All Forum Posts by: Chad Castanino

@Shylil Smith

We are in the process now of buying a townhouse (which in this area are just starting the upswing) that has not been renovated at all.  Definitely stuck in the 80's but otherwise sound.  Looks like the appraisal should come in about 12,000-15,000 over asking price/our offer, which we can use to take out in the financing for improvements.  We are moving into the property ourselves for a year while we make the improvements then we can transfer into a rental.  Rentals right now in the area are going for 500-600 above what carrying and holding costs on the property are per month so will be a good cash flow off our first rental.  Plus the added renovation will increase sellable value by 25,000 so we can sell if we want to as well.  That is our plan at least, I am sure we will at least learn something from this fist go.

Sounds like what I am thinking of doing or very similar to my first deal. 

@John Warren

That does not sound crazy at all.  I too have made the decision to take control of my future and not leave it in the hands of employers.  I wish I had the resources (income property and sellable investments) that you had so that I could jump in full force right now.  I am taking the slow route and although I know I will get there I wish I could have quit my job yesterday lol.  Keep us posted on your progress and good luck!

@Mark Elliott

Thank you for the words of wisdom. Sometimes I need a kick in the pants and while I have taken a few steps to get off the ground in REI, your words have made me want to take action now! Nobody every got anything from inactivity and I need to prioritize and get moving! Thank you for letting me see that clearly.

I am in as soon as my business cards are printed!! Can't hand out something I do not have yet lol.  Can't wait to get started though!

@Darius Burke

 Welcome,  It is a great place to make connections and to learn.  Like you I am also in the beginning stages of the business.  Learning more each and every day and getting more excited every step.

Chad

Just getting set up with necessary information to get started in the business and through educating myself I have decided that in order for my business to run and for personal protection we will need to form an LLC. Is it best to set up the LLC from the get go or is something that I can do as we get more involved? And what kind of fees and taxes are incurred in forming of the business? My biggest fear is that I will have to be paying taxes on the company right from the go even if I am not cash flowing right away. Any help on the subject would be greatly appreciated.

Chad Castanino

Wow!! So impressive and inspiring.  That is the kind of change I want to bring to my neighborhood.  Keep it going!!

@Michael Sato,  @Dmitiry Fomichenko,  @Mark Nolan,  @Elizabeth Colegrove

Thank you for welcoming me.  I know that I have found the right place to move our lives into the future that we have dreamed of.  We are so excited to get started and can't wait to become more active.  Thank you for all for helping us with the first steps.  All of the information was excellent, will be starting on the list as soon as I am out of work.  Ah cant wait to not have to say that anymore.  Finally,

@Brandon Turner

Thank you so much sir.  I was on last night for your podcast on finding deals.  Learned a great deal, got ideas and can't wait to put 2 of them into action!  We are just setting up the company now to get our feet on the ground and our image out into the community.  I will definitely be logging on for many more podcasts, just need to improve my web speed at home. 

Hello BiggerPockets,

We are brand new to the world of real estate investment and have jumped in with both feet.  Can't wait for the day we are able to fire our bosses and take control of our own financial future.  Currently live in Southern New Hampshire and we would love any advice on the best strategies for new comers to the field we can get.  Beyond excited and motivated to get started on our new journey and look forward to hearing from all of you and the wealth of knowledge that you have.  Thank you in advance.

Chad Castanino