All Forum Posts by: Jared Ferguson
Jared Ferguson has started 2 posts and replied 7 times.
I really appreciate your advice. It felt spot on. I started running the new set of numbers last night, for the next property, to help get things rolling again. I also meet with my property manager today to finish up the details. I work two full time jobs currently so I need this to be as passive as possible.
So onward and upward. Rome wasn't built in a day. The first step of any journey is the hardest.... etc
Originally posted by @Enrique Huerta:
@Jared Ferguson I think you're experiencing the anti-climactic closing that accompanies most deals. We work very hard on sourcing, analyzing, and buying a deal and it's riddled with small problems. It can be draining. It's reality. Also, it may not be what you expected it to be either and that's okay. I would encourage you to focus on what you're most interested in about real estate investing and focus on that. Also, you haven't started managing the property so give it a few months to get the process started and get the funds rolling in to see how you feel. And take a break. Let it soak in and focus on the good that will come with this deal. Just recognize that it isn't rainbows and sunshine like many investors try to paint this lifestyle as. Often times, REI comes with many more problems and can add complexity to your life. If you decide that is not for you, you can always sell the property and invest passively with others to get exposure to the asset class without having to deal with the headaches of doing so.
Lastly, this is my personal philosophy - Don't base your emotions on anything outside of yourself. Whether you invest or don't invest, you should still be the same person. Make REI an enhancer of your life, not a source of positive emotions (or negative emotions!).
Thank you all for the responses. To be clear I'm going to keep going. The draining is five years of work to get something your never going to touch. Lol I thought the knowledge that I owned my first property would be enough.
its the gearing up to get the next one that seems to be the trouble. My process is definitely improved with all the lessons but the thought of square one again is troubling (I'm not quitting, ever. This is the way)
My goal is 10000 a month in passive income. So I working for another 6 properties then paying them off. That is the goal line.
posting and reading here will get us all through!
Thank you all again. P.s Any other tips or stories are welcome and appreciated
I just bought my first property! It closed 4 days ago. Its a duplex in a local city with good rent, some repairs are needed but nothing really big. Closing was a nightmare! I'm one of those self-employed people. Even though a work a full time w2.
All that being said I'm currently in a bla mood. I did all this work saved for 5 years to put 100,000 down found and bought my first property. Ya for me right? On my way right? It drained all my forward energy. I'm not trying to whine. Seriously anyone who tries to great more out of life knows it takes energy and drive. I lost mine with my purchase. Mentally I'm there I did a great thing for my family in getting us moving toward financial independence. In my head I understand it is a long game and I just need to move forward, but I lost my drive.
Anyone else go though this?
How did you deal with it?
Post: [Calc Review] Help me analyze this deal
- Posts 7
- Votes 2
Thank you for replying.
I structured the loan with such a heavy down payment that one unit will cover the mortgage. I also have an emergency fund to cover ten months worth of expense incase of worst case.
Currently after the Carr Fire there has been a shortage of housing available, therefore dropping the vacancy rate to 2%. 4% was a very conservative number.
I was looking at four plexs but the numbers didn't work. House hacking is currently the norm here, do to the shortage so investors looking to make a profit are priced out by individuals just trying to get in a home.
Post: [Calc Review] Help me analyze this deal
- Posts 7
- Votes 2
This is my first property. I have other sources of income and I am looking for a stabilizing investment in my portfolio. I do business in cash. Therefore I did not have any credit in the beginning of this project, hence the large down payment. This is the best local property I was able to find after a long search. My goal is another 5 properties in the next 10 years. then debt snowball them. I understand there are better properties out there but I want my first to be local and this is my local market. Northern California. just want to see if anyone sees a glaring problem.
Post: [Calc Review] Help me analyze this deal
- Posts 7
- Votes 2
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