All Forum Posts by: Zach Adams

Originally posted by @Sinaloa Paisa:

Originally posted by @Todd S.:

What is your target acquisition range?

Not sure. Depends on which range will produce the best ROI and deal for the capital I have and/or can get either from a bank or hard money lender.

 Sounds like you need to further refine your goals.  Are you going to buy and hold? Flip? Single family or Multi Family? Are you trying to get in a lot of deals quickly or accumulate over time? For me, I have a $25k minimum that I try not to go under.  This is in case things go wrong such as major rental property issues, car goes out, etc.  $40-60k on top of that built up to do 1-2 deals.  

Geremy Jones Investopedia is a good place

Ryan Redmond ease into REI. You're in the hole right now, but have a good asset in current home as a live in flip. I don't flip, but I'm sure you'll learn a lot about REAL numbers doing your own place. Get aggressive with the debt paydown. I don't mention this much on here, but I'm a huge fan Jacob Fisker's work on extreme savings. I think it has a place to help with building capital for REI. He advocates 70-80% saving rates! Difficult to imagine I know. Anyways I'd suggest building capital and the first place to start is eliminating the debt. Then you'll have your elephant gun ready for when that deal comes along!

Kristin Hoeflin sounds like an excellent plan! I look forward to hearing how it goes.

Bob Bowling rock on. You make such great points. Thank you!

Originally posted by @Brian W.:

Hey Guys,

I'm currently a college student with massive loans.

I also just got a job that pays around $775/month.

Would it be a good idea to spend ~$500/month $140,000 4BR house?  I could then live in 1 room, and rent out the other 3 for $500/month/room to theoretically make $1,500/month profit (before monthly costs, so maybe $1,000/month realistically).

Are there any glaring problems with this?  Will it be difficult to find three roommates @ $500/month?

Thanks!

Brian - good work on trying to get a jump on planning and RE Investing.  I wish I would've started earlier like you.

Like others said, you will have a difficult time getting a conventional mortgage with your credentials.  What is your anticipated salary upon graduation? How long will you be in school?  Unless you're getting a PhD, then just get by and live minimally until you graduate and then look at getting into a property when you have real income, a W-2, etc.  Too many variables in this situation I think.  

Good luck -

Freddie Robinson welcome to bp! Where's clermont? Fl has a lot of opportunity! Good luck

Maintenance not marine nance. Wtf spell check

Janne Zaccagnino I'm pretty sure you can find a Pm and pay them a single lease up fee, usually one month rent. I think there definitely worth this even if you don't use them full time. Although I clash with my PM over marine nance stuff sometimes I've had good luck with their marketing team placing tenants quickly. Time of the year could hurt you soon. Good luck!

Jay P. I'm assuming you mean conventional lenders. Not too experienced here but I have a schedule E with some major repairs last year which cause the property to break even. Everything was declared and I just got approved to $500k pre qualification. I used $425k to buy the property as owner occupied. I think the underwriters want to see reported income and >1.2 debt service coverage on your rentals. Be prepared to show leases.