All Forum Posts by: Daric Myers

I'm certainly not an expert on the subject, but I've recently asked similar questions to so called expert investors in my area.  There are so many ins and outs to this question.  I think it all comes down to risk tolerance.

I think you could spend the rest of your life collecting tools to get started.  If you know what a deal looks like in your area and are not comfortable tackling it on your own, find someone who can help you.  Even if you take a small portion of the profits, or just a free mentorship on the first one, consider it your college education in real estate.  I'm not sure about the Canada thing.  I'd assume it is pretty much the same, but I'm sure the rules are a bit different.  I hope this helps.  Have a great day!

Very good bang for the buck!  Calculators are my favorite, but I've only recently joined pro.  If you're ready to get your feet wet, I think it would be a great jump off point.  Action equals results!  Don't go pro if you don't intend on using this tool to it's full potential.  There are many great people on the site who are willing to help you in any way.  I hope this helps.  Have a great day!

I've recently spoken with a few quote unquote experts in credit and credit cards.  Although it is wise to pay off your credit cards every month, not carrying a balance to the next month could negatively affect your credit.  I've been told that it is best to carry at most 30% of the the cards max.  Also once you open a card it is good to never close the account.  There are many ways credit cards can help you in real estate.  Although I don't advise using them for rehabs per say, If it were my only option to get the job done and I had multiple exit strategies, Id give it a shot.  Different people have different risk tolerances.  A lot of times you can utilize a 0% interest offer if you were to transfer your balance, usually for a 3% transfer fee.  It counts as a pay off and essentially you could have free money for a certain period of time.  Usually a year.  You have to be very careful though, because it's easy to let things get out of control.  If you have the discipline to control your cards they can be a great asset to your tool box.  I hope this helps.  Have a great day. 

This is a very interesting topic @Austin Joseph.  I'm wondering if you remember the podcast episode number so I could listen to it.  Thank you, have a great day!

If you're an investor or have any interest in real estate investing come join us every second Tuesday of the month. No sales pitch! Just good, like minded people, gathering in one spot to talk about real estate. Food and Drink will be available for purchase. RSVP not required, but would be very helpful in the planning of this event. Now accepting RSVP on Facebook Group "Gillette REI Gathering." Thank you

Okay, I'm not a licensed agent and I want to wholesale in Wyoming. I've heard it's illegal so I had my lawyer look into it. He says there's a lot of Gray area and to be careful one that I'm only representing myself. Two that I partner with someone who has the funds to buy the house to avoid fraud. My name and integrity are all I have in this business. I need some options. Partner with a broker, or ... Thanks for reading.

No judgement on those who cash in on Black Friday Deals, but I chose not to partake. I'll be working today, but how would a full time real estate investor be spending this time? I'm just curious. I'm looking for creative ideas. And if you are out in that Black Friday Traffic, STOP reading this and watch the road!😂😂😎✌️

@Vincent Dych I'm certainly no expert on this, but with my resources and experience I would probably go with the cash option. Now this being said, if your company is matching your contribution or something like that then that is something to consider. Someone will probably have to correct me on this, but I don't think you can invest with your 401k in real estate until you no longer work with the company. Why wait a year. If you think you're ready, pull the trigger on something. I hope this helps. Have a Happy Thanksgiving!

@Joshua D. I'm just getting started so this is just more of my thoughts. If your rental market is hot you may consider furnishings in the living room and dining room to set your unit above the rest. Most people have beds and I think you may be wasting money to provide them. As far as used furnishings... Bare minimum I'd buy a bedbug kit and a can of Scotch Guard. Hope this helps. Interested to see other responses because I've considered furnishing my flips. Have a great day!