All Forum Posts by: Ken Nyczaj

@Patrick Cozadd well said sir.

@Maria Taylor 1. depends on how in depth a renovation you're doing. Carpet, paint, fixtures, drywall repair, you'd be around $15k on the low end depending on the quality of work and square footage of house. If you start renovating kitchens and baths you'll likely be way over budget unless you go really basic.

Since it's your first property, might be better to hang onto the cash in case the unexpected happens- vacancy, hvac goes out, or other capital expenditures. Just be sure you still cash flow only putting down 3%.

Down payment for commercial seems to be 15 to 20% when first starting out. If you can analyze the numbers well, pitch it to a friend or family member, maybe they'll help you with the down payment?

@Jay Hinrichs that’s incredible and inspirational. Thanks for sharing. Hope to be there one day!

@Manda Gouvion after my first podcast around the end of 2017 I started writing hand written yellow letters to houses that looked dilapidated. It’s a cheap way to get into real estate and with enough patience and persistence you’ll likely get a deal that could change your life.

@Matthew Horstmyer maybe 6 months of reserves if the property goes completely vacant? Enough time to find another source of income.

@Michael Martinez work closely with a local title company and likely they’ll help you along the way. A relationship with a great title company goes a long way.

@Daniel T Stockman if the numbers work go for it. People always need a place to rent. And perhaps the bank will go for an interest only period while you are renovating/ finding a tenant to help with your monthly payment.

@Ben Bartels one of the few assets that while you’re depreciating it, it appreciates. On you’re example it is unlikely you’ll stick with that one property and instead could do the stack- 1 unit to 2 to 4 to 8 and so on...