All Forum Posts by: Ryan McElroy

@Lynn McGeein @Jay Hinrichs @Joe Villeneuve @Jean Bolger @Kyle Karges 

Thank you all so much for your input! I really appreciate the time and information!

@Kyle Gregg will do! Thanks for the tip!

And that sounds like a great plan, very similar to mine. Living in your investment property is such an advantage when starting out, especially with no money haha. I plan to keep trading up the properties i rent out and eventually purchase a 2-3 large apartment units that i can solely focus on. I would hire property managers but still keep a close eye on my investment you know

 Thanks Jean! Im really liking North Carolina and feel this could be a great fit for me. However, im also drawn to Florida because of no property taxes and other real estate benefits. Does this matter when choosing location?

Hey! Ive been reading up on FHA 203K loans recently and feel its the best place for me to start. My question is where do i find 2/3/4 unit complexes or houses approved by the HUD/FHA. I would like a fourplex and dont know where too look. Im new to this so any advice would be great!

I ultimately would like to live rent free in a fourplex using the FHA 203K loan. I would use the loan to renovate and build equity in the property. This will be my foundation and home base for then next ~5 years while i begin to build my real estate portfolio.

Thanks, Ryan

What should i look for when researching "up and coming cities". If i want to invest in a thriving location, how do i know which places are soon to be hot?!

Thats awesome! Can i ask you what your big picture plan is? Do you want to buy more properties, eventually trading up for larger apartment complexes?

Hey! sorry about the late response!

I ultimately would like to have enough monthly cashflow to quit my job and be able to do anything I want at any point in my life. I don't want to be filthy rich, I want to have enough money to never have financial concerns again. If one week i want to take a trip to Bora Bora, I can do that because my income allows me to. I will live modestly, but have a large bankroll to do anything I want. 

To further develop my plan as of right now, i would use an FHA 203K loan to buy a fourplex, renovate it, rent out 3 units and live in the fourth. This would allow me to live rent free while the mortgage gets paid down by the tenants. Over the course of 3-4 years, ill purchase a few more fourplexes, using the profits from the previous units as a downpayment. At some point, around the 5 year mark, i will sell all the properties and use the profits to purchase a larger apartment complex. I will renovate, build equity and refinance like the previous properties. After a few more years ill trade up and buy an even larger complex (~75 units), using the same process.

***At this point i get lost. I do NOT want to stop here. I want many more units and dont know the best way to get there. Do i use the profits from the 75 unit complex to buy another 75 unit complex 5 years down the road? Do i start the process all over again? Any advice would be great!

Thanks Ryan

Hi, i am a 23 year old graduating in May 2015. I plan to relocate and start/build my real estate investing portfolio. I have an end goal of 2-3, 75 unit apartments complexes brining in substantial cash flow each month. 

After doing tons of research (i'm not done and wont stop anytime soon), I feel that using the FHA 203K loan to purchase a fourplex would be the best way to start this adventure. I would live in one of the units, rent out the others and live for "free" while my properties mortgage gets paid down each month. I will continue to purchase more properties over the years, using the equity/cashflow/inflation/refinancing to trade up and purchase larger apartment complexes, eventually retiring at an early age!

**My question is....would the FHA 203K loan be the best way to start my investing career give this mini business plan? I will be working full time as a Registered Nurse (3, 12 hour shifts a week, 4 days off), and dont have much money starting out since i'm literally starting my life from scratch haha. I feel that having this first fourplex would be a great foundation to show me the ropes, while at the same time living for free and focusing on the bigger picture!

Any advice would be great, Thanks!

Ryan

Thanks for the responses! How do i go about finding which state is best for me? I can tell you i'm interested in North/South Carolina, Virginia, Florida, California for my own personal reasons. Would these be great places to invest? I would ultimately like to start with small fourplexs and work my way up the ladder (refinancing, building equity, "trading up") and ultimately own two or three, 75 unit apartment complexes. 

Hey guys, I was wondering if it matters what state i should begin real estate investing in? Are some states better than others for investing? Im thinking about relocating and would love any advice I can get! 

Thanks, Ryan