All Forum Posts by: Andrew Davis

Hey @Elanchelvan E. welcome to BP!

While you're making that drive to Stockton, check out the podcasts, they are a RE education all by themselves.

http://www.biggerpockets.com/renewsblog/category/p...

I wish you much success!

Hey @Aaron Thivierge 

Welcome to BP, so glad to have you here!  Love that pup picture and love that you have a really powerful why for RE investing beyond just making money.

I've learned SO much from the podcasts, and Rich Dad Poor Dad is a great read on having an investors mindset.

Check out these books as well, written by @J Scott and @Brandon Turner , great reads on flipping houses and creative investing:

http://get.biggerpockets.com/nomoneydown/

http://get.biggerpockets.com/flippingbook/

Feel free to reach out anytime!

Welcome @Michael Klein , great to see a fellow Floridian here on BP!

Of course, feel free to reach out anytime!

Hey @Ilona Kovacs 

You will find a lot of different opinions on coaching in general on Bigger Pockets.

There has already been much discussion about Rich Dad specifically on the site:

http://www.biggerpockets.com/search?utf8=%E2%9C%93...

I personally would stay away from it, and do this instead:

-Join your local Real Estate Investors Association ($150)

-Listen to the podcasts, from episode 1 til current, they are an amazing education in and of themselves ($Free)

-Get active on the forums and set up keyword alerts for the areas your interested in.

http://www.biggerpockets.com/renewsblog/2012/12/19...

http://www.biggerpockets.com/renewsblog/2014/08/27...

-Reach out to BP members in your area, offer to buy them lunch and pick their brains ($100)

-Locate an investor focused RE agent in your area and start touring properties with him/her.

-Read the BP guides

http://www.biggerpockets.com/real-estate-investing

and @Brandon Turner and @J Scott 's books ($60 or so)

There is NOTHING they will teach you that you can't learn yourself.

Hope that helps and I wish you great success:) 

Hey @Sunny Burns ,

A really simple way to calculate cash flow is using the 50% rule.  Simply stated: 50% of gross rental income will go towards expenses, not including debt service.  So, if your monthly rental income is $4,000, you can budget that $2,000 will go towards expenses: property taxes, insurance, maintenance, vacancies and management.  While you will be self-managing initially, you may (probably will) find that you don't want to manage the property long term.  

Since you'll be occupying one of the units, this assumes that you will be paying yourself rent.

So, from the $2,000 you subtract your debt service of $1356 a month and you get a monthly cash flow of around $650.  $7800 a year.

With $75,000 into it, that's a cash on cash return of 10.4%, not bad at all!

@Ashley Hankins 

Great question, I have no idea!

Like @Adam Anderson and @Wayne Brooks suggested.  List it with local broker, they will be able to market it and get it sold for you.

Hey @Jake Maughan 

Good for you!  As I am currently learning (we are buying a primary residence and 2 investment properties) there are A LOT of factors that go into it, and many have to do with your personal situation.

I would reach out to a good mortgage broker in Springville to get a reliable answer.

Hey @Ashley Hankins 

Yes, that would be a good place to start.  Or, since you are interested in investing, maybe finding a builder to partner with?  You supply the land, he does the building, and y'all split the profits up.

Any builders on here in Fairhope, Alabama??

Welcome to BP @Cielle Amundson , you've found a great REI community.

Do what @Jon Huber  and @Peter MacKercher suggest and you'll be way ahead of the game!