All Forum Posts by: Guy Yoes

For me it was not vetting the people working for me. My first agent was only interested in making a sale and sugar coated all the issues. My inspector must of known I was new to this and inspected a 1400 sqft property in less than 60 minutes and the inspection was about 1 page long. In spite of all my ignorance, I got some good renters (stayed 4 years) and I learned to do most of the repairs myself. I ended up making money but not without learning some hard lessons. 

Homeowners is for your home and not a rental. You need rental insurance for any rental you have. If you have an umbrella policy it should cover your rentals also. This is more liability insurance and not loss insurance. Talk to your agent and read your policies carefully.

Am I wrong in assuming your mother has some income coming in? IF she has a modest check each month, you might ask if she can rent the property until funds are available. Put down a large deposit and pay a few months rent in advance (if possible).

Work with your agent who may know some sources you haven't explored yet.  Good luck!

PS what's up with your Dad bailing on you? Does he think you aren't good for it?

@Dennis M.

Thank you! I struggled the first 5 years. Paid my dues and learned so much. Again, a shout out to the BP family. People are so willing to help and more often than not, their advice and comments are spot on.

@Ola Dantis

I'm 58 and friends thought I was crazy. At 28 maybe... but 58!  We kept the Faith and things started happening when we were ready for them. Thanks for the kudos!

@Dave Foster

Thanks Dave! The way things fell into place and the timing is something I never could have orchestrated. The term "on a wing and a prayer" comes to mind. I know you get it. ;-}

@Martin Tyler

I do know of one for sale on the same street I am buying. PM me for more info.

@Michael Ealy

It started out as a side job, but it is full time now. I am learning so much and growing more each day. Thanks.

The wife and I had been trying to move from Tulsa Ok to Springfield Mo . We have family in the area and wanted to be closer to them. We had two rentals in Tulsa and good jobs but no prospects for work in Springfield. Then, the Friday before Christmas, my neighbor approached me and asked if I wanted to sell our house to his mother. Wife and I talked it over and thought this might be our chance. 

They made a cash offer higher than appraised value (not much higher) and I wrote up a contract (selling it as is). Then it hit us, we had sold our house and didn't have one to move into and were moving in 6 weeks and neither of us had a job lined up. We started to regret our hasty decision.

We spent two weeks of Christmas break traveling back and forth to Springfield looking at houses. Nothing caught our eye and we were pretty low. On our way out of town we passed a house with a for sale sign. First thing we noticed was roofers putting on a new roof. We stopped and talked to the old lady who lived there. Her husband had died 8 weeks earlier and she was moving into a retirement center. The house was in great shape and in a good neighborhood. We offered asking price which included appliances and an awesome woodworking shop plus some minor repairs. We owned our house out right and the neighbor's mother paid cash. We made 40K after selling and buying the houses in February. (doors 1 and 2 bought and sold).

By chance I met an older couple looking to sell some of their duplexes in the Branson area. The duplexes all had long term renters paying $600.00 per month. 1400 sqf per side with 3 bd and 2 bath per side. We hit it off from the start and made a deal to buy 5 duplexes for 500K. In April we bought the first one with monies from the sale of our house. ( doors 3 and 4). In May we sold one of our rentals in Tulsa and using a 1031 we bought our second duplex (doors 5,6 and 7). 

In July, we get a contract on the last Tulsa house and using another 1031 bought another duplex (closing the end of this month) (doors 8,9 and 10).

Summary: We have been in Springfield for 7 months and a lot has happened. My wife got a great job teaching nursing at Missouri state univ. I am fully retired and working on the duplexes, plus our house and getting ready to buy the last two duplexes (another 4 doors) by the end of this year. I had previously picked up a mobile home here (I guess that's another door). We have been blessed that every door sold was profitable and every door bought has increased our income. A special thanks to @Dave Foster for his guidance and expertise in guiding us through the 1031 process. Also thanks to Bigger Pockets, I would not have been able to navigate this awesome journey without the guidance and support of all the kind and wonderful people on here! Blessings to all.

These are people who are retired and downsized from a larger property. They are not wealthy and don't want to do up keep on their property or pay someone to do it for them.  they have family in the area of Springfield and like the idea of being close to the lake. They are on a fixed income and/or work part-time in the area (i.e. Silver Dollar City). The duplexes are modest 3 bed/2/bath/2 car garage and are 1248 sqft.  One Story with fenced yards and 1/3 mile from Walmart. The vacation condos and duplexes are a different set up.