All Forum Posts by: Adam Bush

@Jai Reddy "Be fearful when others are greedy and be greedy when others are fearful" - Warren Buffett

Awesome to see you doing deals as I read your whole thread about quitting your job to wholesale! Congrats on your success. @Melanie Hartmann

Congratulations! How did you do it? I am pondering making this same type of decision. How did you get the units with "very little saved up"? What kind of units are they? Mobile homes?

When I read the words in Rich Dad Poor Dad to "Pay yourself first" it changed my whole perspective. I pretty much save to invest 50% of my monthly income, every month. I of course make sure my bills are covered, but even with bills/rent, i can save 50% of my monthly income every month, which I have been doing. I put that money away immediately, before anything else. I have not really had to cut my life back much at all. I still enjoy nearly everything I enjoyed previously. I am just no longer buying unnecessary things. I live near San Francisco and work in San Francisco and do not even make 6 figures. I say this just to show it is possible, how bad do you want it. There are still a couple big expenses I could cut back on also which would allow me to save/invest a lot more. Using this method I was able to pay off $30k in debt this year(which is pretty much all of my debt) and save $12,500. So with no debt, I am expecting to be able to save to invest a good $30-$50k next year, which is when I intend to purchase my first investment property. Some months i fell off track and it really sets you back, but usually I have been pretty good about not spending unnecessarily.

Financing and not being sure if the numbers I am running are accurate. Not sure if it is a "deal" or not. I will play with the numbers and possible situations to see if I can make it into a "deal" as well, but always just unsure even when it looks good.

I have just been analyzing properties online which also makes me wonder if it is really a "deal" because if it was wouldn't someone of gotten it by then.

I have been paying debt off and saving money all 2019. I've paid about 30k in debt this year and I will be done paying debt by the end of September at the latest and then all of that money will be going into saving for a down payment. I can save 3-4k a month, and I currently have about 10k saved.  My credit score is 780.

Just trying to save up the money for down payment. I have a couple close friends who are interested in partnering, but I need more funds and better deals. Mostly interested in multifamily, 2-4 unit buildings. 

I am from the DMV area (DC, Maryland and Virginia), northern virginia specifically but currently reside in the bay area, two expensive markets. Unfortunately those are the 2 markets I am most familiar with, but I have been looking elsewhere as well.

 @Brie Schmidt Thank you for your response. The LLC would not have any assets. Does that disqualify me from this process? I thought about the unsecured personal loan route as well, however it does not appeal to me as much.

I am looking for ways to get started while I continue to save capital. Is it possible to get a line of credit through an LLC if I am just starting out? My idea is that I would use the line of credit to flip properties to help build more capital quicker to invest in multifamily rental properties. Also instead of just flipping, would it be possible to use for a BRRRR type of strategy to keep the property as a rental and refinance to pay back what was borrowed from the line of credit?

Appreciate any insight.

Simply pay off your debt, especially if you have a high balance on credit cards. 

In terms of the rental income I believe it is taxed at a lower rate than W2 employee income.

Also, a question of my own for anyone who knows, would the rental income taxed be based off the full amount the tenants pay or just the cash flow?

Network and find off market deals. Just saw a guy on here the other day from around your area that found an off market duplex, I believe, from a property manager for 48k.