All Forum Posts by: Dave G.

@Bettina Sibley

http://www.biggerpockets.com/search?utf8=%E2%9C%93...

This is a link to the search function on Bigger Pockets. Instead of waiting 24 hours (not nearly enough, IMO) you could've had your info in 20 minutes. 

@Account Closed

I am in the same situation, oddly enough. Did you find anything?

@Stone Teran

Not to ask for some spoon feeding, but do you assess this by reading about it int he papers? Surely no city would say, "We love to knock old houses down." I find mine doesnt even publicize the process. 

@Andy Brown

This is interesting. Could you be mandated by a third party (historical society, mortgage company, neighborhood association) to purchase replacement cost v actual cash value? 

@Jason Mak

What was the property cashflowing before the sale? What was your thought process on flipping it rather than holding it?

@Greg Mitchell

 I work in the mutual fund industry and am curious to know what you mean by "eaten up by fees." Give me some numbers to work with here. Also, I wouldn't look at the ER match as a protection against inflation. Inflation is essentially built into the returns of the funds, so that is your protection - not sitting in cash. 

I'll probably get banned for this, but I would keep your 401k contribs going for now. Assess paying off the bad debts (what do you mean by that). Then work on saving for your Real Estate ventures.  If this seems like it is going to take too long, then start trimming down your bad debt payoffs then your 401k last. Your 401k is going to be your back stop, and your just-incase-this-real-estate-venture-doesnt-payoff retirement. Most of the time your 401k money is protected from creditors. 

I know BP makes REI look sexy and people are really making good money, but if you've got responsibilities, I wouldn't stop getting the free money from your ER.

And ffs if you have any decent investment options in your 401k, don't go with an Index fund. 

This brings up a bigger issue than a carte blanche ban on Wholesaling discussions. It's been upheld that wholesaling is the easiest way to get into it with little-to-no money. Therefore the most people who want to get into REI go to wholesaling. Unfortunately this absolutely swarms the forums with posts like, "How do I start Wholesaling" "How do I get into REI." I did a search for posts using the term "start wholesaling" and narrwoed it down to the last month. There were 980 hits. Bear in mind, BP search function only searches titles. Now perhaps they arent all the same question, but I gurantee over 2/3 are. If it is half, thats over 20 a day.

All methods of starting in REI have this same issue "How do I start.." and the answer is: read the damned PDF and ***search*** in the forums for answers at least 5 times before posting. If we dont want BP to turn into another garbage forum with **** post after **** post, then something has to be done to rangle in these questions that have incredibly easy answers. Either immediate deletion by the Mods, or somekind of search only for the first 5 days.

@John Baker

 You mentioned you read a book about Abandoned Houses, what was it? I'm interested learning more. 

I agree with everyone else here. It's an integral part of RE investing and shouldn't be culled from the forums. 

BUT!!  There is nothing more frustrating and anger inducing than seeing a post in 2015 (even 2014, ffs) that is titled, "How do I get started Wholesaling." These people need to be temporarily banned for 48 hours or something to teach them to search before hand or even read the basic materials. These people want spoon feeding. 

@David DuCille

@Travis Washington

Outside Irvington could be a lot of places. Indy is weird in that you can walk through a place that isnt that great and 3 blocks down the road see huge houses with high incomes. You see it a lot when you have to cross large roads or overpasses (it's a mental thing, I guess). Such as Meridian/Illinois/Central at around 46th neighborhood. 

While, not the worst, just west of the Irvington neighborhood is New York and Sherman st. Which is on the top 6 areas the IMPD and FBI are trying to limit crime.

http://www.wthr.com/story/26745991/2014/10/09/six-...