All Forum Posts by: Account Closed

Hello, I'm fairly new to the forums, I learned of them from one of the BP books that I just read. I'll try to keep my post as brief as possible. 

I own a trades related business and am sick of it. I own my home outright (approx 350k value) and have another approx 150k saved. I keep thinking that this isn't enough to get into investing because it don't go very far in my area (Minneapolis), but the more forums and stuff I read and the sicker I get of my job/business I realize that with the right moves I can stop doing what I'm doing and dive in with what I have to work with as I see people posting with 25k wondering how to dive in. I have become obsessed with learning all that I can by reading books etc, so I'm doing that. But I'm hoping to get some help/confidence to get myself going. I truly have the drive that it takes, a little money, I know how all about rehabbing homes, I'm hungry to succeed, I'm willing to move, live in a construction zone, live on little money, house hack or do whatever I need to do to get myself going. 

I plan to leave my area to get closer to my Mom in Illinois because she's getting older and going to need my help, so I'm going to be headed to a much much cheaper area.. The areas nearby include Peoria IL, and the Quad Cities. In both areas I could afford to buy multiple homes, put the cash down on multiple multi family properties etc. 

All of this said, aside from reading and learning more, I'm wondering what those of you with experience would do to get things doing if you were in my shoes. Would you buy a couple sf homes outright and start renting them, try to buy a multi fam (or multiple), fix and flip a few or??? 

I would sincerely appreciate any advise from those with experience. I'm sure you see these type of newby posts all the time, but please trust I am hungry and I have the drive to make it in anything I do, I just need the right education and push to make it happen. Thanks in advance. 

I'm wanting to buy my first investment property and I'm trying to figure out how to go about financing it based on my financial situation. The property I would likely buy would likely be priced between about 200-400k and I own my personal residence outright (Value of approx 350k). My current cash on hand isn't really sufficient to put down 20%, put money into fixing it up (if needed) etc while leaving me a safe cushion. So options I have considered include; a loan against my homes equity or possibly doing an FHA loan and living at this new place while renting out my current place. My long term goal is to use the BRRR method to get as many rentals as I can. Also, I should mention I have an 800 credit score, I'm a small business owner so I have other funds coming in.

All of this said about my financial situation, current goal and longer term goals what would be my best option for getting the funds needed to purchase another property and to get things moving in the direction I hope to with then owning other rentals. 

Hopefully the info I have provided is enough to provide me with some advise, but if not let me know and I'm happy to answer any other questions. Any advise will be greatly appreciated. 

Hello, this is a bit late, but hopefully can help. I actually own a wood flooring company. The cause of this can be a couple things. However, the most likely thing is that the cracks just soaked in a lot of the stain and that the wood eventually sort of spit some of the stain out. Wood is like a sponge and if you dip a sponge in a bucket it can only soak up so much water, same sort of situation. I wouldn't necessarily say that this is the fault of the company that did it. More than likely this could be fixed by simply buffing the floors and applying another coating. Hope this helps.