All Forum Posts by: Michael Minor

One thing I notice is, from what I can see on the first pic, you did not include cap ex. I would recommend of accounting for 10% cap ex, as well as, 10% for repairs. This can really come back to hurt you when you didn't count for it and you then later have a roof to replace or an HVAC system to replace.

I think that you're expecting them to do their job? Maybe I am misunderstanding, but if my boss asked me to do that I would get it done and I am a product returns analyst not a property manager. 

@Brian Adams Great job on the investment. Eventually I would love to have a similar success story. Everything you discussed in this post is exactly why I love the idea of commercial multi family. I am excited to start my journey and start small until I can build to be a larger player. Great inspiration in this post.

My name is Mike Minor. I grew up in the Kansas City area, but I lived in California for about 5 years in Marysville. I was there because I was in the Air Force for six years working aircraft maintenance. Growing up my dad was involved in real estate and that is where my passion started. When I was in high school I always said my ideal graduation present would be a duplex so I could live in one side and rent the other out. I had no idea I was talking about house hacking and I don't even know if that was the term back in 2007ish when I was asking this. I graduated high school in 2009 and a few months later I was in basic training. I bought my first house in 2011 when I established some credit and I essentially live in flipped this house. I purchased the SFR for 90k in Marysville, CA, it was a 3br/2ba 2 car garage 1140 sq ft home. Over the course of the next 4 years while I lived there I put roughly 10k in updates/repairs into the property. In 2015 we closed on the deal and I got a nice 60k deposit into my bank account. I purchased my second house in Gardner, KS. I am currently trying to sell this home (due to a divorce and so I can pursue my passion in real estate). For anyone who is reading this and thinking "sorry for the divorce". Don't. It is something we both wanted and it has been improving our relationship tremendously and has created a healthier living environment for our kids, not that it was terrible before, just better now. My plan is to house hack a multi family in Prairie Village after the sale of my current house. My goals in real estate are to start out smaller and BRRRR properties until the point that I can start to invest into commercial multi family. I heard about BiggerPockets from my dad and step mom who I was talking with about how excited I am about committing to real estate. She is a real estate agent and my step brother is a broker.

I am extremely interested in meeting investors/wholesalers/agents, really anyone involved in real estate, in the area to build a strong network that can mutually benefit everyone through advice, deal "sharing", partnering, anything really that improves the community. I know meet ups can be a great place to network, but I am interested in getting out and networking anyway possible.

@Kyle Burkhardt I am looking in the Kansas City market currently. I do not know about rehabbing remotely, but I would possibly talk to @Nathan Brooks. He sells turnkey rental properties in the area and also has a property management company. I believe this is the link to his website https://www.bridgeturnkey.com/

@Dan Krupa I have just barely started becoming active on BP, I am a newbie and have been reading/learning/advice seeking the last couple of days. I have reached out to a couple of KC investors looking for advice outside of the forums and outside of meetups. So far I have not heard back, but I only reached out this morning. I have had people answering my forum posts and sharing stories etc on BP however.

@Amir M. Yes, I am actually actively hunting my next deal now with a goal of getting one done this month (anyone in the KC area with a deal that I can BRRRR please feel free to contact me). I am obsessed with real estate and I am selling my second primary residence soon, and I am looking to house hack my next residence. Real estate and my kids are the two things that get me fired up the most.

I am a current full time employee at Garmin International as a Returns Analyst. My first property I bought when I was in the Air Force and I basically live in flipped my house. At the time I was in California making around 3100 a month as an E-3.

50% rule on this property would say that this is a bad deal. 1300/m in rent 650 to expenses leaving you with 650 to pay yourself and the mortgage. My first home I bought in 2011 had a mortgage of 90k with a 4.5% interest rate and was 640 a month PITI. Taxes were around 1400 a year there as well. I would recommend looking for something else.

@Ryan Mattson Thanks, I should mention that just like all FHA loans it is for your primary home for at least one year of residence.