All Forum Posts by: Tim Ryan

 oops, I meant Esha! not Brianna.  Sorry about that. 

Hi Brianna,  I live in the Pasadena area of CA and had to buy out of state as you are considering.  Actually, when I first started in 2008, I bought two single families in Desert Hot Springs (near Palm Springs). Those were 3 bed / 2 baths for $95k and $78k only.  That was the closest to home I could buy with positive cash flow. On the one hand they were great starters for me. On the other hand they stayed at low value for many years. Why? because nothing was going on in that city. There is still nothing going on.  I then learned the concept of emerging markets in real estate. This is researching cities that are poised for growth which is mostly fueled by new job creation in the area (new development, manufacturing growth, etc).  I'm now in my third market and it's close to Chicago!  I can tell you more if interested. House hacking is one way to do it, but not necessary. You can buy cash flow positive rentals in a growing market now. $50k is not a lot but is doable as a down payment. 

Hey Jimmy,  I say for sure keep renting and buy an investment property. But you'll have to buy out of state. Buying your primary can wait. Start getting positive cash flow and learn the rental business, and buying your own home will be much easier in the future. This is a no-brainer for me to tell you to buy investments!

Hey Thomas,  you are right about the 1% Rule that you would need $10k per month in rents (revenue). The cap rate is correct at 12% if you pay all cash. With a loan, you then want to look at cash on cash return.  Anyway, you are not finding deals in Canada. I know nothing about Canada. But I do know the Mid-west has growing cities that do provide the 1% rule. It's not a thing of the past and I'm not buying crappy properties in crappy areas.  The key is you'll have to travel.  So again, your area is not ripe for investment - then look elsewhere...

Hi Andrea, welcome to BP (you and Hubby).  I'm in LA also and I'm currently investing in the mid-west. I'm in my third out of state market now. Let me know if you'd like to connect and hear some stories.  I think I can shed some light on this business for you.

Hi Rafael, welcome! I'm in LA also. Let me know how I can help by answering questions. Run your ideas by me...

Hey Pedro, Welcome to BP!  I'm in LA. Do you ever travel down here?  Let me know what you are looking to do in real estate as I may be able to assist with info/thoughts.

Hi Christopher,  I too am in Los Angeles and I invest in the Mid-west. Let's connect.  I can tell you my story.  I am on my third out of state market now.  I have so many stories I can tell you and help you to navigate your next moves. Let's get a coffee. I'm in the Pasadena area.

Hey Michael,  first of all I'd encourage you to teach your next generation what you'll be learning. Whether you have kids or nieces/nephews.  It's hard to give advice for which bootcamp / coaching you should do. So I'll tell you what I did. Years ago my first coaching program I did was Robert Kiyosaki's Choose to be Rich. It was a really, really good program for me at the time as it set the foundation for my success. Quick story about it: I had been working with my coach Nicole for about 4 months into a 6 month program when I asked (in a frustrated tone), when will be start working on real estate investing? Her reply was "when you are ready, and you are not ready". BOOM. And she was right.  Longer story on how I got to my second and third programs, but the best one of all was RE Mentor - David Lindahl who teaches on buying multifamily properties. My goal was 50 units in 3 years. In less than 3 years I had 89 units. Two years later I was over 300 units.  It works - when you put in the work.

So true. And you could make a mistake and lose money.  Boy I am I glad that didn't stop me!