All Forum Posts by: Kenneth Hynes

@Dustin Thornberry 

Welcome to the site,  Bigger pockets.Great place to start or enhance your real estate investing.

 Doesn't say in you are going to invest in Hawaii or not, but one tip that I picked up here is while you are starting out and saving money for your investments, start driving / visiting areas you would like to invest in so you get a feel for prices, rents , house conditions etc, and visit and look at lots of homes and open houses so your eye get used to looking at repairs / upgrades that are normal in a particular market. I really dont think you can look at too many properties, and the more you look, the more knowledge you will gain for that market

Check out the free BiggerPockets Podcast- A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

@Jessica Aust 

Welcome to Bigger pockets. It is a great place to start or enhance your real estate investing .

BP is a great resource. Full of great forum tips and reads. One tip that I picked up here is while you are starting out and saving money for your investments, start driving / visiting areas you would like to invest in so you get a feel for prices, rents , house conditions etc, and visit and look at lots of homes and open houses so your eye get used to looking at repairs / upgrades that are normal in a particular market. I really dont think you can look at too many properties, and the more you look, the more knowledge you will gain for that market. 

Also check out the free BiggerPockets Podcast- A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 1000 past ones to catch up on.

So little bit late for the party , but been working on set of goals for the year independent of my upcoming work transition. 

there are as follows:

1. 1. Continue to have tenant pay down mortgages on existing properties.Goal is %00 occupancy on the 4 SF houses
2. 2. Convert current primary residence to rental property after completing my transition out of military and move from current location.
3. 3. Maintain / stabilize rental cash fund reserveUse this as emergency fund for repairs and down payment source for next property.2014 was rough asone time maintenance issues and vacancies put serious hit on reserves.
4. 4. Purchase two more investment properties; while I still have a W-2 form.This will be my first pure investment properties, so have to research the best market for where to go.Preliminary analysis rules out 3 of my current markets, as I don’t see the returns there.
5. 5. Purchase a new MF property at my new location (yet TBD) and house hack it, either by renting rooms or buying a small multifamily and renting out the other units.
6. 6. Increase my current cash flow %50 to ~ $1800 -.This has multiple options, including paying off mortgage on one of the properties, new cash flow from new investment properties, and increasing rents on other 4 properties .
7. 7. More efficient use of equity and capitol.Right now have a lot of equity built up in three of my properties, either by appreciation or paying off the mortgages.This may include refinanceor doing a 1031 for more profitable property.
8. 8. Become more educated investor.As stated in multiple podcasts and forum posts, there is a lot of educational resources out there for the investor.Goal this year is to pick one-two formal courses (either in pursuit of RE license [KH1] general knowledge) from open source classes and complete then.
9. 9. Start developing processes and automation applications to increase efficiency of handling my current RE investments o free up more time for research and making offers.

@Daniel Ryu 

looks like a good meeting

Where was the SoJu ?  

@Patrick Rowe 

  If you are serious about this property would ask to get teh P&L statemetns from the current owner going back two years.  Minka outlines alot fo the baseline expenses you can expect , so that should be a good guide .  Are you going to manage yourself ?  Is there any other maintenance .  Do you have an insurance quote  ?  Remember the %50 rule also encompasses taxes and insurance a part of teh expenses, so inital analysis would look like

Income  1100- Expenses (650) - Finance (PI=380) ==$270 month cash flow

Ken

@Jonathan C. 

 Great work and very inspiring .  One question. 

In the description you mentioned the lead came via wholesaler, but in the financial paperwork it appears ( to a relative newbie like me) that it was a HUD home purchase. Did you get it straight off the HUD website ?

ken

@Greg Mu 

Welcome to teh site .  you have already gotten alot of great tips above:)

BP is a great resource. Full of great tips and reads. One tip that I picked up here is while you are starting out and saving money for your investments, start driving / visiting areas you would like to invest in so you get a feel for prices, rents , house conditions etc, and visit and look at lots of homes and open houses so your eye get used to looking at repairs / upgrades that are normal in a particular market. I really dont think you can look at too many properties, and the more you look, the more knowledge you will gain for that market

@Ken Taté 

Welcome :) 

BP is a great resource. Full of great tips and reads. One tip that I picked up here is while you are starting out and saving money for your investments, start driving / visiting areas you would like to invest in so you get a feel for prices, rents , house conditions etc, and visit and look at lots of homes and open houses so your eye get used to looking at repairs / upgrades that are normal in a particular market. I really dont think you can look at too many properties, and the more you look, the more knowledge you will gain for that market

  As far as online classes , I took an Itunes course from COlumbia a while back.  dont know if it is still available but it was very informative

@Steve Harber 

Welcome.  just up I% from you 

BP is a great resource. Full of great tips and reads. One tip that I picked up here is while you are starting out and saving money for your investments, start driving / visiting areas you would like to invest in so you get a feel for prices, rents , house conditions etc, and visit and look at lots of homes and open houses so your eye get used to looking at repairs / upgrades that are normal in a particular market. I really dont think you can look at too many properties, and the more you look, the more knowledge you will gain for that market

Ken

@Jon Lafferty 

good read and good progress .  least your first couple of properties are cash flowing ..

Only recommendation I would make is before you acquire too much, build an emrgency fund  where a new roof or HVAC system from being cash poor.