All Forum Posts by: Blake Edwards

@Brian Spring - Do your profits from the investments have to go back into the IRA?

@Anthony Wick - There you go!  Nice job.  Perfect example of different strokes for different folks.  How close to retirement are you?  Can you see the light at the end of the tunnel yet?

@Natalie Kolodij & @Lance Lvovsky - Thanks!  Ill start to reach out to a few!

@Ryan Pritchard & @Josh Rodriguez - Great books.  Can I also recommend "The One Thing" also by Gary Keller.  A great way to get focused, and intentional in your actions.

Good luck and welcome to the community!

@Michael Tucker - Congrats and welcome aboard!  Check the events tab under the Network tab at the top.  There's a ton of great meetups out there.  We have a Rockstar in the Sac area if you ever want to chat.  Congrats again, and keep us updated on your progress.

@Justin Johnson - Right now it does.  Take a screen shot of this conversation and look at it again in 5 years ;)

@Alessandra Verbena - Welcome to BP!  It's easy to get overwhelmed with all the info out there.  If it were me, and this is just my opinion, I would focus on ME first.  I would take care of purchasing a primary residence, and then focus on your investments.  Having a personal residence gives you a few options.  You can House Hack to reduce your monthly out of pocket expenses, you're building equity to tap into at some point for your investments, you can sell and 1031 into another investment, and the tax benefits alone associated with a primary residence almost make it worth it in itself.  I grew up in San Jose so I know what you mean about the challenges the area faces.  I'd suggest going to some local meetups to chat with others in the area that have done it and their perspectives as well.  Good luck, and keep checking the events tab at the top to see when and where some of these meetups are.

@Justin Johnson - 40% is no joke!  Great job!

@Eric Long - House Hacking is a great way to get started and some momentum under your belt.  The first question I would ask you is what is your ultimate goal with House Hacking?  Cash flow? $500/month out of pocket?  $3000/month out of pocket? Long term plans with the property? Comfortable with one roommate?  4 Roommates? Commute time? Etc.  All these are factors in planning and goal setting.  As @Account Closed said, the grass is green here in the Bay Area if you are motivated enough to make it happen.  

As @DJ Dawson also said, we helped someone House Hack in SF which many will tell you is strictly impossible.  But we did it with some buy-in and made the property work for him.  There are house hack opportunities all over the Bay Area, it's a matter of looking at things with a creative eye.  

But as @Brian Garlington says, speak to a lender.  That is one key step that will save you valuable time, and protect your emotions.

Good luck man!

@Gil Segev - We use traditional bank financing every single time on our BRRRRs.  It's a matter (or cliche) of building the relationship with the right lender.  You'll have to kiss a lot of frogs to find your prince.  But even then, your prince may have convoluted processes and not be consistent with each deal.  But it is possible to use "traditional" banks.  We find a smaller local credit union to be more agile and have more options than most of the big boys.