All Forum Posts by: Roshan K.
Roshan K. has started 16 posts and replied 250 times.
Post: Just Bought a Duplex - Need Advice! =)
- Oklahoma City, OK
- Posts 258
- Votes 214
Originally posted by @Amit P.:
I locked in with Chase on 2 duplexes this week at 5.125%, no points, 30 year fixed. You can do better on your rates which should help your numbers.
How? They told me that they don't do non-owner occupied loans on houses anymore
Post: Just Bought a Duplex - Need Advice! =)
- Oklahoma City, OK
- Posts 258
- Votes 214
How are you getting 30 yr financing on a non-occupied house?
Post: Looking for Commercial lenders in Oklahoma
- Oklahoma City, OK
- Posts 258
- Votes 214
Originally posted by @Rick Bracelin:
@Roshan K. Thank you I will contact them
Keep in mind that this was nearly a year ago! Rates have changed significantly. Best of luck :)
Post: Looking for Commercial lenders in Oklahoma
- Oklahoma City, OK
- Posts 258
- Votes 214
Originally posted by @Rick Bracelin:
@Roshan K. Tagging on your thread. Were you able to find a commercial lender to work with? I'm focusing on the BRRRR strategy and researching possible lenders that will eliminate/reduce seasoning periods in the OKC area. PM me if you had any luck.
Yes Regent Bank helped me with the terms I mentioned above your post
Post: My current status: 3 rental properties... Am I doing it right?
- Oklahoma City, OK
- Posts 258
- Votes 214
@Chris B. I think your numbers look good! Sounds like you are doing something repeatable, and profitable! Just keep on going!
As some others said, multifamily generally gives a better return, but comes with a different set of headaches.
But I disagree with using appraisal value in calculations for equity as someone said earlier. Appraisal values don't mean crap. They come in low or high, but don't change what the market will bear for the house if sold. I would calculate all returns using the number you bought for and how much you put in.
Post: My current status: 3 rental properties... Am I doing it right?
- Oklahoma City, OK
- Posts 258
- Votes 214
Originally posted by @Isaac Boateng:
@Chris B. congrats on your good investing strategy. May I ask how you are funding these deals? I’m a newbie and I’m trying to find more funding routes. Thanks!
He said he used a HELOC
Post: What is the income want to achieve for FINANCIAL FREEDOM
- Oklahoma City, OK
- Posts 258
- Votes 214
Post: Am I wrong to assume I can save over $120k / year?
- Oklahoma City, OK
- Posts 258
- Votes 214
Originally posted by @Richard Sherman:
@Roshan K. NO YOU must drink the kool aid!! ;) JK, I would say I am not against spending, I am against mindless consumption because, you know, we make a lot of money so we should just spend it on BLAH
Haha, what kind of kool aid we talking about here? If it's cherry, I'm down :D
Regarding mindless consumption, I think what matters is to make a SMALL list of things important to you.
IE if you like travelling and buying clothes, great spend money on that because it makes you happy. But then you better not be spending money on cars, eating out, expensive gyms etc.
Spend money on a couple things that make you happy, and ruthlessly cut all the frivolous extras out of there.
Post: Am I wrong to assume I can save over $120k / year?
- Oklahoma City, OK
- Posts 258
- Votes 214
Originally posted by @Andrew O'Kane:
Some background info. My girlfriend and I are both 26/27. I make ~$250k / year in sales while she makes ~$100k / year as a product manager. I only see these incomes rising over time. We live in a rather expensive city, out rent is $2800 / month but aside from that, have no other major payments (no credit card, college or car loans). While we have yet to build a SOLID budget (I know this needs to be done), my assumption is we can comfortably live on $6k / month.
I'm at the stage where I truly want my money to work for me and envision (and hope for) a passive income stream in the ~$200k / year range. I've been trying to educate myself as much as possible through reading and listening to podcasts in my free time. It seems as though we should have no issues saving $120k or so a year after maxing out our 401K?? Not sure where or how my calculations would be off.. but that just seems like A LOT of cash to be stuffing away each year at our age.
Second part of this question is, where should I be searching for this passive income stream? My initial thought, (again, still have a lot of research to do) would be to purchase income properties and rent them out. From some case studies I've read it seems as though we can conservatively purchase a property for ~$80k / each (pay CASH) and then after ALL expenses, including a management company, have a positive cash flow of ~$500-600/month. From here I put together a quick excel sheet in which I looked at our current age of 26 and projected up to 40. I kept the rough assumptions of buying properties for $80k, cash flow of $500-600/month, input savings cash for new properties at $120k / year (in addition to re-investing the cash flow from income properties). From a high level, it seems as though we could end at roughly 36 properties with an income of ~$220k / year..... my question is what am I missing, are my assumptions way off? or is this a reasonable plan I should seriously pursue? If so, any recommendations on where to start and/or continue my research??
There's no doubt that you are working hard to pull that much in sales. And I'm sure your gf works hard as well to make her income. I'm going to go against the other poster and say there's no problem with living a little, if you are still saving 125k a year.
That is enough to buy a few homes a year, even in the very expensive Boston market. Buy homes for a couple years, then scale up to apartments, when the homes are bringing in serious income and your own income increases.
You can be financially free in 5 years or even less investing 125K a year.
Post: How low below the asking price is to low to offer?
- Oklahoma City, OK
- Posts 258
- Votes 214
Offer as low as you want. I'll send out a 100 lowball offers before I send out one closer to list price. I don't care about my reputation, because the thing is, once a contract is signed, I close. So if I'm known as a guy who lowballs but comes through, I'd take that over someone who overpaid.
Regardless, I have no concern over my reputation as a real estate investor. I make offers and if I don't hear back, great move to the next one. And if that property is still on the market again 30 days later, I make the same offer again.
Don't care about your reputation, as long as you actually close on signed contracts