All Forum Posts by: Bob B.

Hi @Jake Lemke

I’m here in pdx! I’m very active. Also a Broker. Have many buyers.

Let’s connect, love to hear what you’ve got!

@Lara Nicole

It sounds like you’re buying for your primary residence? Personally, I don’t plan to buy something unless it can pay for itself completely if it were rented out 100% to others.

If you don’t want to search for that (takes quite a bit of searching and education but they are out there) I’d probably suggest a duplex in an up and coming area that has at least 2brs per side.

This way you rent one side aaaand you can have a roommate. Plus it spreads your risk a little more.

Are you working with an agent? I’d be happy to continue to brainstorm. Good luck!

@Mitchell Ridge

Do your homework! Buying at auction can be risky. Also, they are highly competitive. Here in pdx people are bidding prices up too high just because they’re hungry for product.

Why pigeon-hole yourself to one buying method? There are a million ways to strike a deal! Don’t close the mind to possibilities that are out there!

I have an engineering background as well. What are your goals as you head into real estate?

@Tamara Joerres

Realized I didn’t answer your question. For getting started, I’d suggest starting in your own backyard. You’re most familiar with it and know areas and values is arguably the most important component to all of this.

Good luck!

Hi @Tamara Joerres

Where in Oregon are you located?

The most important thing, regardless of which market you’re in (and there are great deals to be found in EVERY market, even the expensive ones) is to get educated and be around people who know a lot more than you and you can ask them questions as you get started.

The education and support will save you thousands and years off your life compared to making big mistakes.

I’m in PDX. I focused on these two first and foremost while taking as much action as possible every day WHILE I continued to learn. If you have the ear of a mentor, best to have a potential deal in hand to talk about so you can get guidance all the way through the process!

Most important things are to get opportunities coming your way (get your own phone ringing) and know as many ways as possible to help a seller accomplish their goals as they exit their property.

@Chad Duncan whereabouts in the city is your property?

If it’s in an A+ , super high demand location and it cash flows... keep it unless something better comes around and your only option is to sell this to buy that.

I’m guessing Your future value number likely does not include the appreciation that will happen over 10+ years. We have a long way to go, maybe not short term, but on a long term outlook.

On the flip side if the location isn’t A+ then consider selling... especially if you can get the gains tax free for having lived in it for 2 of the last 5 years (check with your accountant, I certainly am not giving tax advice )

If you keep it. You can also consider leveraging whatever equity you have in it via a 2nd pos loan or a heloc while money is so cheap. Just don’t violate cashflow rules with reasonably conservative rents.

@Karen O. I like the way you think!

@Madelaine Au

onlineEd is a great option. It’s price is competitive and the quality of the program and content is way superior in quality for the other, slightly cheaper option I tried last time.

id recommend onlineEd

I took a similar path as you’re considering. I am a heavy investment minded buyer but knew I wanted to free myself from my previous job so that I’d have the freedom to look for deals full time.

Getting the real estate license really pours gasoline on that fire. We need to be out searching for sellers and walking through properties anyway, it makes complete sense to use our expertise to help buyers and sellers transact as well when you need to put food on the table to survive!

I highly recommended getting licensed to those who are really serious about this stuff. I’d be game to grab coffee sometime to discuss further if you’d like.

Good luck!

Thanks, @Max T. for the thoughts!

You would steer the ship toward paying off your properties once they would generate the passive income you'd need to live freely once they're paid off, then? Do you mostly buy SFH or do you buy plex-es as well?

I live in Portland Oregon, so thoughts on coastal/cyclical states are great, but also open to the BP greater mindset! This question isn't about me...

Say you're already moving along in RE related business in today's climate... making the right moves in whatever market you're in. If one day you looked and you had $100k liquid and tax free in your accounts your goal was financial independence and wealth generation... what would you do with it? Where would you put it and why? 

Would you put it into marketing? How much? Would you buy flips to keep growing the egg? Would you look for BRRRs? Single family? Multifamily? 

Where would you look? What would you look for? Why?

Where would you start steering the ship? How would you keep multiplying your $$$??