All Forum Posts by: Arthur Luay

I'm very new to this investing in real estate venture.  Thank you for the reply!  I'll do my best to clarify.

How much do you earn a year?  I earn 35,000/year

How much do you already have saved?  I have $1000 saved.  For context, I am recently am divorced and my finances were in a flux in the past year.  Between high car payments, putting down payments on apartments and paying off small debts, and accruing Credit Card edit, I only have this much saved.  After sitting down and organizing my finances, I would have 800 left over to go towards Savings and Paying down debt.

How much more do you need to save?  For the area that I live in, I am looking for deals, but single family homes here are going for 300,000$.  A real estate broker friend of mine stated I need to save at least 40,000 at least to start to put towards a Rental Property.  So that's the goal as I'm putting money away while paying off debt.

How much does the house cost?  In so far from what I have found, Single Family homes are going for 350,000 in my area, but with a few Single Wide trailers going for as low as 130,000 with land.  I've looked at Single Wide Trailers in Trailer Parks but the Lot Rent has to be factored in and they can range from 250-500.  900$  Seems to be the median rent.

When do plan on buying the property? What's your risk tolerance?  I would like to buy as soon as I can, so I'm looking at options such as USDA loan for rural areas, Small Duplex if I can find one, or even a Single Family 2 Bedroom Home to house hack but they're going for 130,000 on the low end.

I recommend a paid consultation with your tax accountant or financial advisor. If you don't have one, get one before you do anything.  Good Idea!

Bigger Pockets is a great place to find a tax accountant or financial advisor that specializes in working with real estate investors. Thank you so much!  You're question forced me to articulate what I'm looking for and where I am currently

Hello

I am 40 years old and I can't decide how I should save my money to go towards my first Long Term Rental. I can't decide if I should stick to a Savings Bank Account, Roth IRA or an Acorns investment account. So at my age of 40, which investment plan would make the most sense to put away money and collect interest, with the goal of putting it towards a down payment for a Long Term Rental?

Hi Guys!  I'm basically new at this, so I'm diving full in.  I work in the mortgage industry and recently started work with a local Property Management so I can learn the ropes and get connected to local owners.  Even though right now I don't have much in buying power, I just wanted to come in here and introduce myself so I can lean on you fine people help me get my first deal!  Looking forward to learning and growing with you all!