All Forum Posts by: Branden Newman

Thanks for the support everyone. 

Frank, I can really appreciate the realistic views you bring because it does help ground my optimistic hopefulness.  The management doesn't bother me because I want to eventually start a property management business with family.  I also plan on putting the cash flow back into the house for the first couple years anyway because I have a steady job for now; so immediate cash flow won't be a major factor for me for the next 3-5 years (as long as I'm not negatively cash flowing).

Brain, you're absolutely right; you do have to start somewhere, so don't be afraid to start.  You should absolutely be weary of what could go wrong but don't get caught up on the "what if" scenarios so much that you never start.  Good luck to you too!

I understand this is my first deal and I expect to learn a lot through it.  I'm 22 and currently in the military; so as unlikely as it is, if this property does turn out to be a total bust then I still have the rest of my life to recover.  I'm just anxious to start my investment portfolio.  Thanks again for all the words of wisdom everyone.  If you feel like anything needs to be added, please feel free to keep this post going!

Branden

Thanks for the thoughts everyone!

It's located in southern Illinois in the best school district around and good neighborhood.  I'm still waiting on the insurance quote so the 1300 for insurance was just a guess.  

As for the second thoughts, I'm just starting to feel like it'll be more work than it's worth and that I need to be more careful and wanted to see if anyone here could see something I'm missing.  It was built in 2006 but needs a garage door opener, new stair case, and a few odds and ends stuff like shingle caps, termite baits, and electrical covers. 

My Dad and his wife will help me manage it at no cost and the utilities will be on the renters.  

Hello BP.  I've been on here learning for about a year now, and finally have my first deal within reach.  I've analysed countless properties and was afraid of never actually pulling the trigger on my first deal so I started making offers on the best SFHs I could find in my area and now have a house under contract.

I'm coming to the forums today to see what you think of my first deal and if I'm crazy for starting to have second thoughts and feeling like I should back out.  

3 bed, 2 bath 1156 sq/ft for $67,500

20% down on a 30yr loan at 5% = $290/month

property taxes - $1700/yr

assuming insurance is $1300/yr

$4500 on repairs

Monthly rent could be around $850

I appreciate any advice.

Thanks!

Branden

So this is what my calculator looks like.  I just plugged everything into a Google Docs spreadsheet.  Excel works too but I prefer Google because its accessible anywhere I can log into my email.  Is all this necessary?  well not really but it really helps gauge properties against each other and helps me see what will work and what won't.  Good luck. 

Hey thanks for the replies and encouragement.  I'm going to keep filtering though all the great information on here, until I find the right deal for me.  Unfortunately I can relate to the analysis paralysis.  I'm really leaning more towards starting in southern Illinois and if I decide to move my investing locations then I'll figure it out when the time comes.  I started talking to the banks back home to get financing approval and have found a couple duplexes that could work but not set on anything yet.  Hopefully much more to come.  Thanks for making me feel so welcome here on BP.  Really looking forward to working with you all.

Hello everyone,

I just signed up with bigger pockets and am really grateful for such a great site.  It really seems like a perfect place to get started and really learn all you can before you start, which is what I needed.  

A little about my situation.  I am 22 years old, currently enlisted in the USAF and deployed overseas until the end of the year (2015).  Once I get back, I'll be busy with a leadership course and then leave for a year in Korea and am unsure of where I will be living after that. I understand being gone so much will be a huge obstacle to overcome, but I am very hungry for passive cash flow and really want to start my investing career while I'm younger.  

My current plan is to start with multi-family residential properties and buy around 50 units in the next ten years.  Hopefully after those ten years I will be producing a large enough stream of cash flow to live off of and start helping other investors finding properties by becoming an investor realtor.  I am open to moving on to commercial units once established, but I don't feel that would be  a good place for me to start right now.  

I do have a few questions and will appreciate any feedback I can get.  I don't know where (location) to start my investing career at.  My home is southern Illinois, which is a pretty rural area and I don't see as much potential for profit as other areas.  I presently reside in northern California but won't be stay there more than 6 months before I leave again. Should I start buying back home in Southern Illinois, in California, in a different location that I have no connection with but the potential is better,  or just wait until 2017 to start investing in the local area where I get moved to? 

Again, any input on how to start, where to start and who to start investing with is appreciated.  Thanks and have a great day.