All Forum Posts by: Wayne Bolen

@Andrew Allen and @Christopher Gill thanks for the input. We're initially looking to get into an inexpensive property as our first investment, which means it'll likely be a SFR. We're looking at having about 20K for our initial purchase which will likely preclude us from going after more expensive MFR properties. We realize that this first one will not be a huge cash flow, but our primary purpose from our first purchase is to learn as much as we can before going bigger. After this first purchase we're looking at making a bigger purchase towards the end of the year, or early next year on something that can offer more cash flow.

We were initally looking at the Killeen area due to the low amount of cash needed up front, but if we could find comperable properties in the Austin or other areas near us that we're familiar with then we're certianly open to those as well.

I'm meeting with an aquaintance next week who works with mortgage investors, so if I can get a better rate than what we've found from traditional refinances we may look at pulling a little more cash out. We have the ability to pull more than the 20k out, but we really don't want to get ahead of ourselves being new to the game. 

Can you guys recommend areas around Austin and San Antonio to look around? So far on Zillow and Realtor (I'm sure these aren't the greatest sources for investments) we haven't found much in the Austin area that would be within our price range. I'm working on meeting up with a couple of realators in the coming weeks to discuss exactly what we're looking for so hopefully they can get us some decent leads in more profitable areas.

Thanks for the lead Marshall. That might be a bit far for us being new to this, but I'd certianly wouldn't mind taking a look.

Thanks for the reply Jay. I think we're pretty comfortable with our "why". We like the idea of passive income while still continuing to work. We have a long term goal of earning enough passively to eventually retire and being able to live comfortably on that income.

Thanks for the links as well. I've read both and will be downloading your guide today to read through.

Hey guys. My wife and I have been wanting to get into the real estate investment scene for quite some time, and I think we're about ready to get our feet wet. We live in the Austin area, but due to the high prices feel that starting out in Killeen would be more appropriate. We would love to meet with some other local investors to start networking and make sure we're not missing any crucial steps in our first purchase, and perhaps make a connection or two with some real estate agents.

A little background info. We're considering SFR given our low amount of captial to begin with. We've been looking at duplexes as well, but given our price range (up to around 100k) I don't think the potential properties would be a worthwhile investment. Ideally once we have our first or second purchase under our belts, we would then start looking into duplexes or fourplexes.

Any thoughts, insights, input, advice, etc would be greatly appreciated.

Thanks

Wayne