All Forum Posts by: Clark Dickenscheidt

Thanks for the feedback.  Although I think this property would have worked it wasn't great and we ended up backing out of the deal.  The owner listed it and got three offers the night it went live.  I believe all the offers were from investors so hard to say.  Back to looking for first property!

Cash flow to replace earned income in next ten years so I can sell my business and retire.  This would be first step.

We have been brought a possible property to buy from an agent/friend I spoke to about our interest in buying our first property.  The home is 3 bed/2 bath, fully remodeled and basically move in ready.  My agent/friend may also have tenants looking to move in around time we would close.  Timing seems great but nervous to make sure first purchase is a good one.  Rental calculator gives us about $240 cash flow per month based on purchase price of 180k (what agent thinks they will ask) and $1600 per month rent.  Comps sent to me by agent make me think 170-175,000 closer to right price for house but rents might be lower than he thinks at about $1450-$1550.

We are pursuing this deal but would love some thoughts and encouragement from experienced investors.

We are interested in a Destin vacation rental investment property in Santa Rosa Beach area. We will be there in March. Any help, ideas etc would be great!

I have been reading blogs, listening to podcasts and "lurking" on BP for over a year now. We are ready to start investing but can't decide where to start. We have about $65k set aside to invest in real estate and can't decide if we should start with a local rental; vacation rental (that we can also use) in Destin, FL area; multi-family local rental; or college town rental where we anticipate our son may go to college in 2 years (College Station - Texas A&M). We own our own home and have about $15k in a REIT stock held in an IRA. I am 51 and my wife is 48. We want to build passive income to live on in retirement after I sell my business at some time in next 10 years. Looking for any thought, suggestions or mentoring on first deal. Clark in Katy, Texas

I just went through the 2 day seminar after joining at the $500 level.  I thought the class was definitely worth the $500 for someone like me with very little real estate knowledge and certainly none as a landlord.  They seem to be steering everyone toward starting as a passive investor in apartment complexes (especially distressed ones) because the potential to upgrade the property and gain a fairly quick return on your money is enticing, but ... $18,000 membership with LS and a minimum of $50,000 to invest on first deal is a bit scary.  It seems to me that this is a good group and can work if you can get in under the right lead investor who will actually turn a property around to add value.  I would love to hear more thoughts on LS as I consider getting involved at a higher level.