All Forum Posts by: Eric Anderson

@Devlin Quarles

To help get over the hurdle... ask yourself this one question

What is the next action I need to take to become a wholesaler?  

Then complete that next action

@Mike Snyder makes very great points regarding Xbox and Game of Thrones.   When you know the next action you need to take, it pushes you to act because you know it is necessary.

It sounds like you want to improve life for you and your children.  Consistent action will move you and your kids toward the life you desire.

You are not alone.  I feel the same as you.  My goal is to earn enough income from rentals to "put my wife out of job" because I am tired of seeing how the 9 to 5 job takes its toll on her at times.  I do not know all the actions needed to get to that point... but I know the next one I will take, and perhaps one or two beyond that.

Stay the course my brotha, and get your Wholesaling on!!!

@Kyle Grimm

Day job...

Two fold: I provide private music instruction; primarily drum students with a couple of guitar students.  I am slowly building and uploading a library of short videos for current and future students on you tube.  I also am developing a system that has helped me learn drum rhythms over the last 6 years.  

I also play in the local area and occasionally travel with bands that invite me to play drums with them.

What does my life look like trying to work it while growing my investing career? 

It is a bit chaotic at times, but it is something I enjoy a lot. I suppose I am not the stereotypical musician though, because I get up early each morning (check out the time of this post) to learn about REI, develop my systems, and take small steps toward acquiring mine and Wendy's first four plex we can house hack.

I love music, both teaching and playing.  However, I recognize that the income from being a private instructor and gigging can dry up when the economy takes a nose dive.  We're working toward developing passive income with Real Estate, plus looking forward to the benefits of appreciation as the years go by

@Shmuel Harris

I am one of those @Jay Hinrichs rightly described.  I am slowly and steadily working my way towards my first deal.  I do not own one asset so I am nowhere close to being an investor in anything, let alone real estate.  

It may be better to understand what it means to be an investor in the broader sense. It seems as though all experienced investors possess traits that enable them to be successful. It does not matter which market they specialize in: Options Trading, Stocks, Bonds, REI, Futures, Commodities, Etc.

Keeny Estes' comments regarding investing are very thought provoke.  Give them a listen at 

https://www.biggerpockets.com/renewsblog/2013/08/0...

@Gleason Jones

Each adult should fill out the application.  On the good side, the combined incomes will put them over the 3X requirement (standard).  On the bad side, as mentioned by @Thomas S., bad credit and other detractors will be exposed.

Effective tenant screening is your best defense against bad tenants.

@KeDavion Taylor

What is the four plex market like in your area?  You may be able to house hack a quad plex in less time than your scenario would take to complete.  This way you could live in one unit and have your tenants meeting your operating costs and add some monthly income to your account while you work and go to school.

Worst case scenario: how long could it take to acquire the adjacent property, complete the build, and get the three or four units fully occupied?  Every passing month without tenants is another month of expenses flowing out of your pockets: taxes and landscaping services (or you could put your time into it to save money, which means you are not putting your time into other investment opportunities) quickly come to mind.  There may be others I am not aware of.  

Your narrative says a lot about expenses and nothing about immediate income from the property.  The property needs to generate income that meets or exceeds its expenses soon for it to be a viable investment.

Does your dad know general contractors and builders in your area that can help you solidify your plan?  They are the ones who can shed light on all the details and issues your plan needs to account for.

I love your ambition and hope these questions and ideas help you along the way

Sincerely,

Eric

@Kevin Farrell

Thank you very much for starting this thread and sharing your experiences as you move forward.  You've quickly straightened out my learning curve regarding list services.

@Seth Williams

Thank you for sharing the information.  I did not realize there are that many list providers.

To all...

Which platform offers the most accurate list of absentee owners and evictions?

My wife and I are looking for a four plex to house hack in our home town. Everything that hits the MLS here is not in a safe part of town. We are targeting absentee owners and those dealing with evictions.

Sincerely,

Eric and Wendy

@Spencer Herrick

What I love about Real Estate is the many ways a person can be successful.  I wish you all the best as you move forward.

@Qiauna Chapman

Something else to consider...

REI is a lot more about the relationships you build over time. You can build great relationships here on BP and in your local area by meeting up with other real estate professionals. That same $1700 will most likely grow your career when you invest in relationships instead of a three day course.

The course content might be incredible but that is irrelevant.  It is up to you to do productive things with information, regardless of its origin.  

At the very least, search Nick Vertucci on BP to see what your peers think and feel about him.

@Nelson Kaeb

One idea you will hear about is having your properties "in the path of progress," which means jobs are coming, quality-of-life is improving, and the population is growing.  Such things do not happen in small towns.  They remain the same year after year... 

@Chris Frydenlund

To go with #2: Offer the reading something that is valuable to them.  It sounds like your target market would love to read about relief from the debt burden and how quickly it can be achieved.