All Forum Posts by: Craig Moore

Hi BP,

I've posted on here a few times and have gotten excellent advice from tons of wise people and have returned for just that again.

I'm a new REI and over the past several weeks have been meeting people in person and getting their advice, but I come to the BP platform for more information.

I've gone through the pre-approval process and have been saving money to purchase my first (of many) multi-families. My plan is to utilize the FHA loan (which I'm saving up for the down payment now). So now I ask you, BP Community, now what? Do I just continue to save until I have enough capital? Start looking for multi-families and utilize 203K? I'm all ears (technically eyes), so let me know what you think.

It is worth mentioning that I'm still pretty young (23) and have been told that I have a lot of time. While I agree in context, I'd like to treat REI with a ton of urgency to be "self-employed" by 30.

Thanks!

Hi BP,

I am a fairly new REI and I am interested in hearing ways through which you all raised capital for down payments on multi-family houses. I will be utilizing an FHA loan for my first multifamily and I will need just about $15k more in capital to have a good down payment and 3 months of reserves. That is the fine line between purchasing and not purchasing my first house. Capital. I'm also growing accustomed to the idea of wholesaling but must admit that I am not well-versed on the topic. Any advice? Should I use what I have saved up to start a marketing campaign and wholesale? Thanks in advance.

 Ray, I just checked out your website and it looks fantastic! I will definitely shoot you a PM/colleague request so we can chat. Thanks for the post.

 Hi Mike,

You're in Marblehead, correct?

Good idea! I admit that the original post is a bit vague. I'm looking to connect mainly with buy and hold REI in the Boston area outside of my appearances at monthly meetings.

Hi All,

I'm a relatively new REI living in Boston, MA. I've joined a Boston REIA that I attend monthly but have also been looking for opportunities to meet more, experienced REI in the Boston area. If you are a REI in Boston or Massachusetts I'd love to connect with you here on BP and learn more about your experience(s).

*Not limited to MA*

BP,

This question arises from a goal I've set for myself to become a millionaire within 8 years (my 30th birthday) and have a monthly rental income of $10K+ (this is the minimum) a month.

So, knowing what you know now, if you could get those 8 years back, would this be possible for you? Is this a reasonable goal for me (I'm still going to try even if it isn't)? Would you get it sooner than 8 years? What was your steepest learning curve?

Thanks in advance for your answers/perspective.

 More specifically, multi-family properties.

Great answers everybody. I have one last question that could help me map out my direction. Just about how many properties is necessary to obtain at "minimum" $10K net profit per month?  @Michael Boyer @Michael McCormack  @Derek Patch

Very simple: Keep the same rents, but be a little easy on the lock out. As they say, "it's just business nothing personal." Though, I'd keep your eyes open for tenant dissatisfaction.