All Forum Posts by: Carlton Francis

It seems like the most difficult parts will be:

1) Being patient and not compromising on the criteria/rules

2) Being strict about saving the cash flow for other investments and not frivolously dipping into it "here and there"

I do have a question about taxes though. I understand that you can defer the taxes through a 1031 exchange when selling, but what about income tax on the cash flow from rent? Don't you have to incorporate that into the plan? Or am I missing something?

Just read it and it has me pumped! I've just been educating myself thus far and I've put together a business plan draft, and now I plan on adjusting my business plan with what I learned form the ebook. Brandon's plan seems a lot more simple and practical than my own. I'll post the two versions of my business plan for critique after I make the changes.

@Matthew Thompson And you as well!

Just finished reading through this entire thread. I'm a newbie who has been studying REI for only two weeks, and found this thread through "The Ultimate Beginners' Guide to Real Estate Wholesaling":

https://www.biggerpockets.com/renewsblog/2015/01/3...

For me, this thread started off as an emotional roller coaster, causing me to reconsider whether engaging in wholesaling was a good idea altogether for a newbie, but after reading through it all, I am confident that I have a solid idea of what I need to continue to learn and do to have a successful start. Thanks to all who contributed, and I look forward to sharing future success stories (and unsuccessful ones as well lol)!

@Kenneth Riley @Ron H.

Thanks for the invite! I'll be there, looking forward to meeting you guys.

@Karl Somerville That's sounds great! Welcome to you as well.

@Peter Mckernan thanks for the warm welcome and encouragement!

@David Faulkner Amazing suggestions!! I was thinking of something along those lines, but your suggestions gave me a lot more clarity and direction in regard to how I can use my web development skills to get a strong start in REI. Thanks a lot! I think I'll definitely be picking your brain more.

@Paul Timmins Thank you for the advice and helpful links and resources, I've already started checking them out and will continue to take the time to mine through them!

@Brett Snodgrass thank you for the advice; I definitely will be sure to determine what my values are and uphold them to ensure a long, reputable career.