New Investor, motivated to add value!
Hey BP community! What's up? I'm a Veteran and certified HR professional. I've been self-educating myself for the last 4 months on REI and I'm so close to start investing. My plan is to start with vacation rentals and use the cash made from those investments to invest with a multi family syndication group I'm familiar with.
My budget is 150 - 180k. I don't have much for a down payment and I'm wondering how much startup cash I'll need..
Not sure where to begin with regard to financing. I'm willing to help anyone here with my knowledge of Human Resources in exchange for REI knowledge.
Thanks again
Welcome to BP and thank you for your service!
In regards to your budget, is the 150-180k the pre approval amount for your purchase? Depending on the condition of the home, the startup costs will vary. In my market, we've seen start up costs range from 12k - 35k, this includes major repairs, furnishings, appliances etc. I'd also speak to a lender specializing in REI, on what loan products might work for you, your budget, and your goals. Plenty of great resources here on BP. A local REI realtor can also give you great insight on local regulations and successful negotiation strategies to lower your cash to close and overhead.
Best of luck! Looking forward to reading about your successes!
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#1 New Member Introductions Contributor
- Solo 401k Expert
- Anaheim Hills, CA
Welcome to the BP family @Ryan Spurgeon , you came to the right place to learn all about real estate investing!
If you haven’t yet, read Beginner’s Guide to help you get started: http://www.biggerpockets.com/real-estate-investing
Best of luck on your REI journey! Thank you for your service!
- Sense Financial Services LLC
- (949) 228-9393
- https://www.sensefinancial.com
Welcome to BiggerPockets, Ryan! You found the right place for information!
- Engineered Tax Services
- (561) 253-6640
- http://www.Engineeredtaxservices.com
Quote from @Robert Finn:Thanks again for your advice! I also checked out your properties in San Antonio, they look great!
Welcome to BP and thank you for your service!
In regards to your budget, is the 150-180k the pre approval amount for your purchase? Depending on the condition of the home, the startup costs will vary. In my market, we've seen start up costs range from 12k - 35k, this includes major repairs, furnishings, appliances etc. I'd also speak to a lender specializing in REI, on what loan products might work for you, your budget, and your goals. Plenty of great resources here on BP. A local REI realtor can also give you great insight on local regulations and successful negotiation strategies to lower your cash to close and overhead.
Best of luck! Looking forward to reading about your successes!
Quote from @Dmitriy Fomichenko:I will check that out right now! Thanks!
Welcome to the BP family @Ryan Spurgeon , you came to the right place to learn all about real estate investing!
If you haven’t yet, read Beginner’s Guide to help you get started: http://www.biggerpockets.com/real-estate-investing
Best of luck on your REI journey! Thank you for your service!
Hey Ryan!
If you can learn more about creative finance that might help you in finding an investment property faster than you think.
Check out Pace Morby on YouTube and you will learn a ton about the topic!
Good Luck!
-Lexey
@Ryan Spurgeon STR can be a great way to go. Just keep in mind that that they require higher startup capital than a LTR due to all of the furnishings that have to be provided. As a rule of thumb, you should figure around $3500 per bedroom.
Quote from @Mike D'Arrigo:
@Ryan Spurgeon STR can be a great way to go. Just keep in mind that that they require higher startup capital than a LTR due to all of the furnishings that have to be provided. As a rule of thumb, you should figure around $3500 per bedroom.
Great advice! Thank you!