All Forum Posts by: Craig Moore

Hi BP,

I've been saving, saving and saving (did I mention saving?) all of my money since I first joined here in order to purchase my first home. I'm looking to FHA my first 3-family and from then on continuously buying more properties that will eventually replace my full-time job. It will take about $10k/mo to do this. I do not make $10k/mo now, but I certainly won't quit my job until I'm around that ballpark.

After listening to and reading the many different ways people go about securing wealth, I'd heard about a story of some wealthy men who'd signed a 110-year contract on apartment buildings here in Boston. The actual signers will never be able to pay this off in their lifetime, and that's when a light bulb went off in my head. For me, the point is not to (or to never) own my rental properties. What I am getting at is this, if you have to constantly refinance over and over again (30-yr loans) is this necessarily a bad thing? If you're intention is never to actually own the rental properties but to increase monthly cash flow is this a bad idea? What are the cons of being over-leveraged? I'm intrigued by the idea of buying more and more in exchange of higher cash flow but not owning the properties outright. Thoughts? 

 As high as 10%? If there were a company around that charged 3-4%, would that entice you to switch? I'm thinking one of my advantages (and I'm sure this is everyone else's), is to offer cheaper management, thus increasing take-home pay for landlords, etc. Thoughts?

Hi BP,

I'm entertaining the idea of starting my own residential property management company. I currently work in commercial real estate as a property manager and I would like to take this experience and start my own practice. I live in MA so if you are aware of the fees here let me know (I'll be doing my own research as well). My main question is, what fees have you encountered as an investor/landlord? And which state are you in? Thanks in advance for your answers!

Hi BP,

I was hoping to meet/find some commercial loan brokers here on BiggerPockets. I've been contemplating getting into this career path and would like to get some feedback on the general experiences that people who are commercial brokers have had. Thanks for any and all advice in advance!

Hi BP,

I know this may seem like an odd question and one I don't expect many people to answer for privacy concerns and not wanting people knowing your personal finances. 

I would like to know if there are any people out there who have exceeded what my personal goal is: ($10k/mo. passive income from rentals). This is the smallest my goal will be and it will only grow as I get older but it would be cool to connect with people who have done this or are close to it. If speaking about it on a public forum is too revealing, feel free to message me.

Disclaimer: I am only 23 and I am looking to reach this number by my 30th birthday. I can no longer think and talk, I must take action. I hope to read some inspiring stories! Thanks BP!

@Michael Swan This is an awesome story. $1M? That's an awesome goal. Any advice for someone like myself? (23 y/o) looking to get started in real estate THIS year to be self-employed/financially free no later than 30? Any advice is appreciated. I too will be reaching for the stars with my purchases. 100 units by the birth of my first born would be ideal.

@J. Martin I was meaning to ask, how old were you when you first started? You quit at 31 but when did you officially start?

Any other thoughts? You guys are awesome!

@J. Martin,

Right now I'm just saving. I will begin house-hacking and wholesaling this year as well as beginning my career as a fitness entrepreneur. I will use my time house hacking to build up my fitness brand for about 1-2yrs and then house hack again but flush every revenue stream I have into RE.

AWESOME! I have 7 years until I'm 31 and MUST be self-employed. Congrats.