All Forum Posts by: Adam Goldberg

@Ivan Dushchenko, that's a good thought, I'm up in MA so that'll come into play soon. 

Hi @Ivan Dushchenko, sorry I don't have an answer, but I just came across something similar. How did you confirm, and approach?

I'm just starting my Real Estate search and decided to try to find who owned a vacant looking, distressed property near where I am currently living. I got the name (just a name) from the city, and from a little bit of internet digging I'm pretty sure I found the guy. He appears to be a mortgage broker. 

A) How do I confirm I have the right person? 

and 

B) What does it mean if a Mortgage Broker is listed as property owner?

Thanks,

Adam 

@Zach Midwood I recently relocated back to MA from California and would also be interested in a meetup. I'm living closer to Boston, so weekends may be better from me as well. Sending a connect request.

@Jason Pinkerton, wondering how you ended up proceeding with your spouse on the REI conversations? I'm in early stages of research, and had basically the exact same thoughts you posted about originally when you started this thread and was going to make a similar post asking for suggestions.

Wow, thanks everyone for the great responses!

@Brian Eastman Thanks for confirming the part about personal residence. Will be looking to purchase first investment property soon as well, so that's good to know. 

@Bob Malecki Thanks for the suggestions regarding creating an at home business that creates earned income, there are several option we could pursue to get her set up with that. 

This seems like a great option for us, and I'll definitely dig deeper into the resources many of you provided. Thanks!

Hi All, My wife and I are about to have our first child and she may not be going back to work. Simultaneously, we are about to start the search for our first home and either flip or rent after 2 years. We were going to go the traditional mortgage route, but I recently listened to an early podcast that explained Self-Directed IRAs and it sounded like something to look into further. In searching the BP forums, it looks like there are these Solo 401k's that people suggest too, but need to be self-employees in order to qualify. While I plan to stay a W2 employee, my wife would a stay at home mom. Curious what are the legal requirements to be considered "self-employed" if we wanted to pursue the Solo 401k for a Real Estate investment. Thanks in advance! -Adam

I was about to start Millionaire Real Estate Investor, based on the several recommendations on the podcasts as well. Since it was published in 2005, I’m curious if people find any of it outdated based on changes put in place after the crash in 2008?

Hi All,

I just began to educate myself on Real Estate Investing the past few months by reading up and also listening to BP podcasts. I'm currently living on the west coast, but considering moving back to New England in the coming years and have been drawn to New Bedford. I recently set up a keyword alert and am happy to see that others have the same mindset! 

While I think I am still over a year from moving/purchasing anything, I'm curious what other people are looking at as potential opportunities as well as the hurtles in the redevelopment of New Bedford? Obviously the commuter rail extension project is a great prospect, but what else is factoring into your interests? Equally, crime and schools are concerns, is there anything else that should be considered?

Andrew, I am looking forward to following along on your process! Good luck!

Thanks,

Adam

Hi All,

My name is Adam, I wanted to introduce myself and briefly explain what brought me here, and the direction I'm looking to go.  I went to school for Architecture have been in corporate space planning and facilities project management for the past 8 years. My wife and I got married earlier last year and are expecting our first child in a few months. We currently live on the West Coast, but are originally from New England and considering moving back to be closer to family.

I'm sure I am like many people on here that have been forced into getting their finances in check and think more about the future due to big life events (i.e. married and a new baby within a year!). While our savings accounts are slim, we fortunately have excellent credit and will have no debt as soon as my wife's student loans are paid off right before the baby is born. 

With all this in mind (and the fact that I've always loved the flipping shows on HGTV), I recently began to research Real Estate investment (REI for Dummies, BP Podcasts) and everything is starting to make sense, because before when I didn't have the math right in front of me I was very skeptical of the numbers. I believe my professional skills are very transferable to this business, but also understand that there is much to be learned along the way. I have a low cost area in mind that I think has a lot of potential and I'm really itching to get started, but want to play it safe as well.

The current plan is to stay on the path, save up enough to purchase our first home with conventional financing, with the opportunity to do some renovations, increase value and use that as a learning opportunity to investing in additional properties. This plan is assuming my wife and I both have full-time jobs and do an estimated 1-2 buy/hold deals a year. That being said, I'm close to being done with the corporate 9-5 job and would really love to jump into it so I've been debating asking a wealthy uncle to borrow a substantial amount of money in order to get started. This brings me to my first question/scenario I'd like to post here...

My uncle is an incredibly successful businessman, so I would want to be very prepared before I even brought this up in conversation (and I can't do this without my wife being onboard too, so I want to make her feel safe as well). How would you recommend setting up a business plan for a personal loan under the following hypothetical conditions for property in the area?

1. All Single Family Residential, 3bd/2ba

2. Cost - $100k / Rehab - $25k / ARV - $150k

3. $1500 monthly rent

4. First Rehab to Lease takes 6 months, Second and beyond take 3 months each.

5. No interest

6. Payback to begin after 12 months

7. Yearly Living Expenses - $50k

The idea is that I would start off very conservative to learn the ropes and try to get his money back to him asap so that I can in turn ask for more cash by way of an investment instead. If I were to ask for $100k, how would you suggest putting this money to work in order to pay my uncle back asap? The process of writing this post has taken quite a while, because I'm not 100% sure I'm even asking the right questions, so please feel free to modify the hypotheticals and let me know if any more info is needed.  

I look forward to hearing the feedback, thoughts and ideas and being part of this community!

Cheers,

Adam