All Forum Posts by: Keaton Vols
Keaton Vols has started 14 posts and replied 36 times.
Post: Security camera suggestions
- Investor
- Posts 36
- Votes 18
Security, is all. I have zero trees but I do live in nd so it can get unbearably cold and lots of snow
Post: Security camera suggestions
- Investor
- Posts 36
- Votes 18
Do you guys have any security camera suggestions? If there was a reliable battery powered option I would maybe do that. I have a four plex with detached garages. I would put two on building and two on garages. There is power to garages but I don’t know that I want to have to pay an electrician to wire non battery ones
Post: One investment property, looking to expand
- Investor
- Posts 36
- Votes 18
Quote from @Wesley I.:
@Keaton Vols
Congrats!
Curious if your employer matches your 401k?
Get the match at the very minimum.
Nothing wrong with putting money in your 401k, and check with your admin if you can take out a loan to buy a primary from your 401. Ive used this tool once or twice. Some lenders also count your retirement account as reserves.
Seems like you’re on the right track, keep looking in your buy box so you know what a great deal is when you’re ready to buy.
Wish you the best.
I upped my contribution to 25%, we have a cash balance account too but their match isn’t very good, it’s only 4. I actually wondered if it was worth it to put money into 401k or save as much as I can for rei’s. I figured to up my 401k and borrow against it in the future
Post: One investment property, looking to expand
- Investor
- Posts 36
- Votes 18
Quote from @Nathan Gesner:
Quote from @Keaton Vols:
Rinse and repeat!
Buy another fourplex with an FHA loan. Live in one of the units. Rent out your current unit. You'll have a place to live and seven rentals. Do it again and again until you meet your goal or decide you want to upgrade to a single-family for yourself. If you can handle it, you should be able to get five or more fourplexes by the time you are 30 and earning enough cash flow that you will have the financial resources to enjoy life.
Post: One investment property, looking to expand
- Investor
- Posts 36
- Votes 18
Quote from @Wale Lawal:
To expand your real estate portfolio and achieve financial growth, consider refinancing your property, saving for a down payment, implementing house hacking, partnering, exploring markets, building a network, educating yourself, diversifying into alternative investments, maximizing tax benefits, and maintaining an emergency fund. With careful planning and strategic investments, you can successfully expand your portfolio.
Good luck!
Post: One investment property, looking to expand
- Investor
- Posts 36
- Votes 18
Quote from @Jonathan Greene:
This is a great post because it's an example of a young investor doing all of the right things and not trying to go too quickly. If you want to stay, that's smart also, but you will need that 20%. I would actually think smaller, not larger. Since you were smart to house hack a 4, I would see what you can get for a 2 in good shape, not a BRRRR or rehab (too much work when you are new).
My lender said the underwriter would allow me to get a duplex at 10% if I live in it. I’m going to look for a place with garage and more yard space. I’m trying to learn as much as I can from Bigger Pockets as I can
Post: One investment property, looking to expand
- Investor
- Posts 36
- Votes 18
Quote from @Jonathan Greene:
This is a great post because it's an example of a young investor doing all of the right things and not trying to go too quickly. If you want to stay, that's smart also, but you will need that 20%. I would actually think smaller, not larger. Since you were smart to house hack a 4, I would see what you can get for a 2 in good shape, not a BRRRR or rehab (too much work when you are new).
Thanks for the reply! I am wanting to start out on the right foot. I’m totally going into this blind and having to learn on my own.
As far as financing, with the brrrr strategy I would need to wait until I have some equity in the property correct? I’ve redone one unit and now starting another as that tenant moved out. I don’t know if I should keep pumping up the numbers in my 401k and getting the tax benefits, or lower my contributions and out money into a high interest savings account for my next down payment
Post: One investment property, looking to expand
- Investor
- Posts 36
- Votes 18
It would be an investment property, depending on the property I would like in it or stay in the investment property I’m currently in.
Post: One investment property, looking to expand
- Investor
- Posts 36
- Votes 18
I am 25 y/o, I have a job where depending on overtime, I make around $140,000. I bought a 4 plex a year ago and I live in one unit while saving for another. I put 20% of pay into 401k and have a couple payments totaling around $1000. I will have $30,000 saved up by the end of the year. I’m wondering what the next steps should be going forward to gain another property and expand my portfolio. Any suggestions real-estate or not are greatly appreciated
Post: Exterior common entry doors
- Investor
- Posts 36
- Votes 18
I am replacing entry doors on my fourplex. I live in North Dakota so we get all the weather extremes. Was wondering if it worth it to go with fiberglass doors to prevent rust on steel doors? Or if anyone has any experience with fiberglass, good or bad