All Forum Posts by: Joe Edwards-Hoff

Something I'll admit is that I have been so focused on my end game of creating casflow that I forgot about topics like wholesaling... It's nice to be reading on the board again...

I guess if want to be closing more deals and don't have enough, I could always be looking for investors....

Though a newb question, why 25% on down payments? Obviously I could see the advantages of putting that much down, but why not 12.5% on two properties? I feel like acquiring properties would be much more fewer and far between if I was saving up %25 each time. Then again, it depends on what you are spending. If I am buying 75-125k on a place, 25% will take some time.

Just curious...

Hey All,

I took a half year break from posting on here, but now I'm back. I am 25 years old and I am trying to set out a 15 year plan. So far, my outline is 5 years of paying of student debt, saving, learning, and buying another home (I own one and am currently renting a tiny place to save $). Years 6-10, moderate investing. Years 11-15, aggressive investing.

Though I'd love so start jumping on deals right now, I know I have more to learn, and I need to get some finances going.

I guess I have two main questions-

1) I want to learn more about acquiring financing. Should I just go find a mortgage broker and talk with them? I want to be able to know how much down payments I should be expecting to save. Debt to income ratios, financing single families vs small apartments, etc. What would it take for me to receive financing on a 100+ unit apartment complex? So, any general advice of where to do my research on this topic would be great.

2) Any other general advice for year 1-5? I'm a shop teacher, and I have a couple side businesses. My wife is finishing nursing school. We've got substantial school debt. Part of me wonders if at the end of 5 years if it'd be better to pay off all of my school debt(no credit cards), or to have more money saved?

Thanks guys!

Keep em coming, thanks guys! I just need suggestions since I go through them fast and don't want to waste my time with junk...

I like reminding people (especially my children) that the bible states that if you don't work, you don't eat... What happened to those days?

Anyway, painted floors? What color do you do? That is an interesting idea. Not sure if I'd go that route yet, but it is something I never thought of...

Can anyone suggest a book that comes on audiobook to me? I can listen at work. Sometimes 4-6 hours worth. So I go through them fast. I've been listening to a lot of Rich Dad stuff because it is easy to come by, but it is getting repetitive. And I was hoping for something with more meat...

Well, I guess maintenance free isn't what I was really thinking. I guess I was just figuring that you would not have to do much "building maintenance." Obviously aesthetics will need to be gone over between renters. I'm sure as well as other things too.

I will say that I am happy I got to be a part of this discussion. I have learned a lot and I think that by going back and forth, it is helped clarify the issue. For me, and I'm sure for others who will read this int he future.

Here's a good example of what may alter the 50% rule. (Again, not that I think it is a bad rule, it is acutally what I am going by for now, but also considering whether it'll be less for various considerations.)

There are some apartments that are under construction. Construction stopped and they are selling. Now, if one were to finish these off, and used the right materials, they could be maintenance free for a long time. Though the initial investment may be higher, you can at least have peace about roofs, foundations, and water heaters for a good while. (Assuming you put in quality stuff...)

Alrighty, although I am still going to be keeping about 45% in mind when estimating expenses, it is nice to see a few other people who are thinking on the same line as me. I think the water heater example was great. Regardless of house size, you can typically get away with the same sized/price water heater. I think carpet and roofing apply as well. Though you pay more for the extra square footage of a larger, higher rent, SFR, I still think dollar for dollar the percentage will be lower.

Regardless of what percent it is, as a beginner, I'd rather plan for rain and have the sun end up shining...