All Forum Posts by: Claudio Golia

As a CT resident, my initial impulse was not to consider this state as a location to purchase a real estate investment.  The taxes are high, the property values are high, and based on statistics over the last year or two I see more residents leaving CT than coming. 

That said, for those investors out there who buy and hold and rent, is there positive cash flow potential without investing in D class properties in areas like Bridgeport or Hartford?

My initial thought was that I would head out of state to start and I still may do that, but it would be my first investment.  Just trying to weigh all my options as a newbie.

Thank you,

Claudio 

Thank you @Joshua Nudell.

I took you up on your offer and sent over a PM.

Have a good weekend!

Claudio

@Jonathan Casillas I'm familiar with some of those other strategies you mentioned, but will certainly look into them more.  

I'd like the idea of renting my house, but I don't think I could get the rent I would need to break even each month.  I would need to do the math, which I'm working on as part of some potential strategies to move forward.

Thank you. All the REI discussion and exposure to BP is quite addictive.

@Steve Vaughan I'm not underwater, but I don't have the equity I would like.  Thanks for the feedback. 

@Tyler Weaver

I'm interested in buy and hold properties to rent for cash flow.  Vacation rentals also are of interest. 

Of course, I'd like to have the option to leave my full-time job and create a business around real-estate as the ultimate goal. However,  if I could generate some passive income and increase that over time,  I would be happy with that as well.  It would give me some additional options and freedoms I  don't have today. 

Good morning.

As a potential REI, I have been going over my finances very carefully to determine if I'm in a good position to move forward. I have some cash reserves, put away for a rainy day in addition to lines of credit that are currently have no balances.

I put a great deal of $ into my 401K and brokerage account, so there's some potential to tap into those if I needed to, but I'm not sure that's the best idea at this point.

My main debt is my home that I purchased in 2008, when property was on the higher end and then tanked. Therefore, I have little equity in my home due to my LTV. I'd like to sell my home and get something smaller, and then use the savings from the decreased mortgage to put towards investing, but that doesn't seem likely without a considerable loss. Right now I'm staying put.

I do have two car loans and a small student loan, that I am paying down as quickly as possible and hope to be done with them in the next couple of years,

Outside of the home and the auto/student, I have no other debt.

Although I am anxious to get started, my thought is that I should probably wait and try to get out of my current home and downsize. I can then invest the savings into another property or perhaps buy a duplex/triplex and occupy one of the units.

I can probably make it work financially, now and not wait, but things that worry me is coming up with a lot of cash that could result in tapping me out early in the game. For instance a 20% down payment, fixing or repairing a property.

I understand that there will always be risk (as with any investment) and you need to put in money to make money, but I'm just trying to do my due diligence and make sure I'm making the best decisions without letting my excitement blind me.

All that said, what would be the best course of action? Wait or get started? I understand that I ultimately need to make that decision. I'm just looking to hear from folks who have been in a similar circumstance and how they chose to move forward to fulfill their goals.

Thanks. 

I have to say I have only been here on BP for a few weeks, but the interaction, information, and willingness to help has been mind-blowing. This is such a great community.

That said, I have been trying to augment my BP education by reaching out around me personally to see if anyone is a REI. Turns out my neighbor owns 5-6 properties, and he and I have hung out on various occasions, but never spoke of his investments.

After learning of his REI experience, I reached out to him and asked if he would be willing to have a conversation with me over a beer about how he got started and his experiences since being involved in real estate. He happily agreed and seems to be looking forward to the conversation.

Not sure he would be mentor long terms, but it's an encouraging start.

Anything specific I shouldinclude or avoid during the conversation? I have my own thoughts of course, but if you have anything to offer, I'm listening.

Thanks!

Good afternoon.

I understand a VR forum is under construction here at BP.  However, until that's established I wanted to ask a question of the VR investors.

I was curious as to how those of you investing in VRs got started or ended up with this type of investment? 

What do you like or dislike about VR properties?

I see a lot of potential positives in this niche, but I was curious as to others experiences.

Thank you.

@Karin Crompton

Thanks for sharing your experience in NH.  The plan is as you said to "go for it".  Just working my way there. 

I know that area of NH quite well, but one of my more recent goals is to learn about that market.  It seems relatively expensive, with little cash flow to be made but that's just based on some cursory research I've done. Nothing in depth.

Do you still feel comfortable investing in the North Conway area?

I would be thrilled to see a VR forum cone to fruition. I'm a Newbie to REI and the draw for me was VR.

The areas of interests for me are central FL, White Mountains area in NH,  and Eastern NC.  

@Karin Crompton love the North Conway area. How has your rental property experience been

Based on what I've read here,  it sounds like the numbers to produce cash flow are getting harder to produce. 

Hope to discuss more once the VA forum gets started.