breakthrough

4 Replies

i was so excited about this that i decided to fight with my phone to get to the forum section to post this. 

I'm new to everything dealing with real estate and i've been reading a lot, but felt as if i wasn't understanding even the basics. 

Then i was laying in a hotel room bed this morning and BOOM! It hit me like a wave. All of the info ive been reading now is beginning to set in and tie together.

The deal i have been scoping out that felt unattainable due to lack of cash reserves, now seems easily attainable.

I now believe those articles that i have read from @Brandon Turner . That talk about purchasing with little to none of your own cash. 

Just wanted to share , thank you all for sharing your knowledge with me.

@Robert Swingle

Real estate investing can seem a bit intimidating from the outside, especially before you've bought your first property.  But once you get established you realize that all the people doing it are just normal folks that jumped in at some point, and then figured it out along the way.  Real estate investing requires understanding a few core principles, and beyond that it is just having enthusiasm and willingness to continuously perform tasks that take you toward the goal you seek.  None of the individual tasks are particularly difficult... steady on wins the race.

Go get 'em!!

@Robert Swingle

Good luck on taking down this deal. Curious what are the details on this deal & the action plan to buy it?

@james wise .

Not sure why my tagging isnt working from my phone. Some of the basic details of this deal. Not really sure how to determine if property is good deal or not yet, still working on that ppart, but basic math makes sense. Ok here we go

Duplex, 3bdr 1bath, 2bdr 1bath. Both vacant. Original price was 55k price dropped 10k in first 30 days on mls. Prob can seal the deal for 40k. Its 1 minute from my residence and only local investor would buy because its in small town and no mgmt companys within 1 hr drive. Avg rents for those size apts are 500-600 each and i can get them fixed up for 5k each. So total finance 50k. Plus free garage in the back i coud rent for storage space 50-70 a month. Avg sfh 100-120k and other propertys like this between 80-120k.

Was hoping to hard money or private finance until i can save the 25% for conventional loan. 

Possible rent 1000-1200 month and with hard money would cost around 600-700 month after conventional loan would be 400-450 month 15 year mortgage or 330-380 30 year.

Maybe my math is off or not analyzing correctly but even if it is i have 2000-2200 month disposable income to cover it and would just make it primary residence. 

This property is still just an idea because it would be my first investment and there are a million things left to learn

Ps. My wife used to work as a property manager and i was maintenance so it would be self managed

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