggest concern I think is the houses around here going for under $100k or even under $150k I’m not sure rent for much more than the single bedroom condos. This is speaking mostly within 5 miles (20 minute drive) of where I live.

The houses that rent for $2000/mo are at least $200k while $100k condo rents for $1400.

I’ll try to approach my research a little differently and see if there are deals on houses around here and double check to see: “Am I just assuming the above figures are the case, or is really is the case.”

I appreciate your viewpoint because I think I would have just gone on assuming without really, really looking at other options.

@Evan Polaski thanks for the suggestion, I’ve seen duplexes around here but usually not with both sides for sale. There must be 4plexs, I’ve never actually looked for them, but I’ll def give it a look. Thanks!

I’m around Boca Raton, Florida

@Scott Jensen thanks for reply.

I’m not sure exactly how I got to the idea, about a month ago my plan was just to drop the money into betterment.com and hope it would double.

So this is an inheritance I’ve received so emotionally I started reading

www.amazon.com/dp/160860330X/ref=cm_sw_r_cp_api_i_bH-xEbFB4WPQS

About how to kind of handle the experience. But really that book ended up just explaining how funds work, which wasn’t really what I was looking for.

Recently I’ve been watching a ton of YouTube videos and I ran into some of the ones biggerpockets did and started reading, I’ll be done it tonight or tomorrow so moving on to the next book.

The Book on Rental Property... https://www.amazon.com/dp/099071179X?ref=ppx_pop_mob_ap_share

Both books encouraged getting involved in communities like this one.

I can be pretty technical so I’m recreating some of these rental income calculators in excel to help get my feet wet just playing around with potential properties.

But my plan at the moment is to meet people, find people like property managers, CPA etc. and just to overload myself with information.

I have the older book you mention in my amazon cart now, many of the reviews seem to agree that it is a good reference.

And also where I live (on the border of Boca Raton Florida) almost everything has HOAs. And the way I see it I want to buy a place that "I would live in" and the places that don't have HOAs around here seem to have a steep drop in quality. But even with HOA being what I feel is modest estimates you can still get a cash flow of about $300 from a property worth $100k. but I've only just begun learning those equations.

I suppose I could write another post with the itemized list I’ve come up with and ask if it is reasonable.

Anyway I appreciate the advice!

I make a fair salary, but recently came into a windfall that will allow me to get into some real investing. I’m interested in starting real estate. I’m going back and forth on the idea of meeting a financial advisor but in the meantime I’m seeing this as my first step:

I currently rent an apartment that is $1500/mo. My lease just renewed, cancelling it is basically $3k. Not the end of the world but again, I also have furniture that is expensive to move, but really I like where I live and don’t want to move yet. In short: I don’t have a strong desire to buy a place to live in for myself yet.

But I do like the idea of buying something to rent out, basic idea would be to get a condo that total out of pocket is like 30% of what I have in the bank, including down payment/rehab/vacancy etc. Then if that gets rented and feels stable would look at getting another. Maybe the 2nd one I would live in or rent it out as well.

I just want to kind of know or get an opinion of it is an exceptionally bad idea to forgo my chance of getting the benefits of living in something first, like a lower APR/down payment requirement or would the difference end up being marginal? Maybe I am being impatient?