All Forum Posts by: Michael Buckland

One of my goals for 2015 is to buy my first Buy and Hold Rental property. Given the high amount of SFH in in the Minneapolis/St. Paul Metro Area, that's the niche I'm leaning towards.

While I realize each geographic market is vastly different in terms of acceptable cash on cash returns, I'm curious for what benchmarks or rules you have set for your business to ensure long term financial success.

For example, I evaluating a property right now with 11.86% Cash on Cash and that includes 10% vacancy, 12% PM, 5% Cap Ex and 10% Repairs. 

Thanks in advance!

"Still wet behind the ears" Mike in Minnesota :)

Thanks to everyone who's shared their personal experiences for the betterment of the BP community.  I especially appreciated the way Sam Leon outlined things. It's very easy to look at REI with "rose colored glasses" and this thread will increase my standards for liquid savings.

Happy New Year to all and thank you for making BP a godsend for focus group education like this.

Kim,

Thanks for sharing your story.  For a fellow new investor, hearing the strategy and financials is helpful in all of our education.  House Hacking and Frugality are core principles on BP and I would say you are well on your way.

Enjoy the chase and good luck in CT!

Mike

Chris,

Congratulations on taking the leap of faith.  You're now off and running and as expressed above, you will only learn more and improve with each deal.  Here's to your next success!

Happy New Year

Mike

Brandon Sturgill - Thank you for the tips on understanding the "hidden costs" associated with acquisition.  To plan for the worst case, have you found a formula or percentage that allows you to safely scope a deal and avoid those huge surprises?

Thanks for the insight David Moore!  I'll be sure to pick up J Scott's book.  Is there a particular aspect of BP you find most educational or helpful?  The site is tremendous and I'm trying to narrow my focus to "key elements".

My name is Mike and my fiancé Emily and I are diving head first into this journey.  We're starting with education and are trying to absorb no less than 60 minutes daily in Education. 

I work in Technology Sales and Emily is an Underwriter.  Our primary interests are Buy and Hold and Flips in the Minneapolis/St. Paul Twin Cities Metro area.  Future goals include expansion into Duluth, MN and the Southwest US.  Our primary goal is Education in all areas of Real Estate Investing.  We're willing to invest the time, effort and resources for the next several years knowing it will pay off 10X in the future.  Bring on Toilet Overflow calls at 2AM.

Knowing I only learn after I get burned, we are incredibly interested in learning from your experiences!

What do you wish you knew when you started your Real Estate Journey?

Mike and Emily

Savage, MN

Journey Started - December 10th, 2014