All Forum Posts by: Bryan O.

No. It's because Real Estate does everything government can't do: it provides good housing and creates jobs, which creates more taxes. Ever hear about the velocity of the dollar? RE is the slingshot. RE taxation laws provide incentives for those moving the economy forward.

Buffet's secretary, my work job, your w-2 if you have one, they are spokes in the wheel, but RE builds the wheel.

I allow pets, but I specifically require that they are covered under the tenant's renter's policy (mandatory in my units). Some insurance companies still discriminate on breed, so while I don't care about the breed (as long as they are good), they aren't moving in if they can't insure them!

Some banks have a 5% down, 30-year fixed product they offer. If you've used your FHA and are allowed to move out to owner-occupy another property, that might work for you. Wells Fargo was one bank with such a loan, but I don't recall if it can be used for multi-family purchases. If not, you can always buy a home and bring in roommates for the year to offset the cost.

If that's all it takes for you to give up, then you should probably find something else to do with your life. Listen/read J. Massey's story. Once you reach that point, then you might qualify for some sympathy.

I recommend:

1) start repairing your credit. It is not difficult, but does take time

2) Learn about wholesaling

3) Learn about flipping using hard money

4) Ask questions on BP to help move you toward your goals. Use Facebook for whining

@Kelly N. it looks like you have to pay a monthly subscription to use their service. Is that right? I would only want the screening check and have no use for the rest of their services, so if it is a monthly fee + screening cost it wouldn't be worth it.

What I found is that their subsite (the biggerpockets portion) is not aligned with their main level site. So if you time out, it takes you to the MAIN login page, not the BP login page. It's a pain and I do not like their service but I haven't found another provider that does eviction, credit, and criminal. If someone knows one, let me know.

It depends on your goal and your funding. For a simple site that is mostly static information I would recommend making it yourself. You can use any web hosting site for $10'ish per month, download a FREE wordpress template and tweak it with your words and pictures. Use my site as an example:

[REMOVED]

Total cost: Buy the domain name: $9, get web hosting: $10/mo, build the site: $5 (buying stock photos)

If you are trying to get involved with SEO, backend databases, etc. then find a great company, but for more simple stuff it isn't difficult to get that going on your own if you are short on cash.

Disclaimer: I am an IT guy so sometimes my version of basic is not the same as others!

My advice is to self-manage if it is very close to where you live and use property management if it is not. Showings are a PAIN when you have a full time job. I've been considering using a leasing agent to show/lease the properties, then managing them on my own to increase cash flow, but I'm realizing that my time may be more valuable than that added $100/month... Not much of an answer, but things to consider.

If he is living with you, then he cannot use his VA loan. The VA, similar to FHA, requires the owner to occupy the property.

I would recommend buying a 4-unit over a 2-unit, that way he only removes 25% of the income rather than 50%.

I agree with above with a small twist. I recommend against college until you have determined what your direction is. What you need right now is to learn from everyone that is doing it. For any theory style learning that you need, I recommend you look into MOOCs. You can find any class you want, but not pay the cost for the degree. Right now it's knowledge you need, not a piece of paper, lost time, and more debt.

It sounds like you are in the middle of an awesome problem. Congrats and best wishes.