All Forum Posts by: Douglas Orr

Originally posted by @DeWayne Mann:

i feel sorry for his kids.  not sure if his wife knew what was going on, but im sure she did because she did the books.. i was a loyal listener to his podcast.  what a disappointment.  

 John Gotti’s wife’s response when they asked her what he did for a living... “All I know is, he provides.”

I'll tell you a major problem that no one is mentioning is the fact that if you're on a podcast or you have a podcast your seen as extreme credible. I was on a podcast and I had several people wanting to partner and lend me money for investing. Someone with ill intentions can run with this and we see what the end result can be.

Also, where ever you invest I feel like you need to "kick the dirt". Too many people just blindly trust. Mama always said, "Trust but verify."

Caveat emptor definitely applies!

I find the opposite to be true. Investors selling their properties think their properties are worth gold! If an investor is buying a property the numbers have to make sense. I offer purchase prices based on me making 10% ROI... AFTER all expenses, including my mortgage. These deals are hard to come by now so I find off market deals to offer on because there’s a lot of dumb money being thrown around right now.

RECP.org and when you're done with that invest in the 30 day program on Prepagent.com. I passed my tests first try doing just that. I took my 2 weeks into the 30 days so I could continue to study if I didn't pass first try.

I'd contact Garrett Sutton. He's a RichDad Advisor and he specializes in this. Also, they're very reasonable.

I agree with @Seth. I'd like to add some advice that doesn't necessarily have anything to do with your question. Do NOT quit your job as soon as your income from real estate matches your living expenses. In my opinion you should figure out what you want your income to be, then double it. Also, if you're not taking money from your real estate business to live you can snowball into acquiring more properties that much sooner. Something else to consider, banks love W-2's. If you get rid of your W-2 job you may find it harder to get financing from the bank. How fantastic that you're starting out at 22! I started when I was 26. Consider doing a house hack and live for free (assuming your not married or can talk your spouse into it). I'm excited to see where you'll be in 10 years! Happy investing!

I have been fortunate enough to fire my employer this year (I'm 29) because of my Cashflow from real estate. If I was to only invest in my 401k I would still be an employee. My monthly income from real estate is more than my 401k's estimated monthly retirement payout if I had kept everything status quo. To me, the stock market is a giant roulette wheel and I don't like to gamble.

Phil! House hacking is a great way to do it, my friend! I can't wait till real estate allows another one of my ex-co workers to fire their employer!

I can't speak to Muncie as I'm not located there. I know it seems to be a blited area. I like to have $5 a unit in reserves. So, 1 sfh = $5, 1 triplex = $15k. Good luck!

Using leverage you can increase your ROI exponentially. Also, consider quality of tenants a $30k rental would draw as opposed to a $100k rental. I went all in. I got into real estate borrowing $20k from my 401k in 2014. I used the money as down payments on a duplex and triplex. I fired my employer July 11 of this year! Best of luck to you!