All Forum Posts by: Chris Pelletier

Debbie,
Nice to "meet" you! It would be great if you started up a RI group. We would certainly attend the meetings. A central location would be perfect. Let us know if there's anything we can do to help.

As far as recording your hours how specific do you need to be. Can you just log the time or do you also need to log the activity? My wife and I are just getting started, we don't own any properties (other than our residence) yet, currently we are taking some classes and attempting to put a team of professionals together. Will all of the time we spend now be a deduction for us if we buy a rental property in the future? How about our educational expenses? Guess this brings me to another question..At what point should we open an LLC before or after we purchase? Heard and read some conflicting advice.

We are newbies and are considering adding an in law apt onto our home. (we live in Mass) Thought this might be a good idea to give us some additional cash flow to help save money and decrease out debt. Just curious if any of you know if we would be considered a 2 family home. Would we still be eligible for the tax breaks of owning a rental property? That's the other reason we'd want to do this. The reason it would be an in law apt vs an apt is because according to our lender the value of our home would increase if we have an in law apt and would decrease if we own a 2 family. We need our home value to increase in order to qualify for the loan. I know it's a lot of rambling but I think you can get the gist.

Thanks for the great advice. You guys give me hope. Sometimes I get frustrated, It seems I can't tell my goals to the average Joe. They are negative and pessimistic. I love the support I find here!

Our plan is to 1st take a class on wholesaling. We are currently working on a website and have advertised on Craig's list. We are also taking lots of rides and trying to determine which neighborhood we want to start in. So far one person has replied to our ad on Craig's list which excited us mainly because we just put it on 2 days ago. We are also planning on making up some business cards and attending some real estate investors seminars. Finally we will get some of those signs "We buy houses for CASH". If you have any other suggestions we'd love to hear. Also if we have any bad ideas or you think we are wasting our time let us know.

Considering the current economy is this a difficult time to get started in wholesaling? I've heard from a few people on this site we may be in for a challenge. If so, where do you recommend we start this adventure? Our goal is to eventually do this (investing in real estate) full time , have some rental properties that generate enough income to cover our expenses.

Thanks guys!! We are being realistic (atleast I hope) We will not quit our day jobs until we make enough passive income to cover our expenses. IE: through rental poperties. The reason we want to start in wholesaling is for the CASH. We need $$$ to get started. I appreciate all of your advice and honesty. We don't expect it to be glamorous but we are hoping to secure our retirement. We are in our 30s so I'm hoping that is an attainable goal.

Just wondering if anybody has applied for a government grant. If so, can you recommend a reputable website? There are so many scams out there, it's difficult to determine what is legitimate these days.

Thanks Cummins,

If you don't mind me asking, how did you get started? How did you educate yourself?

Has anyone ever done seller financing when the house is in am estate? There is no mortgage on the house. I was curious if this would work the same as if someone was just selling their house without a mortgage.