All Forum Posts by: Alex Rector

So would it benefit me to locate REI clubs online in my potential area, then proceed to find out which members have websites/blogs and build a rapport with them for future investments?

How about mentors, are there any good reliable mentors in the Maryland/Virginia neighborhood?

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@ Jeffrey - I want to be an investor with a real estate license. The real estate license is beneficial and brings a lot of items to the table.

@ Max - So buy and hold? working after work will be the key. I can do searches, and all other necessary work while at my daytime job that is needed/required on line. Swing by after work / during lunch to look at the properties.

@ Dave - I agree daytime in the winter months could be a problem, but I would hope after semi-annual investing that I would have a team competent enough to help while I'm not present.

@ William - How did you go about building your team? What resources did you use to find and negotiate terms? What did you immediately invest into - rehabs?

@ WheelHouse - I would prefer those 'old' stable rehabs than splashing paint on new ones' any day. I can let my creativity flourish through the rehabs.

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I know that I am self-motivated. I just need a game plan on what to do literally.

I know that you ( I ) need a decent amount of education or the decisions that you make will end up hurting you in the end. Concerning this education, apart from reading here on BP, what other information would you guys suggest?

Books, Podcast, Seminars, YouTube channels, etc.

I'm currently stationed in Germany (Army) and will be hopefully in Maryland in a year's timeframe. I want to build my knowledge of this society so that when I get back I can hit the street running after I obtain my real estate license.

Thoughts?

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So how did you guys do it? How do you start investing into Real Estate while being employed full time? What type of investing did you start in?

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Workerdrone,

I completely agree. I had been thinking about bartering for a small mentor-ship, or something related to it.

I try to be polite ;)

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John your right, I looked more at BP (properties/groups/etc) it wouldn't be much different at all.

Any other ideas?

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I'm looking to design and produce a website that Investors can converse deals, trade, and give leads all in one.

If you were to search for a website similar to this what would the search query be? Real Estate Investor Exchange / Xchange / Sales / Networking. What would be a catchy name that you think would suit this?

What categories would you want to see? Wholesalers > Subject2, Buy and Hold, Fix and Flip, Commercial, Property Management, Land, Advertising / Marketing.

I'm new to investing, and I thought the best way to become more knowledgeable would be to combine my unknowing with web design and hope for the best.

What do you guys think? waste of time? done to many times before?

All comments are welcomed!

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Originally posted by Jon Holdman:

As loan as you're eligible, you should definitely use that VA loan. Jon, I definitely will when that time is here.

If you know where you're going to land in two years, start looking for a mortgage broker there. They can run your credit now and make suggestions on what to do based on what appears. Jon, great advice might as well get myself out there so that when the time is right, I won't have to start then.

From the info you quoted, there's more going on here than just this one late payment:

Is there negative information on your report?
Accounts Listed Negative: You have 5 Account(s) Listed Negative (at some point you were late or failed to pay as agreed).

Most Negative Status:
The worst payment status ever listed on your Credit Report was Failed to Pay.

I was careless a few years ago and I'm paying for it now literally. I'll be in good standing soon. I've already developed my goodwill letters to hopefully get that statement off the report.

It might be worthwhile to try to clear up those other items, too.

Goal 3, I think, means you want to own rental property. If that's the case, and you are flexible where you live, investigate areas that make for good rentals. Places where prices and rents make sense. Learn about expenses. Read in the rental property forum.
I'm not really sure what I want yet. My feet aren't even wet yet, so I'm just throwing idea's around. I need to educate myself before hypothesizing about what I want, etc. I'm just building my confidence, self-esteem, and amibitions up.

Goal 4 Realize that rentals don't spin off a lot of cash. Even $100 a month would be a good rental. If you're goal is to generate $50,000 a year, which is $4167 a month, you're going to need a BUNCH of good rentals. Don't fall into the "cash flow = rent - PITI" lie you'll hear so often.
Jon, I'll definitely keep this in mind. I think everyone as a Non-REI thinks that being a property owner/manager is the key to wealth in Real Estate. As you know there are far better ways to earn side income / main income, etc.

Starting a LLC or corporation here in Colorado is a 10 minute process on the secretary of state's web site. That's not really a goal in itself. You need to figure out what's behind that goal.
I plan to own my own company and Real Estate would be a smaller entity within it.
You'll probably want to create an LLC as soon as you start buying rentals. But I read into your goal #5 more than just a rental business. So, figure out what kind of business you might want, and work toward creating that business.
Exactly. I'm in IT so it'll be along those lines most likely.

Real Estate is just a means to an end. If you goal is to own your own business, and make $100K a year, spend some time figuring out what you might want that business to be, then start learning how to get there.
Education used wisely is a great source of knowledge and power. With this I hope to be successful in my own terms.

Don't underestimate the value of a job. Gurus often disparage J.O.B.s with snarky comments. At the same time they're trying to sell you on wholesaling, fix and flipping, or something else the is NOTHING MORE THAN A COMMISSION SALES JOB. Nothing wrong with creating a business. But all you've really done is to create yourself a job. Working for someone else may be a more effective way toward your income goal while providing better benefits and paid vacation.
I've been in the Military for 6 years now. I have 14 more to go until retirement. I won't give up my job and jump into Real Estate hoping to be a millionaire by 30 (that's not logical). I have a guaranteed job, and that's more than a good amount of people have.

The one thing you can do that will let you achieve wealth is to spend less than you make. Do that one thing and nothing else and you'll have a better life than 90% of the US population.
This will definitely be the hardest area for me to overcome. Living frugal will be difficult with 3 children and a expensive wife, :wink: Gotta train myself and then them!

A couple of books you might find useful are "Total Money Makeover" by Dave Ramsey and "Four Hour Work Week" by Tim Ferriss. "The Richest Man in Babylon" is an old, but still very relevant classic.
I'll see what the library offers and work with what I can. Might need to check out Amazon and see how much the used books are going for.

Overall thanks for the great advice Jon, not only you but anyone that has replied here!

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Originally posted by Kevin C.:

I have to disagree here, there is no reason to keep a balance on a credit card, that's just throwing money away (paying interest).

Get the cards paid off, then if you choose to, continue to use them, but pay them in full each month. At the very least charge something on the cards you have periodically to keep them active, but again, pay off the balance in full each month.

I agree with you Kevin. There's no reason to pay useless amounts of money to keep a line of credit flowing. Once I'm down to single digit credit to debt ratio I'll be sure to pay the balance off each month.

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Alright so this is what I'm going to do -

I'll continue to reply into this thread until I achieve this goal. I don't see another forum dedicated to becoming wealthy in your own terms in Real Estate. My goals aren't high as of yet, so hopefully they'll be easy to acquire.

Goal 1: Achieve a 700+ Fico Score (< 2 years)
Goal 2: Purchase our house in (>2.5 years)
Goal 3: Purchase our REI house in >3-4 years
Goal 4: Double my income (approximately $50k annually) in (>7 years)
Goal 5: Start my own business (LLC/INC) in (>10 years)

In the mean time I'll obviously be educating myself in Real Estate and it's factor into other sectors.

Tips and Advice? Where should I start reading, what books are proven best methodology, anything else related to it?

Thanks...

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All Forum Posts by: Alex Rector

Alex Rector has started 3 posts and replied 15 times.

Post: How to start REI (general) while working full-time?

Post: How to start REI (general) while working full-time?

Post: How to start REI (general) while working full-time?

Post: How to start REI (general) while working full-time?

Post: REI Concept

Post: REI Concept

Post: REI Concept

Post: 2 Years to 700 Fico Score

Post: 2 Years to 700 Fico Score

Post: 2 Years to 700 Fico Score