All Forum Posts by: Eric Anderson

@Gabriel Benavidez

Look at it like this:

You need a degree to get into Petroleum Engineering.

You do not need a degree to get into business and Real Estate Investing.  You need the two I's: Internet and Initiative.

Ask BP people about their education levels and you may find quite a few who have nothing more than a high school diploma.

The more important question to answer is:

"Will Petroleum Engineering, Real Estate Investing, or a combination of both help me reach the goals I've set for my life?"  You get to define what success looks like.  Once defined, pursue it cuz it is well within your grasp.

@Chris Jackson

I gotta admit....

I didn't even think of managing multiple SFRs with the MFR mindset. It makes a lot of sense.

Thank you very much for the perspective

@Dave Visaya

What is the bulk of the work you do as an audio engineer?

I keep busy teaching and playing drums but, as of today, do not spend a lot of time recording in the studio.

Take care my friend

@Bazil Chipato

Good morning and welcome to BP...

A great place to start is to determine what aspect of real estate investment is most appealing to you. For my wife and I, it is buying & holding small multifamily residential properties (MFRs) for cash flow, and house hacking our first MFR to get started.

Are you interested in buy & hold, flipping, wholesaling, etc.?

The suggestions from @Dave Visaya are great resources and will help you figure it all out.

Lastly, spend time everyday on BP getting comfortable with the Real Estate Investment (REI) language and concepts. Ask a lot of questions too. People will be there for you when you ask for specific information.

Best of luck in your endeavors, my friend.

@Ashton Sharp

Excellent!!!

I think we'll go the direct marketing approach. Anything that makes it to the MLS falls way out of our criteria. There are some in decent parts of town, but, as you pointed out, they are not on the market.

I'll start reaching out to absentee owners first

Thank you much 

@Maurice Bunn

There is a difference between support and involvement or participation.

My wife supports me as a I take on new music projects and students when teaching music.  I equally support her as she grows and develops in the debt collections world.  We share our experiences and frustrations, and help each other grow and see difference approaches to solving problems.

Neither of us gets too deeply involved in the others' daily work though.  Wendy doesn't write my lesson plans or do my practicing.  I do not run her programs or manage her projects.  We are not active participants in each other's daily work related activities.

Wendy and I decided that we want to get into real estate investing (initially as buy & hold folks) because we both want financial freedom from the 9 - 5 job.  We equally recognize the skill sets we have, and that those skill sets compliment each other very well. 

I started looking into REI about two years ago. I'd share a little about it with Wendy. I also shared with her that my ultimate goal is to "put her out of a job." It is not that I do not want her to work. That is her decision. I just do not want her to "have to work" because we need the money. Those who need the money force themselves to stay at jobs and in careers they do not like. I don't think the approach was very tricksey. We desire to do great things for other people and our community, and we do not want the 9 - 5 job to interfere with our lives. Today, the 9 - 5 interferes a lot. We believe we will work together as REIs, break our dependence on the job, and do great things for others.

Hope that helps

I'm curious... are you asking for yourself?  Or is this a question you hear a lot?

@Spencer Herrick

Welcome to BP.  It is a great place for all things Real Estate.

What strategy is most appealing to you?  Buy-and-Hold? Flip? Wholesaling?  Knowing your strategy can really help you narrow your search for the information you'll want as you move forward.

Best of luck, my friend

@Joseph Rios

@Austin Fruechting nailed it.  

Why did you get into REI?

Without this answer firmly in mind, you may find yourself struggling and doubting yourself a lot.

Try this out:

Track every minute of each day for 7 consecutive days.  Study the things you did and determine whether each thing supports your ultimate goals.

You mentioned you are pursuing an MBA, working the job, and dealing with an eviction.  That is a full plate... but keep this in mind: the MBA and eviction are temporary.

@Linda S. mentioned a property manager.  That is a great idea for you.  Pay someone else to handle the stuff that is wearing you out so you can focus on your important things in life.  Specifically look at each PM's tenant screening process too.  It can be a real investment in your own sanity

@Casey Perkins

What strategy you will use as an investor?  Flips? Buy-and-Hold?  Etc.

Herm Edward (NFL Coach) said it best: "A goal without a plan is a wish."  (I love Herm's delivery!)

Wendy and I are looking to house hack our first MFR so we can pay down personal debt and build capital for future deals. This is our first step towards our first big target (goal) of becoming financially independent with a portfolio of cash flowing properties.

Buy-and-Hold is our preferred strategy starting out, and we prefer MFRs because multiple rents will service each loan.  Plus the vacancy rate will not go from zero to 100% when a tenant moves out.

All this may change as we get immersed in real estate investing.  It is the strategy we've chosen to get started though.

@Ross Denman

I love your approach to setting goals.  You've given us some great ideas for defining the specific targets we should hit (or get close to) in each deal.  Much appreciated, my brotha!

@Christopher Blanco

Is the interest amortized over the life of the loan?