All Forum Posts by: Adam Detig

There needs to be a library of podcast transcripts that we can search for words/phrases in. There have been multiple times that I want to re-listen to part of a podcast I heard over a year ago, or show part of one to a friend, but due to there being over 300 podcasts it's nearly impossible to pinpoint the specific one from simply remembering a phrase that was mentioned. Having a library where you could search for words/phrases would help tremendously in finding those podcasts.

Congrats on paying off loans. That will make investing (in any form) much easier. While I definitely had these same concerns when starting out 2 years ago, I've come to realize they are not requirements. For example, Turner's book on investing with no money down will show you many ways of getting around not having capital (such as partnering with someone that has money). Also, try looking into a small multifamily as your first purchase as that will cover both buying your own house and getting started in real estate. You don't necessarily need to have buying experience to start as the right realtor can walk you through that process (as my realtor did with me).

Hey Brooks. I wanted to comment briefly on your thread. I mean this to be encouraging and not negative. Your very first sentence you put unwarranted limitations on yourself. Why do you have to wait a couple of years to get started? Why can't it be by the end of this year? Why can't it be this month? Many of the hurdles you experience in real estate (and life) will be self-imposed and are much easier removed that you may think. So I encourage you to think positive, act positive; think big, act big.

@Nate Bell No absolutely not. The $400 profit only after mortgage payment is no where near enough. You also have to take into account vacancy, repairs, property management costs, possible pest/landscaping costs.

The general rules you will find on BP is that 50% if your rent will go to expenses (what I listed above), and then the mortgage payment comes out of the other 50% and any left over is true profit (typically aiming at $100 per door).

Hope it helps.

Hey Bryan,

I would encourage you that knowledge is power. Read all of the books you can get your hands on (or check out BP's top 20 book list). Fully understand the numbers when it comes to flips or rentals if you want to focus on that. Be honest, built trust, and view every interaction as a future business partner.

Darn! @Levi Graziano beat me to it! Come out to Barleys on the 31st if you can. I'll see you there! Best of luck in your research as I was in your shoes this time last year. I went from zero knowledge to grabbing every source I could get my hands on. I used BP's top 20 book list as a starting point, and listened to all of their podcasts over the year. Feel free to reach out!

Try contacting local credit unions or other local banks. My brother was able to find a local credit union that would give him a good rated commercial loan on SFR properties if he put them under an LLC.

Absolutely it's a good idea to talk to them about a real estate loan! You already have a positive relationship with them and a track record that says you are a good investment on their part. 

I doubt they will look at you paying off the car loan early as a bad thing. Think of it this way, would they rather have a trustworthy/reliable loan being paid to them for a short time, or none at all.

Best of luck.

Referring to the 80/20 rule mentioned on one of the podcasts, 80% of the work is done by 20% of the agents. Keep looking for the right agent that is willing to do the work; they are out there. I would recommend going to local REI meetups to try and meet agents there. While you are there, also get agent recommendations from non-agent investors. You should come away from the meetup with a handful of contacts and hopefully one of them will be a good match for you and your business plan.

Best of luck.

Yes. Refinancing is one of many options available. The mortgage payment would increase, but you would have to just run the numbers and see if you like them. I'm not familiar with HELOCs so I can comment on that. 

Something to consider with the increased mortgage is that while the payment increases, you could use that 20k cash out to buy another property giving you another source of income. The net income could be higher even though the mortgage payment is higher on the one house. 

Again, there is no perfect way to do real estate. It's all personal preference and risk management. Good luck.