All Forum Posts by: Wyatt Anderson

@Abel Curiel thank you for the reply!

@Travis Kallay thank you for the reply!

@Steve Milford thank you for the reply!

@Theresa Harris thank you for the reply!

Short back story, my brother convinced me to start in real estate in 2020 right after I sold my house. Been looking (1/8 to quartered assed) for a couple years now. This just fell into my lap, by him…..

I completely trust my brother (just want to make that clear). He just bought this one side of a duplex, he was waiting for the neighbor to want to sell and try to buy the other half (older lady). He also owns a business and has lately been thinking to sell his business by next year and start something completely different. As you can see this fell into my lap, because as he was about to put it back on market he thought of me and asked me first. Of course I got excited and ran to the opportunity. My wife and I checked it out today and it’s small for us, 950 sqft. If it was just us, too easy but it’s not. I have my wife, 2 little girls (4&1), and just found out a 3 baby on the way. It’s 2 bed 2 bath with an unfinished basement.

I did the numbers and they aren't great. Cash flow would be $111 and Cash on cash ROI would be 2.226% if I put a tenant in it (of course this is a guy that has never owned real estate property so number could be off). But if we live in it, the mortgage would roughly be $1,150. Which is totally affordable for us and we could fix it up a bit more.

The reason why I say all this is because I am transitioning out of the military after 9 1/2 years. Going from a very guaranteed paycheck to “I really hope someone hires me in the profession I’m looking into.” I’m thinking let’s move in and make this work for now, not a forever home, 3 years max (plus this is where she wants to live, this town and this school district). My wife left the house crying and said “don’t ever take me back there again.”

Am I thinking about this wrong or is there a better way to explain this to her? I want her to be on board and its hard for me to explain to her we can’t have the 2 story house with a big red door and a swing on the tree yet. It’s unfortunate but it’ll help us keep our head above water and get us into real estate.

I posted a few months back about buying a dream house instead of investing. We were going to get it on a deal with my mother in law. 70 acres with the house sitting on a bluff. Easily could sell for over a million for the area. We were going to pay $400,000 for it. There was no sly stuff, we weren’t being sneaky. We told her it could sell for over that and she should get a professional opinion about how much it is worth.

Since then she has gotten a new boyfriend and apparently had a change of heart.

I know boohoo. Not what the post is about. Just an update.

The point of this is she wants us close by which is fine because I love the area. But the thing is, I want the land. Not necessarily the house. The mother in law wants to gift us land to build on. My wife of course wants to start yesterday. My gut is just saying wait it out and try to buy again in 5 years and hopefully having a bigger budget paying her more. Building this house kind of ruins it for me (the land) and it isn’t necessarily what I want. If I could pay over a million by the age 25 then believe me. I would.

Land is my dream. Lost of land, not necessarily investing in real estate.

Just looking for opinions. Fee free to scroll on by

@Justin Phillips

I’ve tried to explain to her owner finance and like anyone else she is skeptical. On top of that she wants a lump sum for whatever reason.

@Axel Meierhoefer

Thank you, I don’t plan on staying after this enlistment. I had bought a house back in the day and ended up selling before any of this became an idea. This will be my last duty station

Hello,

I am currently in the military, active duty. I have been in for seven years and I don't see myself retiring from it. I have a pretty good résumé and I like to think that I have a good chance when I'm out. With that being said I am on recruiting duty and I am close to my hometown where I want to live. My mother-in-law has 69 acres and it was the house my wife grew up in. We want to raise our children there (3 yo and 2 mo) and that is the whole goal of getting that property and house. The house and property is probably worth $800,000 and we can probably get a pretty good deal on it because she wants to keep it in the family as well though has not given a specific price. I have 2 1/2 years left in the military and my question is should I try to buy duplex right now or get that property utilizing the VA loan.  My goals multi family but I don't want to use the VA loan and get wrapped up in something and not be able to use it down the road. I think I have my answer but I just want to hear different perspectives.

Thank you

To be completely honest with who ever reads this, real estate is on the back burner right now. I have goals in my life that I think are more important at this very moment. Of course, this could change literally tomorrow because you never know. I read rich dad poor dad and I am currently reading ultimate beginners guide to real estate investing. I am just wondering what the next book should be for something very basic just like the beginners guide?

I am not trying to waste anyone’s time so feel free to keep scrolling.