All Forum Posts by: David Klem

Wesley

I haven't withdrawn any of it yet. What's in there isn't going  to go very far. I figure I have nothing much to lose

Effram,

Yes, I have a W2 job. If I don't build some kind of passive income, I can forget about retiring comfortably. Too many mistakes through the years. I just learned of REI in the last 4 years. I don't see any forced retirement on the horizon. I'm a vegan and have great energy and health for my age. I have no other choice but to try and move forward late in life. I'm confident that I can pull this off. I have 2 vegan acquaintances who are doctors. They are well in there 80's and still practicing medicin

I have a brainstorm idea. The primary reason that I'm on here at a minimum is to create passive income for when I'm forced to retire. I have a 401K that is in the lower 5 figures. At this point I don't have much else other than SS. I've been on here for a long time watching podcast after podcast and reading book after book. I thought I could put some of those funds to better use by using it for my first property down payment as would be required by a hard money lender via the Brrrr strategy. Just finished watching Podcast 200 with Brandon And Josh; A Step By Step Guide To Buying Your First REI Property

I'm 62 and my health is great so far. Nothing is stopping me from moving forward one way or another. I want out of trucking and I want to be home with my wife everyday

Any thoughts are welcome

Thank you

Thanks, Zev

Yeah, I wouldn't dream of switching over to REI until I have substantial income from REI. My next transition will be to something less time demanding so I can still pay bills and devote more time to whichever path I choose in REI. Right now I'm just making sure that I have my personal finances in order and this is why I've hired a personal finance coach. I have a 2015 Rogue that has less than 40.000 mi paid in full.

I have a primary residence that I've had for 2 years. It's $987 per month at 3.1%, 30 years. I got a 30 yr just for the sake of moving my new family in. The only debt we have left is $11,000 on her car and we hope to have that paid soon. We have a small emergency fund in place. 

Last-minute thought here, I have a 401K that is only 5 yrs old and I was thinking about using it for investing via Brrrrr. I'm 62 in fantastic health with not much else for retirement other than SS. That's one of the reasons for building Passive income.

Thanks, Taylor

Hello Everyone,

I have an interesting situation. There's a man in Northern Ohio who is from China. He bought an entire school bldg (2) and lives somewhere on that property. It's a great neighborhood. I had the chance to meet him the other day. The only problem is, He speaks Chinese and I speak English. LOL

We used Google Translator in order to understand each other as best we could. I let him know that I am very interested in building some passive income through real estate. He has offered me a commission if I can help him fill some rooms with some business renters. I'm reading about Brrrrr and have yet to purchase my first property. I saw an Asian investor on here somewhere but didn't get a name. Is there anyone on here that might be interested in meeting this man? It appears to me that this is a gold mine just waiting to be opened. If interested, we could exchange numbers and move forward.

Cordially Yours

Dave Klem

Hello Everyone

I've been in and out of Bigger Pockets for better than 2 years now and I am very excited about transitioning to REI. My favorite place on Bigger Pockets is probably Real Estate Rookie Podcast. I've learned so much and have even connected with a few of the guests. Ashley and Tony are absolutely great! I also have a stack of books on my desk, Audible and Kindle.

A little background: 

I'm 62. I'm a vegan with a lot of energy for my age and according to my last DOT Physical this week, I'm in fantastic health. I bought my first primary residence ever in 1/2019. The reason so late in life is because I chose more bad roads than most people when I was younger and that's all I'll say about that. I've been a truck driver since the '80s and I currently haul cars on a semi. Been with my current job for over 5 years. I met my wife(19 yrs younger) in 2015 online and video chatted on Messenger for 2 1/2 years before meeting her in person in the Philippines. (she was working in Hong Kong under contract) Met her a 2nd time in 2018. She came here on 2/19 and we got married on 3/19. She brought her 2 kids with her that are 21 and 23 now so I've had my plate full getting them all pointed in the right direction. One already has a college degree. My wife also works as well as her 2 kids.

Now that you know me a little better, I have a financial coach who has been directing me to pay down all of my debt and we have done that in all areas except for my wife's car. ($10,000) The $980 mortgage will remain being paid on schedule. My regular week starts on Sunday morning and I usually return sometime late afternoon on Thursday. Saturday/Sabbath is a day of worship for us.

Yes, I have a very time-demanding job! 

My thinking and plan are that if I'm going to do this thing right, I'm going to have to quit my job and supplement it with other sources of income so that I can devote more time to getting involved with REI. Having no personal debt hanging over my head will help eliminate the chance of having to sadly return to my old profession. Also, I live in Vermilion, Oh which borders Lake Erie.

My questions are, am I on the right track to making this transition? Is there something any of you would be doing differently if you were in my situation?

Thank you in Advance For All Your Advice And Support

Dave Klem

Andrew, 

I'm still behind buying my first investment and I live in Vermilion, Oh. Hwy 6 borders the lakeshore properties. VERY NICE! I live 1 block on the other side of Hwy 6. Bought my very first primary residence ever on 2/19. It's a 3 BR, 2 bath ranch style with only a crawlspace. Bought it for $149,000. I've been told that my home would sell very easily for a lot more than I bought it for without even putting it on the market. The problem is that I have a new wife of 2 yrs and her 2 kids 21 and 23. We need a place to live. I would make out selling but my question is, what about what I buy next? If it's a seller's market it's a 2 catch 22 for a primary residence.

I'm almost debt-free and will then be ready to transition from my current job as a truck driver to something where I'm home every day and can move forward with REI. So to sum it up, I too have heard that this area is hot right now.

I know this is an old post.  I too had questions about what actually happened in his situation and then I found this post. Does being over leveraged mean that he had more debt than the houses were worth?  I can't think of why it would be beneficial for a bank to call your notes unless something about the whole situation made them very uneasy. Banks are in the business of making money. When they call your notes they lose a lot of interest over the time it would take you to pay off your notes.