Macomb, MI · Member since 2015 · 141 posts · 45 votes
Wow what an experience and learning curve! Major thanks to personal friend and fellow BP'r @Christian Hutchinson for all the advice and help.
My wife and I have been wanting to get into real-estate for some time and finally put our plan in motion about 6 months ago. As of of Nov 1. our first lease is signed. Feels great.
Thanks to everyone here for their help and advice.
Congratulations on signing your first tenant! I'm currently doing research on whether I should do the same with my primary residence but first we have to buy another house to move into!
Wow what an experience and learning curve! Major thanks to personal friend and fellow BP'r @Christian Hutchinson for all the advice and help.
My wife and I have been wanting to get into real-estate for some time and finally put our plan in motion about 6 months ago. As of of Nov 1. our first lease is signed. Feels great.
Thanks to everyone here for their help and advice.
That is such good news, Andrew! I am very excited for you to be jumping into an industry that has always been fun and rewarding. There are so many new adventures out there for you to embark on. Always remember to post on BP if you have any questions.
Also if you need to ask anything I'll be glad to share some of my own experiences and stories with you.
Andrew Halbert how do your numbers look from a cashflow standpoint? Did you purchase this home with the intent of converting it into a rental shortly after? I've been considering the same thing but I'm concerned that I would only cashflow around $100 a month after all expenses
Each person's/investors situation is different. For us at this stage of our life this made the most sense. It might not yield an awesome cash flow, but it was a safer and more logical choice for my family. If I was 25 again, no kids sure I would have gone all in very aggressively. The way I look at it is hey, I'm at least starting this journey so I don't have to work a 9-5 forever. 90% of the battle for us was simply getting going and taking the risk.
Middling cashflow and high equity isn't a great path to financial freedom, but balanced against wanting an area and property you're comfortable with it's worth a lot. As you gain experience and confidence as an investor, you might explore ways you can set up a line of credit against the equity in that first property. That'll allow you to buy #2 with no money out of pocket, especially in Michigan.