All Forum Posts by: Amanda Olvera

@Justin Glass I’m going to do a small unit on personal finance where they do a 10 year retirement plan/ journey to FI. I plan to use excerpts of different books including Scott’s Set for Life as well as podcasts and blog posts from BP—like this one and a couple from The Money Show. Mr. MM probably going to make an appearance, too:). Their end product will be a presentation to the class on their journey to FI by 28. Maybe some of them will actually implement it! 😊. As a side note—Mindy Jensen if you could do a Money Podcast exclusively about college costs, that’d be awesome!

I think I’ve listened to all of the BP podcasts and this one resonated with me most. As a teacher myself, I could identify with Bryce in so many ways. And I agree with other posters, he should consider motivational speaking! He is a brilliant communicator and has an inspiring and educational message! I actually plan to use this with a mini-unit I’m planning for my HS juniors. Kids need more information about personal finance and FI at an early age. Wish someone had exposed me to some of these principles at 17 instead of 37! Nicely done, BP. And from one teacher to another, well done, Mr. Stewart!

Ahhh. I had this original post in paragraphs! Don’t know what happened, but what a mess now! Type A English teacher nightmare!!! 😳

@ Lee Ripma Yes, staying in the school district is ideal. Thanks for the insight—and that’s exactly what I want to do. Just wish there were some better deals to rehab right now.

Hi everyone, I am a new would-be investor in Kansas City, MO and looking to purchase my first deal. Currently, I own a family home that is a nice, newer 3/3 in a fantastic neighborhood and school district. However, it is a financial drain. This major expense is part of the reason I wanted to begin this journey in REI. Anyway, I’m ready to make a pretty drastic move and sell the house in order to start what I plan to become an eventual career in RE and the path to financial freedom. Also, to mention: I have two kids, 12 and 8 and am divorced so one income and one source of labor and time for rehab/reno(my Dad is a contractor and will be super helpful, though). By day, I’m a teacher so have steady income and excellent credit. I am approved for financing on all of the prospective deals so that isn’t an issue. I would do an FHA loan and occupy the place for one year. Then, move on to the next one. Do this 4-5 times before settling down into something. Okay, so I’ve looked at probably 30 places in the last month or so. A couple ‘off market’ deals(as in word of mouth through friends/associates), but mostly those I’ve found on CL, Zillow, or the MLS. As of today, the best two options would be: >>A duplex in Independence—owned by long time local investor who has been very helpful to me so far. 3/1.5 that rents for 900 each side. Asking 175k but would take 165k, maybe 160k. PITI below based on 165k. Gross rents: 1800 PITI: 1120 Maintenance: 270 (15%) He said w my Dad doing most work, I won’t have much in expenses here. I agree, but trying be conservative. Capex: 270 (15%) He also thinks this is on the high side, but trying to be conservative. Vacancy: 150 (per current owner of 15 years, has had 98% occupancy). Cash flow= -10.00. Seemingly, this is a bad deal. However, living in one side for 1-2 years would allow me to save upward of 18,000 per year. That would be tremendously valuable to me and allow me to buy other properties and have a nest egg for repairs and maintenance (though I plan to save 15k out of my primary residence for this purpose as well). I wouldn’t go into this without a reserve of cash for repairs. Other cons on this one: Location not ideal. Independence not the best area of town and 20 min from my current neighborhood. Not awful in terms of managing it, though. Easy drive and again, not a war zone, just not where I’d want to live. I’d call it a C+ working class neighborhood. >>SFR 4/2 in my school district (Park Hill) Asking 129k but could probably get for 120k. Needs about 10k in work but has brand new roof and HVAC and has had plumbing updated, too. And we’d do the work to be done ourselves. So, basically all in at 130k. Gross rents: 1400 PITI: 800 (paying out of pocket for repairs) Maintenance: 210 Capex: 210 Vacancy: 100 Cash flow: 80 This one is in a highly desirable location walking distance to three excellent schools. Very close to where I already live, too. I realize neither are great deals. At all. But, I have to start somewhere. And part of my motivation is to save aggressively through cutting (or nearly eliminating) my personal mortgage expense. Any recommendations or insight welcome:)). Thanks in advance!! Amanda

@Ian Reeves I love your story and it is so encouraging! I’m almost ready to make my first offer on an investment property and have similar aspirations to yours. Well done!!

@Carrie Hallensleben I live in the PH district, too! And teach English at PHS. Small world! Would love to connect sometime if you’re up for it:)

@Michelle L. Thanks for the welcome! I do look forward to meeting some KC folks in person! And I hear you are a good resource for small MF? Would definitely be interested as my plan to get started includes house hacking a duplex or maybe doing a live in fixer situation.

@Lee Ripma I’m thinking of starting w a house hack duplex or MF, yes. I’ve also considered a live-in flip or just a minor fixer in an excellent neighborhood. I live in a great neighborhood now and actually have a prospective tenant in place for current home. Ideally I could stay close to where I am now as I have two children plus this area of KC is very desirable and would draw a quality tenant and equate to appreciation in my investment. As I’m sure you’ve discovered, there are areas of town where you can get the 2-3% deals easily. However, I don’t want that headache. At least not right now. I want something that will give me a solid investment with a high quality, reliable tenant. Definitely not going to get rich quick on that plan, but hoping my willingness to live in some of my investments will accelerate my efforts.

@Quentin Sepe Thanks for the welcome! I look forward to meeting you and the crew from KC! I joined the group on FB, too.