All Forum Posts by: Cory Mccarthy

@Logan Jones, with all due respect, you are asking the wrong question.  To quote Robert Kiyosaki in Rich Dad Poor Dad, the right question really is how can I make that a reality, not can I make it a reality.  There are many many paths that lead to this outcome, you just need to identify one of them.  Live frugally, think creatively, make a plan, work the plan and never stop learning.  You will probably find yourself achieving your goals much earlier than you you ever thought possible if you stay focused and Dream BIG.   Best of luck and keep us posted along your journey.

@Valerie Naglelooks to me like this is non-homestead taxes versus earlier taxes being homestead.  But the new taxes also reflect the obvious adjustment in SEV.  If you will be living there, they will revert back to Homestead, but I believe that is only after the 1st of the following year.  If what I have been told in the past is correct, you will still pay those high taxes for the balance of this year, but then they will drop next year, but still be taxed at the significantly higher SEV already established unless you can successfully challenge SEV.  Escrow will also be affected first year.  Good luck to you.

@Chris Christianson, I started out looking for a local CPA as well and was convinced that in this day and age, with file transfers, phone, skype, etc, etc. etc., there really is no reason why someone needs to be local.  I hooked up with @Linda Weygant right here on BP and have been very happy with her help and advise so far.  Might want to reconsider your requirement that they be local.  More important in my humble opinion that they be an investor themselves so that they can really understand what you are trying to do.   Linda is and for that reason really gets what I need to be concerned about.  Hope this helps and best of luck to you.

@Mike Seelye, try going onto Meetup.com. you can pick the subjects of interest and it will show you all the local events close to you. Tons of REI meetings get posted there. Good Luck!

@Joe Villeneuve, just want to make sure I understand this post. Say I have 50K for seed and invest 20K in a down and finance rest including rehab. After rehab I refi to 75-80% of ARV, which pays off all of my down and rehab costs (and if I am wise/fortunate, I get to pocket a little extra). Is this what you mean by "recycled" seed money, which can then be used again for further expansion or am I overlooking or not understanding something?

Good Luck @Dan Hedges.  Please keep me posted and let me know if you contact Patrick and decide to work with him.  I am still considering that pursuit on a longer term basis and would love to have some additional feedback on him as well.  Genuinely seemed like a nice guy, but first impressions could also be deceiving from time to time.

@Dan Hedges, I had a very nice conversation with a local broker out of Fenton about 2-3 weeks back and was pretty impressed with him. His name was Patrick Welty from Legacy Realty Professionals, Inc. I explained to him that I was an investor and was considering getting my license primarily to get access to MLS. At that moment, he said he has several individuals in his office that do something similar and offered that if I did pursue and got my license, I could hang my license in his LLC for something like $75-100 per year and get full access as one of his assistants. Not sure what kind of splits etc. he offers, but he was very kind, spent about half an hour on the phone with me and seem very genuine and down to earth to me. Might want to reach out to him if that is not too far for you.

@Jason Blain, I am with @Jake Thomas and think the gradual transition is the way to go. I currently also have a great job that pays me very well, but I desire more and am gradually transitioning. I am doing it a little different than Jake in that I am doing the investing thing first and may eventually get the license, but likely more to help my investing than actually use it to make a living. One of the nice things about REI is that you can kind of take your time, invest some time and energies on the side and see if it keeps your interest and is sustainable. For me that was pretty easy, but I don't think it is for everyone. Take your time, there is no rush to decide quickly. And best of luck to you in the future, whatever you decide, I am sure it will be right for you in the end.

Jeremy, 

Welcome to BP. You strike me as a budding author. Seriously, I think you will find a lot of helpful advice here. BP has been a great source of inspiration and knowledge to me and if you get really plugged in, I think you will find it pays back handsomely. Get familiar with the podcasts, books and tools here on the site. In addition, search out local REI meetups and attend. Do not be concerned that you are a NEWBIE. Many of the folks attending will likely be in the same situation, but there will also be a ton of very experienced folks who can help you out tremendously. Stay focused, stay dedicated and keep learning! Best of Luck to you in the future!

@Matt Gehrls,while I respect everyone's opinions here and there is a lot of sage advice for sure, one of the things that I think a few people that are a little further away from you might not understand is the strength of the Grand Rapids market right now.  Based upon the growth rate you are experiencing right now and the projections for the next 5-10 years, your market is far from peaking, rather just taking off.  As you will be living there, your deal does not have to be great.  Any reduction in rent in a market appreciating and cash flowing the way GR is right now is probably a very good deal.  Jump on it.  In probably less than two years, you will likely be in a position to refi, combine with the savings you have generated over this time, move out and repeat and have a great performing asset on your hands.  I wouldn't hesitate a minute knowing all of this about this market and the lack of inventory there right now.  There are lots of great investors over in that market that may also chime in and provide some good advice.  I am not connected to them so I can't tag them here, but have seen many great posts and hopefully they have key words linked to Grand Rapids, MI and will see this thread to provide more insight.  Best of luck to you Matt!!