All Forum Posts by: Ben Miller

Thank you @Gordon Starr and @Andrew Syriosfor the solid advice. 

As an update, we sold the house and have been looking for multi-family and small apartments to invest in locally (Dayton and Cincinnati). I found a 10-unit that had good potential cashflow, but due diligence turned up a few things that caused us to look elsewhere. So we're still looking! I wouldn't be opposed to a JV deal for our first one to learn the ropes from someone with more experience, so if anyone out there has a solid investment but needs a HML to get the deal done, I'm all ears!

Robert Gilstrap it's not really rentable IMO, it's a larger home surrounded by smaller homes and was pretty customized by the previous occupants. Larger homes in this area don't tend to be rentable, smaller homes can be though. Which opens up the option for my family to move into it living rent free (besides utilities and taxes obviously) and renting out our own home (3 bed 2 bath). However, the town is building their new fire station about 100 yards down the street in the very near future, which I imagine will only reduce the property value. This is a lot of info to absorb, and I'll need to do some research on HELOCs to learn more. But so far this is great info and reinforces the reason I brought it up to the BP community!

Thanks for the reply! That's basically what I was thinking, I am however a little surprised about the $80k NET income, that's higher than I was expecting. My thinking was that it would also be better to have a single apt building for doing a 1031 exchange in the future when we're ready to move up. We are not married to this area by any means, in fact we have been contemplating a move to Reno since my MBA program can all be done online, so wherever we decide on a property a good PM company is a must. This is why is love BP! Looking forward to more feedback!

Hello all,

  First, a little about me. I am 33 years old, married with a son who will turn 2 in two weeks and live outside of Dayton, OH. I have a Business Management degree and am currently working toward my MBA in Healthcare Management. I have a little experience as an investor in a couple of flips, but haven't purchased my first investment property of my own yet. I have listened to just about every episode of the podcast, and read every book I can get my hands on. 

My REI goals are to have more cashflow from (mostly)passive investments than W2 income within 5 years, and to be able to fund a lifestyle of travel and amazing experiences for my family. My dad worked all the time when I was growing up, so I want to be there for my son as he grows up. I want my RE portfolio to be passed to my children some day to give them the safety and security to pursue their passions regardless of income potential from their jobs.

I will be inheriting a house soon that is valued around $300k-350k and is paid off. My question is, what would be the best use of this capital? Should I use it as a downpayment on a single apartment building? Several down payments on turn-key properties? Or several down payments on properties to BRRRR? Becoming an investor is obviously an option too, but I like the tax advantages and long-term wealth building aspects of owning property.

I know that these are personal questions, and I am leaning towards an apartment building in my initial thought process, but I want to hear your opinions based on your experience. I am well aware that the first property is key to launching a successful REI business, so what do you think I should do?

Thanks in advance!

- Ben