Ready to purchase first invest property but struggling...
So I am ready to purchase my first investment property. I would preferably like to stay close to my area (Abilene, Texas) so I can manage it myself. I am looking at single family or duplex for long term rental. Ideally would like to get my feet wet for under $150,000. So far I have looked at several properties but can't seem to find the one that seems like it would cash flow and appreciate. Does anyone have any suggestions on buying their first property that can help get me going?
You will most likely have to change your buying box.
If there's not enough cashflow you need to up the total units being purchased if you can afford it.
That, or you will have to look for a distressed asset ideally off-market (could be on market though) that you can value add or rehab in order to get within your budget while still having enough equity to make the asset cashflow.
Quote from @Reese Brown:
So I am ready to purchase my first investment property. I would preferably like to stay close to my area (Abilene, Texas) so I can manage it myself. I am looking at single family or duplex for long term rental. Ideally would like to get my feet wet for under $150,000. So far I have looked at several properties but can't seem to find the one that seems like it would cash flow and appreciate. Does anyone have any suggestions on buying their first property that can help get me going?
Are you working with an Investor focused Realtor? It can make all the difference. They can tell you if you are being realistic in your local market. If not, let me know and we can make some recommendations.
Quote from @Lucia Rushton:
Quote from @Reese Brown:
So I am ready to purchase my first investment property. I would preferably like to stay close to my area (Abilene, Texas) so I can manage it myself. I am looking at single family or duplex for long term rental. Ideally would like to get my feet wet for under $150,000. So far I have looked at several properties but can't seem to find the one that seems like it would cash flow and appreciate. Does anyone have any suggestions on buying their first property that can help get me going?
Are you working with an Investor focused Realtor? It can make all the difference. They can tell you if you are being realistic in your local market. If not, let me know and we can make some recommendations.
I am actually a newly licensed realtor so I’m basically learning it all at once. That being said I have read and listened too a lot and have come across deals that seem good but I think I’m just hesitant to jump on it.
@Reese Brown If you buy a small 1-4 unit property you should be fine. You can learn as you go and if you make small mistakes it will be ok. It won’t be a million dollar property where a mistake may end up costing tens of thousands of dollars.
I bought a SFH, then a duplex within 3 months. Then 4 months later I bought a 4 unit. I had no real experience with multi family homes.
The SFH ended up needing more renovations than the inspection showed but once it was done it's been low maintenance.
The duplex I moved a tenant from a building I was selling into one side and I moved into the other side. It’s no trouble.
The 4-unit is no trouble either. Maybe 2 non emergency service calls in 3 years.
I think if you wait and find the right property that cash flows some (mine average about $180/door/month) and you put in the necessary work to make sure when you do repairs that they’re done right then you’ll find that eventually you’ll have a rock solid investment that’s giving you great tax benefits and cash flow that will grow every time you raise rents and something you can be proud of.
Quote from @Reese Brown:I buy in Texas doing the (BOMSTSLO) Method. "Buy Off Market", using "Subject To" selling on "Lease Option" (BOMSTSLO) format. Instead of the Lease Option part I do a Wrap. https://www.biggerpockets.com/forums/311/topics/1161290-spre...
So I am ready to purchase my first investment property. I would preferably like to stay close to my area (Abilene, Texas) so I can manage it myself. I am looking at single family or duplex for long term rental. Ideally would like to get my feet wet for under $150,000. So far I have looked at several properties but can't seem to find the one that seems like it would cash flow and appreciate. Does anyone have any suggestions on buying their first property that can help get me going?
The cash flow is great and you get the "down payment" up front. And it doesn't take up a lot of your time. No property manager needed and you can offset your income with tax deductions. Abilene would be a good market for this.
Quote from @Ken M.:
Quote from @Reese Brown:I buy in Texas doing the (BOMSTSLO) Method. "Buy Off Market", using "Subject To" selling on "Lease Option" (BOMSTSLO) format. Instead of the Lease Option part I do a Wrap. https://www.biggerpockets.com/forums/311/topics/1161290-spre...
So I am ready to purchase my first investment property. I would preferably like to stay close to my area (Abilene, Texas) so I can manage it myself. I am looking at single family or duplex for long term rental. Ideally would like to get my feet wet for under $150,000. So far I have looked at several properties but can't seem to find the one that seems like it would cash flow and appreciate. Does anyone have any suggestions on buying their first property that can help get me going?
The cash flow is great and you get the "down payment" up front. And it doesn't take up a lot of your time. No property manager needed and you can offset your income with tax deductions. Abilene would be a good market for this.
Where can I learn more about this?
Quote from @Reese Brown:
Quote from @Lucia Rushton:
Quote from @Reese Brown:
So I am ready to purchase my first investment property. I would preferably like to stay close to my area (Abilene, Texas) so I can manage it myself. I am looking at single family or duplex for long term rental. Ideally would like to get my feet wet for under $150,000. So far I have looked at several properties but can't seem to find the one that seems like it would cash flow and appreciate. Does anyone have any suggestions on buying their first property that can help get me going?
Are you working with an Investor focused Realtor? It can make all the difference. They can tell you if you are being realistic in your local market. If not, let me know and we can make some recommendations.
I am actually a newly licensed realtor so I’m basically learning it all at once. That being said I have read and listened too a lot and have come across deals that seem good but I think I’m just hesitant to jump on it.
I would encourage you then to get an accountability partner, as it sounds like you are doing it on your own. Normally a Realtor is your advisor and sounding board, so if you can find someone to 'kinda' hold your hand on the first one, you will get there! Best wishes,
Quote from @Reese Brown:Your Question: "Where can I learn more about this?"
Quote from @Ken M.:
Quote from @Reese Brown:I buy in Texas doing the (BOMSTSLO) Method. "Buy Off Market", using "Subject To" selling on "Lease Option" (BOMSTSLO) format. Instead of the Lease Option part I do a Wrap. https://www.biggerpockets.com/forums/311/topics/1161290-spre...
So I am ready to purchase my first investment property. I would preferably like to stay close to my area (Abilene, Texas) so I can manage it myself. I am looking at single family or duplex for long term rental. Ideally would like to get my feet wet for under $150,000. So far I have looked at several properties but can't seem to find the one that seems like it would cash flow and appreciate. Does anyone have any suggestions on buying their first property that can help get me going?
The cash flow is great and you get the "down payment" up front. And it doesn't take up a lot of your time. No property manager needed and you can offset your income with tax deductions. Abilene would be a good market for this.Where can I learn more about this?
Send me a DM and we'll go over it.
Congrats on getting started and getting your feet wet while learning from the realtor side as well! Abilene is Beautiful and a great city!
@Reese Brown There are always available on and off market properties in Abilene. I have been wholesaling and did a few fix n flips in the Abilene area from out of state. In order to get a good deal ,you will need to buy a property that needs work. You can always dm me if you have more questions.
Quote from @Gordon Cuffe:
@Reese Brown There are always available on and off market properties in Abilene. I have been wholesaling and did a few fix n flips in the Abilene area from out of state. In order to get a good deal ,you will need to buy a property that needs work. You can always dm me if you have more questions.
dm sent
Quote from @Reese Brown:
So I am ready to purchase my first investment property. I would preferably like to stay close to my area (Abilene, Texas) so I can manage it myself. I am looking at single family or duplex for long term rental. Ideally would like to get my feet wet for under $150,000. So far I have looked at several properties but can't seem to find the one that seems like it would cash flow and appreciate. Does anyone have any suggestions on buying their first property that can help get me going?
If you'd be open to investing in properties out of state. My team and I would be glad to run some deals by that have significant cash flow from the start that meet of beat the 1% rule. Let me know if you're open to learning more about these opportunities.
