All Forum Posts by: Tim Jones

Hi everyone,

My wife and I are newer to BP and I realize that this thread is a few months old. I'd like to start meeting up with you guys. Is there already an established REIA in the Merced area? What exactly do we need to do to establish a forum?

Thanks,

Tim and Nelina

Chris T. said it all...

Welcome aboard!
I recommend reading "The Richest Man in Babylon" & doing everything you can to get your financial house in order...debt, credit, savings, etc. Every little bit helps...
Multi-family is a great idea & house hacking is a powerful tool.  
Find deals & the $ will come to you...
Good luck!!

Hello,

Just checking to see if this property is still available. I realize the post is about a month old. Also, if unavailable, could you please post that so everyone knows?

Thanks,

TJ

Hi Julio,

Welcome to BP! I just returned from McAllen on Saturday...we have family that live in the Ponderosa subdivision. I'm curious where the property is located.

I love the house hacking concept with an FHA loan. I think it's smart to heavily leverage yourself at today's rates.

I assume that you have included PMI in your PITI calculation. Also, why do you state that you are charging yourself rent? Is it to show the true numbers as if you didn't live there? I'm guessing they're all 2/1 renting for $750/ea.

What about utilities? I don't see them listed.

Did you run this through the rental property calculator?

You may want to look into local zoning regulations in a few years and think about a condo conversion. Nothing pressing, go with cash flow for now and build equity!

Congratulations!!

TJ

PM me and we can talk about Merced. I have a contractor that I've recently been acquainted with that i believe can handle the workload of a flip.

If the main house is vacant for a month or so, can you make the payment from your W2 job?

Check on cost of splitting utilities...might end up as arbitrator in tenant dispute....

Is house hacking an option? Sounds like it's in a nice area...

Why not combine your 2 ideas into one? Hook up with a few Bay Area investors and purchase a multi-family locally. You can spread the financial commitment out and keep the risk down by having multiple doors....

Alex,

If you want to stay local and affordable you may want to look at UC Merced, Fresno State, Stan State, Chico State, etc

Welcome Efrain! 

The first thing you're doing right is your attitude towards learning. As others have stated, utilize all the tools at your disposal: podcasts, books, webinars, etc. The eventual goal for a lot of us is a change in mindset, a move away from the W-2 wage earner world of thinking.

Here's some specific books that I think a majority of the community would consider required reading:

Think and Grow Rich - Napoleon Hill

Rich Dad / Poor Dad - Robert Kiyosaki

The Richest Man in Babylon - George S. Clason

Start with an honest assessment of your household finances: savings, credit, debt, etc. The RMI Babylon is great for starting to save more - pay yourself first! Kiyosaki adds more to the concept.

Good luck and thank you for your service! I'm a 17 year veteran Fire Captain closing my first multi-family in a week. YOU CAN DO THIS!