All Forum Posts by: Daniel Whitmore

I’m currently in a transition period in my career where I am looking for a new opportunity that will generate higher income. I’m also in the process of doing some soul searching and creating some concrete, long term goals that will allow me to achieve financial freedom by age 50.

I’m worked corporate 9-5 jobs that have paid well but I’ve hated all of them. I’ve jumped around in my career doing all kinds of random jobs, chasing new opportunities that felt exciting at the time only to find out the work wasn’t fulfilling and I felt out of place.

As I think about my long term goals, I want to incorporate and consider my next career move, so that it compliments and supports my goals (pertaining to real estate and financial freedom) and helps me achieve them.

Will that said, based on the fact that I don’t want to go back to a corporate W2 9-5 job, I am considering an apprenticeship or trade school in carpentry, plumbing or the like. Is this a bad idea? Am I too old to do this? I have no experience. For anyone who has graduated from a trade school or completed an apprenticeship, would you recommend?

My goal would be to make at least $60K once finished so that I can 1) save 20-30% of income, 2) obtain loans and 3) use the new skills to help with repairs /rehab.

I am a very concerned about obtaining a loan for my first deal. My goal is to find a 2-4 unit property by December. I am willing to move in (out of state) and house hack to cut my expenses.

I have $50K I want to use towards a down payment + closing costs. I have another $10-15K for rehab if needed. If there are unforeseen problems, I have additional capital in stocks I can liquidate. I have 800 credit score. I have $0 debt.

My concern is my employment situation. I work as a “freelancer”. Last year I received 6 W2’s and total gross income was less than $50K. My rent is nearly 40% of my total income. Not good! I’m in a transition period where I’m trying to make a career change into something that will provide more income. It may take some time.

I’ve had conversations with a couple lenders (credit unions) and they say it will be very challenging for me to get a loan. They instructed me to get a better paying W2 job or cut my rent in half.

My father has (reluctantly?) offered to partner or co-borrow / co-sign so that I can obtain a loan. Ideally I would like to avoid this.

Has anyone been in this situation? Any advice? I need help identifying the pros and cons of partnering with my father who isn’t necessarily interested in buying real estate (though he has the means and I think he should).

Lastly, am I better off waiting to do my first deal until I have transitioned into a new career?

@Jordan Miller I’m interested in doing the same thing you discussed in this thread a year ago. I just wanted to check in and ask if you might give us an update?! Thanks!

@Kelsi Dockins

This is an incredible achievement! I’m new to BP but this is the kind of deal I dream of. I live in LA and am priced out of this market. I don’t think I could ever have the confidence to buy a foreclosure property without first seeing it but maybe this a mental obstacle I need to overcome. It seems as if so many things could have gone wrong.

I’m so glad it worked out for you! With monthly expenses factored in, will this cash flow nicely right out of the gate?

@Ron S. thank you for the recommendation! I’ll be sure to check it out. 

@Rob Bergeron

Thank you very much for the info, Rob. I will take a look at these zip codes. Would love to sit down and chat the next time I’m in town. Planning a trip in July or possibly August. Thanks again!

Hi,

I’m interested in learning more about buying foreclosures.

Can anyone recommend books on the subject? What has been your favorite? Any resources online? I checked the selection at my public library and there are MANY books on the subject.

Thanks in advance!

Hi,

Looking for feedback from local Milwaukee investors.

I currently reside in CA but am interested in exploring the MKE market as I have family there and a property manager I might be able to add to my team. Seeking a small multi family that will require low-moderate rehab and cash flow nicely.

After briefly researching online it appears to be a favorable market with decent population growth / ave cap rate.

Questions I have:

- Top emerging neighborhoods around the area?

- Best cash flowing areas?

- Indicators of industry/job growth?

- For those with rental properties: are you increasing rents each year? If so, what %?

- Any areas to avoid? Anything to watch out for?

Thanks in advance!

Hi,

Looking for feedback from local Provo / SLC investors.

I currently reside in CA but am interested in exploring the Provo/SLC markets (BYU grad here) as I have family there and a property manager I might be able to add to my team. Seeking a small multi family that will require low-moderate rehab and cash flow nicely.

After briefly researching online it appears to be a favorable market with decent population growth and 6% ave cap rate. I realize I’m a little late to the game with how pricey the market has become.

Questions I have:

- Top emerging neighborhoods around the area?

- Best cash flowing areas?

- Indicators of industry/job growth?

- For those with rental properties: are you increasing rents each year? If so, what %?

- Any areas to avoid? Anything to watch out for?

Thanks in advance!

Hi,

Looking for feedback from local Louisville investors.

I currently reside in CA but am interested in exploring the Louisville market as I have a sister there and a contractor I might be able to add to my team. Seeking a small multi family that will require low-moderate rehab and cash flow nicely.

After briefly researching online it appears to be a favorable market with 1.1% population growth and 7% average cap rate.

Questions I have are below:

- Top emerging neighborhoods around Louisville?

- Best cash flowing areas?

- Indicators of industry/job growth?

- For those with rental properties: are you increasing rents each year? If so, what %?

- Any areas to avoid? Anything to watch out for?

Thanks in advance!