All Forum Posts by: Ronald Morris

Hello @Dave Foster

Thanks for the reply! it's a bit of a mess but my father-in-law bought this home and let us move in, when we got married he put it in a trust for us and has since taken it out so we can sell it and use the proceed for a new home in CO. The whole transfer was done in early December of 2021 though were still waiting on the final paperwork. I don't think we can go wrong with any of the options I listed above. We figure we should use this opportunity to jump-start our future instead of buying a really nice house with all the money. 

Hi Everyone,

I just wanted to get everyone's opinion on my and my family's property situation. We own no properties but had planned on buying a few this year. We recently were gifted a house that we cannot use as a rental. Were also moving to the Denver area from California ideally by the end of this quarter, and the CA home will be sold and used for the new home.

Here's the dilemma.

After the house in CA is sold, we figure we will walk with a minimum of 800k with a more realistic number around 900k. Because of how the house was transferred to us in December, we're not sure a 1031 exchange will work though we're looking into it.

As for what we're looking for. I would like to start with MF 2-4 units. With that being said, I wouldn't object to a SFR and doing STR. All rentals will be within an hour of Denver, and once we get the process of buying down and we can confirm we like being landlords OOS will become an option.

Options:

Buy 500-600k primary with cash, then use the remaining balance on rentals. From there, we will use the equity in our primary to buy more after were more established.

Use the full 800k to buy the primary, then when were settled, use home equity for rentals.

House hacking isn't much of an option.

FHA is possible though were on only one income for now.

To round things off, I will be graduating in Feb with a BA in computer science and no debt. My wife is in the tech field as well, with a gross income of 95k.

I'm sure there are other options we are not thinking of, but we wanted to get everyone's opinion. Thanks for reading, and please don't hesitate to ask for any clarifications or more details.

 Hi Ben,

I've made a previous post detailing my 1-10 year plan. I want to start with and stick to MF. In an ideal world, I will have 2 properties with 8 doors in total with a net of $2400/mo. Not super lofty goals but they're easily realistic if that makes sense. It will be our first year there so we will have enough on our plates already so I'm not going to add too much to our plate. As for this year, we are taking the time to analyze the areas we like and zero in on our ideal property. I like to find niches and weird solutions to problems so that will be part of my focus. Once we stabilize the two properties or 8 doors (whichever comes first) Its full steam ahead!

Hey Kayla,

Thanks! I'm so ready to be done with college for now. We're thinking next summer when my son is out of school but we're heading that way for most of July. We really like the idea of MF 4 units or less. So while we're there we plan on traveling around Boulder, Longmont, Erie, and colorado spring!

Hey everyone!

I'm starting out again for the second time. I decided to focus on school so I could have a much larger income going into 2022. I am almost done and will have a CS degree by Feb of 22. I plan on getting 2 properties next year to get my feet wet. After I work the kinks out it will be full steam ahead. We will be investing in the Denver area if anyone would like to connect please feel free to reach out!

Hello,

My wife and I are out of state investors looking to buy in Kansas City. We have an agent and are now looking for a reliable PM. Ideally, we would like someone who is ok working with newbies. We have been preapproved for SFR but were ok with MF if we can find any. Please feel free to ask any questions below or shoot us a pm.

Thanks for your consideration and we look forward to speaking with anyone interested.

Hey Everyone!

Just wanted to see if anyone has any opinion on place for newbie investors to look in KC. I am trying to narrow down rents, but rent-o-meter and the BP tool seem to vary from each other. With that being said I like these areas if anyone would like to share any insight would really appreciate it thanks!

Leawood

Prairie village

Ray town

Liberty

Specifically, I’m looking for any recommendation on other areas of KC to look at, things I might not think to account for while analyzing, general rents for these areas. Stuff like that would be amazing! In return I have free upvotes!

When I was a property manager we use "bit of sugar" in all the units. It looked great but requires a sprayer to avoid light spots. I would probably go with some shade of grey if you're just starting out.

Maybe we can start a Zoom meeting. Does anyone want to team up and start one with me?

HI @Teri Feeney Styers thanks for responding! The tentative plan is so move from out current home into a multi family using the FHA loan. Were thinking either Durango, Colorado Springs or Denver.