All Forum Posts by: Tim Hall

House with an in law suit, non conforming multi units. If all your looking for is cash flow, these are a great for a start. They're also a lot cheaper than your four plexes and can yield the same amount of cash. Otherwise think bigger 20+ units with a value add and you can get a bargain. Good luck!

When is this going to stop? Everyone that has some sort of show is now capitalizing on peoples idea that real estate is a get rich scheme. Does no one realize that the only people getting rich is the gurus. They charge exorbitant amounts of money, from $2000 to north of $50,000, for their 'inside' knowledge.   There must be twenty different types of guru set ups now from 'flip or flop' to 'flipping boston'. Are these guys all telling you the same things. Anyone on here had any experience with Gurus? Good or bad. How much did you pay and was it worth it? 

Originally posted by @Jacqueline Coombs:

Sounds like you are off to a great start! I would start by doing house hacking. It's the easiest and most economical way to start on your portfolio. Get a loan for your personal residence and rent out to cover your mortgage then see where you want to go from there. You can easily scale up by buying another personal residence and turning the previous one into a rental, and on and on from there! I would get my feet wet as a landlord before I spent my savings. Within a few short years you will be way ahead of 99% of your peers!! I would strongly suggest you do some networking and find a mentor. I found mine at my local Real Estate Investors meeting. Lots of great people and opportunities to learn a lot! Good luck! 😊

 Well done Jackie, you took the words right out of my mouth. That's how me and my mrs started. We bought a big 3 bed house with a mother in law suit and a converted garage, the mother in law suit was already rented for $450 a month. We then turned the converted garage into another bedroom and made that our space. The bedrooms we rented out for $500 inclusive of utilities plus the money coming in from the mother in law suit added up to a $1950. We had a mortgage, taxes and insurance of a little over a $1000 so we lived for free and made a little a bit of money. More importantly we were able to get an equity line out on the house and buy another rental, and so it started. Good look! If you want to grab a coffee sometime, I'm up.  

Welcome to Tallahassee. I'm here to help.

Here's my 2 cents and that's all it is. 

I believe that muti family properties are nearing a peak or are high priced.

The purchase price is $259k and you could spend 30-40k in repairs, so added together it comes to around $300k which is the retail price, which I think is high. When the market corrects and it will, maybe not today or tomorrow but in a few years you're going to be upside down. This may not have relevance because you're cash flowing, right. 5% in repairs and maintenance with 20 somethings is way low, I'd air on the side of caution and double it. You're paying retail and I never pay retail. 

Hi Angelo, welcome to Tallahassee and bigger pockets. Just keep reading and networking right here.

If I can help just shout.

Here is my advice, make the first purchase the best purchase. That means it will either allow you to live for free or have boat loads of equity, preferably both. This will allow you to start working on paying off debt or wealth building. Once you have your house in order the sky's the limit. Now as far as multi v single fam I don't care as long as the numbers work. It's totally up to you and your preference and comfort level. Do you want to live with other people? Me and the wife did before the kids came along and it worked out really well.

@Mark Vollertsen Ditto

Hey guys Tim Hall here, welcome to Bigger Pockets, Tallahassee and Real estate investing. If you need anything just shout!

Hey Don I'm Tim Hall from Tallahassee. I'm a wholesaler flipper here. If you need anything, boots on the ground or a sounding board, I'm here.