All Forum Posts by: Adam J Goodsite

So finally got my first property. It's a 3 bed 1 bath little over 1000sqft . Got it under a land contract rn. It's kinda complicated rn cause I have family living in it that wasn't paying before I got it and is most likely not going to pay now. Sense its family I was made to promise to wait to kick them out till spring because the have kids and they dont want them in the cold with nowhere to go. My plan was to brrr it. I'm paying 21k for it and 3/1s around the area have sold around 90k to 145k. Needs rehabbed . I'm planning on having it paid off before there out then doing the rehab. Anyone have any advice on what I should do. It's a very complicated situation with it being my first property/ horrible tenants/dealing with family.

Ok so my wife and I decided we are going for our personal residence before investing in real estate. So should I get my personal residence through an LLC knowing I'm going to be investing soon. Or do I just get it in my name and worry about transferring it into an LLC later with the risk of the due on sale clause?

@Mike Mocek thanks for the feedback. My credit is being worked on (715). And I havnt talked to a lender. Mainly getting a game plan down and saving right now

@Ricky Bass I want to start some but I have assistance through the government and if I make much more I'll lose them. So really I need $1200 cashflow to cover what I lose. So I'm not sure how to go about it. But doing this is very important to me. I want nothing more then to be able to provide and be with my family as much as I can. They won't be young for long.

@Marlen Weber thank you. And yes multifamily would best . I need to boost my income at least $1200 fast when I start investing cause I currently have insurance and food stamps through the government and will lose them when I make more. So I need to make sure I can cover that . So for that kind of income I would go for a 4 plex?

@Marlen Weber yes I would love to do multifamily. But so far I was thinking my only option would be saving up enough to buy a single family and do the BRRR method. But Idk what's the best route

I am 26 and I'm married with 4 kids. I have a full time job and my wife is a stay at home mom. I'm looking for the best strategy for my situation to get me to financial independence as fast as possible. Any ideas is much appreciated. Thank you

I have a family member that inherited a house. I dont have the best credit and dont have alot of money down. So I'm thinking a land contract is best. How do I go about doing that?

@Dennis Folk Great information. Thanks for taking the time to reply.

@Dennis Folk thank you . And 3.5% down plus additional fees?