SPECIFIC DOLLAR AMOUNT TO BEGIN? - Posted by TED

Posted by Ryan (NC) on March 13, 2006 at 07:08:01:

N/P Ted. This site, a little $30 book, and a couple seminars have changed our lives greatly… No one has been anything but helpful to us and I hope that you get the same joy and benefits that we have.

Best wishes,
Ryan Needler

SPECIFIC DOLLAR AMOUNT TO BEGIN? - Posted by TED

Posted by TED on March 10, 2006 at 08:14:32:

I’m still saving to get started.However,while reading some previous posts one that caught my eye was the one titled “RESERVES”. By being a novice and just getting started how much money would you recommend a person getting started with to sleep well at night.Do you guys recommend like 6 mo of lot rent put aside,3 mo of payments put aside before I buy the first home.

I’m with Ryan and Teddy on this… - Posted by Marty (MO)

Posted by Marty (MO) on March 11, 2006 at 08:46:34:

having access is more important than having the cash. When you don’t have much to start with, it forces you to learn creative financing to acquire homes, also. Leveraging, hard money, asking sellers to carry the note, etc will all become tools in your box. You’ll become a firm believer in the old saying “If the deal’s good enough, the money will appear.”

good luck!

Marty

Re: SPECIFIC DOLLAR AMOUNT TO BEGIN? - Posted by TeddyB_SC

Posted by TeddyB_SC on March 10, 2006 at 22:14:51:

I’m along the same line as Ryan. I just made sure that I always had access to cash. As long as I had that, I never worried about reserves.
Once the cashflow started kickin’, it was no problem setting aside money for reserves.

TeddyB_SC

Re: SPECIFIC DOLLAR AMOUNT TO BEGIN? - Posted by Ryan (NC)

Posted by Ryan (NC) on March 10, 2006 at 11:36:33:

The biggest thing is to have a way of covering the lot rents if something goes wrong, it might mean you eat Raman noodles for a month but could you find a way to cover what YOU owe to other folks if something goes wrong. Maybe it’s a couple grand on a credit card that you’ll hold back and use to cover emergencies. 2-3 months worth of payments should allow you to fix most problems and get the unit resold. You might be more comfy with 6 months worth of payments sitting there as a safety buffer just don’t let it be an excuse to stay sitting on the couch.

Best wishes,
Ryan Needler

Re: I’m with Ryan and Teddy on this… - Posted by TED

Posted by TED on March 11, 2006 at 20:05:17:

Thanks for your advice and I greatly appreciate it.

Re: I’m with Ryan and Teddy on this… - Posted by TED

Posted by TED on March 11, 2006 at 20:03:31:

Ryan,
Again man thanks for giving me your advice.I’m glad that such a site like this one exists.