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re: Real Estate Investing......... New update pg 7
Posted on 3/25/15 at 10:26 pm to DirtyMikeandtheBoys
Posted on 3/25/15 at 10:26 pm to DirtyMikeandtheBoys
How'd you buy a house your freshman year?? I eat Ramen 6 times a week 
1
Posted on 3/26/15 at 7:41 am to MoreLandshark
Dad co-signed.
I'm not going to act like I did this on my own. I was very fortunate to have the backing of some individuals that believed in my future.
There are creative ways to make things happen.
You will run across some railroad tracks in life when you gotta slap your nuts down on the rail and risk that the trains gonna stop, and moreover there's going to be a point when you have to convince someone else to stick theirs down there with you.
I'm not going to act like I did this on my own. I was very fortunate to have the backing of some individuals that believed in my future.
There are creative ways to make things happen.
You will run across some railroad tracks in life when you gotta slap your nuts down on the rail and risk that the trains gonna stop, and moreover there's going to be a point when you have to convince someone else to stick theirs down there with you.
Posted on 3/26/15 at 8:05 am to DirtyMikeandtheBoys
quote:
I'm not going to act like I did this on my own. I was very fortunate to have the backing of some individuals that believed in my future.
I am in the same boat. I could have afforded to put down 20% on my first property last week but would have taken about 1/2 my savings. My dad and I agreed to split everything 50/50 with the understanding that when we sold the property, he would get his initial investment back first.
This REI idea was mine but I will be able to buy more property, have more cash on hand for emergencies, and have more flexibility having a partner that has capital to invest.
My low ball goal would be 10 houses all around $100K on 15 year notes. In 12-14 years all paid off, $1M in equity total and $400K in equity in my share without putting in a dime of my own money. And thats not counting any cash flow from rent being paid. I had three people that I was going to reach out to to partner up with me, dad being one, and I just happen to ask him first.
Posted on 3/26/15 at 8:39 am to stevengtiger
How do you go from one to multiple? By my math you want to own 10 properties by ~2018? How do you jump from 1 to 2 to 4...?
You start with $20k cash, buy first house, rent it out. At what point do you pull the trigger on #2?
You start with $20k cash, buy first house, rent it out. At what point do you pull the trigger on #2?
Posted on 3/26/15 at 8:42 am to poochie
Are you looking for more rental property? I'm about to sell my home. Looking for pretty much immediate buyer. It would be a great rental as it's in Ascension Parish and with all the plant workers you could make a nice rent and wouldn't have trouble finding renters.
Posted on 3/26/15 at 8:44 am to couv1217
<--87@gmail.com
Posted on 3/26/15 at 8:47 am to poochie
quote:
How do you go from one to multiple? By my math you want to own 10 properties by ~2018? How do you jump from 1 to 2 to 4...?
Again, we (my dad/partner) have the capital to do this, so we may or may not be in the same situation. The remodeling of our first property is taking place right now and should be done by the end of next week. Hoping to have someone in by 4/15 at the latest. We have already looked at about 10 more properties since we signed our buy/sell agreement about 3 weeks ago. I am hoping to make an offer on another one in a week or two. If we found one today that we liked, we would pull the trigger immediately. We don't necessarily need someone in the first one to make an offer on the next.
Posted on 3/26/15 at 9:00 am to couv1217
quote:
couv1217
LSUEngineer12@gmail.com
Posted on 3/26/15 at 9:11 am to LSUengineer12
Sent
Posted on 3/26/15 at 1:22 pm to DirtyMikeandtheBoys
Ah okay I gotcha. Some people look down upon others for being helped by their parents. Not me. My dad never bought me a Range Rover or anything like that but he's helped me beyond what he's had to do as a parent.
Posted on 4/8/15 at 5:21 pm to stevengtiger
Damn good thread. Super interesting. I'll try to add it to the stickied thread tomorrow.
Updates?
Updates?
Posted on 4/8/15 at 6:49 pm to stevengtiger
What do you use to determine what the rent of the house will be?
Posted on 4/9/15 at 9:03 am to bayoubengals88
quote:
Updates?
Of course remodel has been more timely and costly than estimated but we are still on track to have everything done finished by Friday 4-17. I did add about 50% over the estimated cost when I put our rehab budget together, so we are still in good shape. I will have some great before and after pics that I may need some help posting. Hoping to have someone in by 5-1.
Have looked at about 8 or so houses in the same area but have not found one we absolutely loved. Saw one yesterday that sparked our interest though and are taking a second look at it tomorrow. Right now is a very good time around Barksdale to put up a "for rent" sign, so hopefully a second house will be in the cards in the next week or so.
Posted on 4/9/15 at 9:05 am to stevengtiger
quote:
so hopefully a second house will be in the cards in the next week or so.
One step at a time...
Posted on 4/9/15 at 9:11 am to Creamer
quote:
What do you use to determine what the rent of the house will be?
In the area we are focused on, it comes out to about $.80 per sqft depending on bedrooms/baths. Our first place is about 1300 sqft but is a 4/2 which adds value in our area(most homes are 3/1 or 3/1.5). Our house will be completely updated and we will be asking $1300 per month.
This post was edited on 4/9/15 at 9:25 am
Posted on 4/9/15 at 9:12 am to I Love Bama
quote:
One step at a time
Personally, I would like to wait till we get someone in the first one but my partner (dad) is ready to pull the trigger. He works but his job doesn't require any office time or very much time at all and he is "all in" with my REI plan.
Posted on 4/9/15 at 9:30 am to stevengtiger
I do a lot of deals with my dad too. It's worked out great so far.
Posted on 4/9/15 at 9:35 am to I Love Bama
quote:
It's worked out great so far.
We have already had our first disagreement and I don't expect it to be the only one but it has been great so far. He has been in upper managment for many years and to say he is Type AAAAA, would be an understatement.
But we have a great thing going together and we have the same goals with this deal. Posted on 4/9/15 at 9:49 am to stevengtiger
My dad likes to be hands on and I like to pay people to do everything (value of my time). It's hard to get him to understand why. He makes like $250 an hour at his regular job but will spend an entire Saturday laying tile in a bathroom. 
Those conversations are the biggest arguments we have.
Those conversations are the biggest arguments we have.
Posted on 4/9/15 at 9:50 am to stevengtiger
quote:
What do you use to determine what the rent of the house will be?
quote:
In the area we are focused on, it comes out to about $.80 per sqft depending on bedrooms/baths.
I've recently read about the 2% rule on BiggerPockets...I just don't see any way that would work down here (unless I'm misunderstanding).
150k house would bring 3k per month? Did I do that correctly? $150,000 x .02
Someone correct me if wrong. This is my second day to read about REI
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