All Forum Posts by: Corey Engel

Hey BP quick question for all you been-there-done-that-ers: I have small amount of money saved up and I'm trying to jump into real estate investing with OPM. I'm moving back home to California, so my question is two fold. 1) how hard is it to get started investing in out of state properties and what are some resources you could point me to? 2) if I find local properties what are some major costs with the purchasing process and has anyone done pre-auction or direct to seller home purchasing? There seems to be so many angles and advice but not sure where to start. I've heard so many success stories of people who just borrowed from friends and family and started getting enough properties to flip, cash flow, or refurb full time. I've read a dozen books but I'm looking for pragmatic advice. Thanks in advance!!

Hey Tyler, WELCOME to BP!! We are moving back to the Sacramento area in August and I would love to connect with you man! Good luck!

Hey BP quick question for all you been-there-done-that-ers: I have small amount of money saved up and I'm trying to jump into real estate investing with OPM. I'm moving back home to California, so my question is two fold. 1) how hard is it to get started investing in out of state properties and what are some resources you could point me to? 2) if I find local properties what are some major costs with the purchasing process and has anyone done pre-auction or direct to seller home purchasing? There seems to be so many angles and advice but not sure where to start. I've heard so many success stories of people who just borrowed from friends and family and started getting enough properties to flip, cash flow, or refurb full time. I've read a dozen books but I'm looking for pragmatic advice. Thanks in advance!!

Hey BP community. This is actually my first post after reading for months. I'm pretty new to all this and it seems the more I learn the less I am actually able to plan a strategy. Here's where I'm at: I am a married 23yo father of 2, make 35k a year and have 50k saved and I want to make REI a full time career. Where should I start? I'm looking for a route to build monthly revenue. Then scale to six figures in order to reinvest my gross revenue. I've read so many books on the fundamentals but I'm not sure how to start. Just looking for advice :) thanks in advance!

Nelson Nash is a great resource. I also would recommend his book Building Your Warehouse Of Wealth. Modern whole life insurance agents will tell you it's only for insurance. However, the concept portion refers to the fact that the method in which future preservation of capital is insurred might as well incur interest. And if interest is incurring why not maximize the gains by reinvesting in an avenue as sustainable as real estate? Still insurance but geared for estate building.

That said, finding affordable entry points into real estate investing when borrowing from a cash value policy can tend to be a wild goose chase. One option that worked for me is going to my county and acquiring a tax/ foreclosure list. It's a list of properties that the county owns from walk-aways or no-heir estates. Often all that is owed is the taxes. sometimes between 500-15000. NO mortgage. If it's heading to auction then contact the owner directly and see if you can settle on a reasonable buyout offer.