All Forum Posts by: Tim Puffer

@Ashley Lewis - An investor friend of mine owns two condos that he rents out. Last year he was hit with a $7,500 per unit HOA assessment to redo the siding. You definitely still want to factor in some capital expenses even though condos generally don't have any just to be safe for situations like that. Those things (new siding, roof, etc) will generally add value to the condo units - so that's a plus. Just make sure you have good cashflow so that you can take a hit like that better if it happens!

@Gabe Rouse - Find the person who is doing it big in your area and work for them FOR FREE! Help them grow their business and gain knowledge so that you can do it yourself eventually and have the knowledge base of having done deals under an experienced vet.

@Account Closed - I'll echo everyone else - don't rent to family.

I'm 2 years into my house hacking a duplex. I used an FHA loan to acquire it. You can also do a FHA 203K loan if it needs any rehab work completed. One of my best friends used it on a 4 unit and put around $25K of updates into the property - all of which was rolled into the loan.

@Paul Holtham - Awesome job with your start! That's the main thing is that you guys took action. What are your growth plans?

@Account Closed - What kind of property are you looking to get into? SFR, 2-4 unit, commercial?

@Tony C. - "DONT do this with NEWBIES or people hitting you on the internet talking a great game.. you need to belly to belly and make sure your aligning with top shelf experienced players. you will no doubt get PM"s from many pitching their deals.. when you make a post like this on BP.. its just like internet dating you have no clue who your talking to.. and just being on BP is not an endorsement of anyones bona fides..

Those words by @Jay Hinrichs will save you from getting into bad deals with possibly worse partners. You are as strong as who you partner with.

There's so much in REI that you could do with that money. It all depends what fits in best with your current lifestyle, or the lifestyle you want. I invest in self storage due to the good returns and the nature of the business.

Ultimately you may end up trying a few different avenues until you find the one that you like best!

@Robert Murphy - Spot on!

@Ashley Mutawakkil - Morning! Congrats on the decision to pursue REI. Are you looking to invest in Florida from Michigan, or move to Florida?

@Ben C. - @Jay Hinrichs is spot on. Your home should just be your home. IT doesn't need to represent any portion that you keep track of for net worth. Purchase whatever home you want that fits into you being very comfortable financially to do so! 

@Steven Dreyer - do you know the market well where you plan to invest? Have you built relationships with other investors in that area? 

Are you planning to buy an SFR property?