All Forum Posts by: Barry Harsa

Thank you for the input. Luckily, I do have a job that pays decently and that helps with any potential problems. But, as all of you have suggested there will definitely be a reserve fund. @Ryan Richard, thanks for the suggestion with the lease contract. I hadn't thought of the benefits of structuring it too end in the spring/summer. That is an excellent idea.

Hello, I'm just starting out and looking to buy my first property. One of the things I haven't found an answer to is, should I maintain an "oh ****" fund? Meaning a fund to cover any unexpected cost that may arise and when you're new to this arena might kill you if you're not prepared. I have been thinking an initial reserve of say $5,000 would be adequate, but I'm not sure. What would those of you, who are more experienced suggest? Is this fund needed, what would be a logical amount to set aside for those of us just starting out. I do realize it depends on the property one is buying SF, MF, etc. and with that in mind any input would be appreciated. Thanks.

Hello, I'm just starting out and looking to buy my first property. One of the things I haven't found an answer to is, should I maintain an "oh ****" fund? Meaning a fund to cover any unexpected cost that may arise and when you're new to this arena might kill you if you're not prepared. I have been thinking an initial reserve of say $5,000 would be adequate, but I'm not sure. What would those of you, who are more experienced suggest? Is this fund needed, what would be a logical amount to set aside for those of us just starting out. I do realize it depends on the property one is buying SF, MF, etc. and with that in mind any input would be appreciated. Thanks.

Thanks Minh. Yes, I agree 100% on getting as much in order as you can. That's why I'm here. :)

Thanks for the welcome fellas. I will definitely check out the recommended viewing and reading.

thank you very much for the welcome. I am up for learning and listening to advice from those who know better.

Thanks brother, appreciate the welcome.

Hello, My name's Barry Harsa. I have been working for Uncle Sugar for the last 15 years as a Federal Agent. With the uncertainty surrounding the government and the way they handle money, I figured it was time to get moving on handling my own retirement. I have purchased property in the past, but never for investment purposes, which basically makes me as raw as it gets. I have been looking into RE for the last year or so and realize it's time to get more proactive. Right now, the plan is to purchase multifamily units and hold. Of course should I learn that there is a better plan for me through this site or some other way....then the plan will change. I look forward to chatting and "virtually" meeting everyone. Thanks, Barry