All Forum Posts by: Adam Eckhoff

Good Morning - I'm currently looking to invest in a long term hold/rental property for some cash flow. I live in New Jersey and I'm currently looking to invest out of state... Let's just take Ohio for example

Status -  Purchased my first home in 2020 for $361,000; 20% down, conventional loan 30 year term 3.0% interest. House is currently worth $550,000+++.
Savings - $100,000 (rounded).

Example: Let's say i found a Duplex for $100,000 in Ohio. Let's say after all expenses, the cash flow will be positive.

Where do I begin? Am i calling management companies, insurance companies. Is Ohio the right state, is there a wrong state? Let's say I purchase 4, duplexes around $90,000.. How do I use those to snowball into more properties when i run out of cash... I apologize for all the questions, I just don't know where to begin. I guess I'm looking for an outline on steps... Should I continue to save my money for a few more years? any insight would be helpful.

Thanks,
Adam. 

 Hi Scott,

Let's say I decide to purchase a duplex in the St. Louis market area. What would be the best course to approach a property management team?

Thanks,

Adam.

Hello everyone,

I'm looking to purchase my first rental property (preferably a duplex). I purchased a home back in 2020 for $360,000 (rounded). The home appreciated in value, to north of $550,000 (rounded). I currently have liquid savings of $70,000 I was looking to invest. 

Here are my thoughts: Do I continue to save and invest for the next 5-7 years; as such, I would have around $200,000+ saved, or do I just pull the trigger and purchase my first duplex (assuming a positive cash flow) for 80.0% of my current savings... I'm really in the mindset of investing in an index fund and building that up; however, I also want to own multiple rental properties... 

If you guys were in this situation, how would you proceed? 

Thanks,

Adam.

Good Afternoon,

Hypothetically speaking, let's assume I saved $60k to put down on a $300,000 quad-plex. How would I purchase my second property if I just used my savings ($60,000) to purchase the first rental property? 

Thanks,

Adam.

Good Morning BiggerPocket Members,

I always hear investors talk about using OPM (other people's money) for your first rental purchase/fixer-upper. Can someone please explain how we (myself and the OMP) would both make money on the property purchase/flip?

Thanks,

Adam.

Hi Randy,

Thanks for sharing your story. I'm currently learning about real estate investing. I'm happily engaged and we purchased our first house together. My Fiance does not want to "house-hack", so that option is out; however, I was looking into a HELOC.

Let's assume my house has $100,000 in equity. With a LTV of 75%, the bank would let me borrow $75,000, is this correct?

I'm trying to figure out what is the best route to fund my first project. 

Thanks,

Adam.

I personally would lean towards the income capitalization approach. You could also use the sales comparison approach as a supportive measure in this instance. 

Hi Chloe,

I'm new to REI and have some cashed saved which got me delving into the REI world. As of now, im reading, watching webinars, and crunching numbers. With that amount of cash i would start purchasing single-family homes or duplex's (assuming the ROI is good and the numbers check out). So overall, i would buy multiple properties with the $275,000.

so for me, option #2 sounds right. 

Option #3, buy some vacant land and develop your own apartment building. 

Good luck,

Adam.

Hi,

I'm not sure i can help you since im not from your market area, additionally, i have not made a deal yet. 

Question, how are you funding your first BRRRR deal; HELOC, hard money lender, crash you saved...?

Thanks,

Adam.

@Niv Candade What type of property are you planning on buying?