All Forum Posts by: Justin B.

I am preparing my finances in hopes to purchase my first buy and hold Single Family Rental in the next few months.  My goal is to purchase as close to a  rent ready property as possible that will require minimal repairs. (no more than $5K)

What are your recommendations on how much cash I should have set aside incase of emergencies, repairs, vacancies?

This cash would be in addition to the cash I will use for the 25% deposit, home inspection and 5% closing costs.

I am planning to use a property manager and save all cash flow, along with the set aside costs (cap ex, maintenance, etc.). but this will take a while to build up so I want to make sure I am prepared for the worst case scenario.

Thanks,

@Russell Brazil @James Mc Ree @Heather Skowronsky

Thanks for the feed back...it’s good to get advice from others as I have became so focused doing a deal I need to ensure I find the RIGHT deal. I just want to do this sooner than later to start the journey.

Where do you all have rental properties...if any?

I read Rich Dad Poor Dad About 3 months ago and I've caught the bug to jump into Real Estate Investing.  I have since been listening to pod casts everyday and reading the bigger pockets books and searching for my first property ever since.

I have  approx. $40k to use as downpayment and closing on a conventional loan on my first investment property. I am looking to purchase something within the next 6 months.  Does anyone have any suggestions for  good cash flow markets on the east coast.  I am hoping for something around $100k purchase price as close to move in ready to minimize my risk on the first deal and I was hoping to cash flow at least $150/month.  

I have been scouring central Florida due to the projected appreciation but that market is now overpriced and I'm having trouble finding anything that cash flows below $200k. (Or doesn't need a major rehab, which Im not comfortable doing on my first deal so far away)

I am in Northern Virginia so everything in this area is well above my price range.  Any suggestions for a new market with cash flow potential at $100k purchase price would be greatly appreciated. 

Thanks,

Justin

Does anyone have any recommendation on class B neighborhoods?  I am looking into this market and hope to try my first investment property by early 2020.

Thanks,