Inspiration: How do you use your #REfreedom?

Question

Hey guys, My name is Ashley Wishinski!I am a buy and hold RE investor in Vermont. I always like to ask about how others use their #REfreedom (freedom achieved through real estate investing)? New investors may get stuck in taking action when feeling overwhelmed. So let's share our real estate success stories here to help the new folks see what is possible through real estate investing! To keep them motivated and moving towards their own #REfreedom.I use our positive cash flow to stay home with my boys and am working towards being able to live 6 months of the year in a warmer climate! I got to leave my job as a mortgage lender (which was sucking the life out of me) shortly after our boys were born in 2014. Not having to work 9-5 gives me the space to think creatively about real estate and spend more time finding and executing deals.In short, we've spent the last 8 years strategically buying and selling real estate. It's almost like a real life game of monopoly. (Which I love!) We've traded up, used cash out refinances and HELOCs to make it all happen. Currently we have positive cash flow of just about $2,900 from 4 multi family homes and have a few more deals in the works.Let's share our successes so that others can be encouraged in their own lives!Ashley : )

Ashley St. Gelais · Answer

@Vincent CraneWelcome to the conversation! I totally agree. We've found better returns on larger buildings and continue to trade up.Vincent: How do you use your #REfreedom?

Vincent Crane · Answer

If you scale those multi's into small and then large apartment buildings that's when it really becomes a business and you can be making $5k per month, then $10-$15k per month pretty quickly if you reinvest the cashflows, and gain the appreciation in the property at a high value. Once you get there and you're really making bank, travel the world, be free, and forever escape the rat race.

Arielle Gutierrez · Answer

Hi Carrie,Just chiming in to say monopoly is also my favorite game and my young family HATES it when its my turn to pick for game night.Best of luck,-Arielle

Carrie Anderson · Answer

THAT is the QOTD. What do I need to do to find owner financed deals. Find a willing seller, obviously. A particular property came to my mind, that I have scouted, in my neighborhood. I've run the numbers as a flip, but should also run them as a hold, and see which makes more sense. And then see about hunting the owner down.

Carrie Anderson · Answer

@Arielle Gutierrez: best game in the world! I currently have a deluxe edition. My oldest children grew up playing it with me, and love it, but don't love that I am always the banker. Always. Ashley Wishinski: I've never stopped shopping for, and analyzing deals. I'm a true junkie. I drop by a rehab going on next door to my best friend's house almost daily. Yesterday I helped the GC lay laminate flooring in the entry and dining room. Last week I cruised a potential flip and talked to some neighbors to get an idea of the street. It's a sickness, I tell ya. :-)

Ashley St. Gelais · Answer

Nice! It sounds like you know how to work it! : )

Carrie Anderson · Answer

when I ran the numbers as a flip, I realized the margin might be a little too tight right now, but that's also pretty norm for SoCal. It's a great candidate for a cash flow property, for the neighborhood, school district, etc. Again, if the terms are worked right. It's currently vacant, and listed on the MLS, but with an agent that is obviously not actively marketing the property. I have no problems at all knocking on neighbors doors, and had already done so to ask about the neighborhood.

Ashley St. Gelais · Answer

@Carrie AndersonLove that you are re-considering a property as a buy and hold. Is the property rented now or owner occupied? When I've scouted homes in the neighborhood, I'll casually walk by and ask someone outside the property if they are the owner. If they aren't I ask if they wouldn't mind sharing the owners contact info with me. Most of them assume I am looking for a place to rent and hand it right over. : )If that isn't an option, there is always city hall where you can find tax bills that show name and mailing address for the owner. I'd suggest writing a handwritten note that details your interest in the property and some of the aspects you love about the property... You know, to start off on the right foot.

Ashley St. Gelais · Answer

@Carrie AndersonPersonally, I love the idea of owner financing. The sky is the limit and all the terms of financing are negotiable. What would you need to do to find owner financed deals that would be good investments for your future?I like to believe that most people are ready to take action well before they actually feel ready. What if the perfect deal is sitting out there for you now? All you have to do is find it. : )

Carrie Anderson · Answer

I've not yet looked too deep into financing yet. Loosely, I'm thinking I'll most likely need private funding, although I'm also open to seller carryback. Or whatever gets the job done. I'll most likely house hack at first, but that could be either a keeper or a flip. It just has to make sense for the property, and for the deal. And I'm always open to suggestions!