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All Forum Posts by: Eric B.

Eric B. has started 2 posts and replied 6 times.

Post: New RE Investor, Advice Needed

Eric B.Posted
  • Illinois
  • Posts 6
  • Votes 2

Okay, so my offer on primary was accepted, and barring craziness, closing in March.  Hopefully, I will have a smooth turnaround on my current house, and then it will be time to jump off the cliff in Virginia Beach!  

Thanks for all the replies!

Post: New RE Investor, Advice Needed

Eric B.Posted
  • Illinois
  • Posts 6
  • Votes 2

@Sean Hudgins Great post!  I can visualize what you are saying as I did live there for a number of years in the 90's.  I'll definitely reach out and drinks on me.  I'll break down each area you posted and see what I see, but it really piqued my interest in Sandbridge.  That might be a lot of money for the first one to get my feet wet, but it may just be the right direction.  

Thanks!

Post: Primary Site for Properties

Eric B.Posted
  • Illinois
  • Posts 6
  • Votes 2

I get there are many avenues to finding properties, but general browsing...  I am finding Realtor and Zillow that people listed have gotten good at making everything show up, degrading the use of filters.  As an example, If I search Multi-Family I get every condo/apartment (individual units).  If it is what it is, I'll comb, but wondering if these are the right sites or if I am just the new guy that the rest of you laugh at for using Zillow.  

Post: New RE Investor, Advice Needed

Eric B.Posted
  • Illinois
  • Posts 6
  • Votes 2

I am looking locally in VaBch, but not limiting myself and will follow the advice and data.  I am not yet in VaBch for a few months, but I do value community and teams, so definitely on the list of things to do when I get there.  I have a few contacts I've made already while looking for my primary residence.  Now, every day is like Christmas Eve until I can get closed, move and sell this property.  

Anyone want to buy a 4bd/2.5 bath on 5 wooded acres (40, of which I own 5 and my unlce owns the rest) in the middle of God's nowhere ;) 

Post: New RE Investor, Advice Needed

Eric B.Posted
  • Illinois
  • Posts 6
  • Votes 2

@James Carlson, I appreciate your response! You touched on my exact struggle in this instance.  It's funny because it resonates with my approach to things. I've been in a leadership course where the instructor described me as "Ready, Fire, Aim" right off the bat. This is a good thing to me and has led to great success.  I'm all about taking action, reflecting in short bursts, and adapting on the go. I firmly believe in the power of small learning initiatives for rapid growth and better outcomes. If there's a failure, I believe in failing fast and learning from it. Another thing about me is that when I dive into something, it quickly becomes an obsession.

I'm quite self-aware, and these traits are both my strengths and struggles, which is why I'm here. Between work-related travel, relocating 1000 miles across the country, buying one home and selling another, I'm looking at a probable wait of 2-3 months. Just the process of searching for my new primary residence has ignited what might soon become an addiction, and I'm itching to get started. After countless thoughts, I felt compelled to take action, hence my post here.

I don't really have a specific question; I learn best by doing. I can research endlessly, but until I'm actually in the thick of it, I tend to question everything. Right now, I find myself bouncing between analyzing short-term rentals, then long-term rentals, and then creating financial projections, only to come face-to-face with reality (how accurate are my projections, and are my expenses underestimated or overestimated?). Sometimes, I feel like I'm wasting time with financial projections, especially when a minor adjustment can drastically change the outcome due to compounding effects. I'm eager to focus, but I don't think I'll achieve that until I simply move forward with something.  I am trying to fill a gap between today and when my obsession can start :)

Oh, and did I mention I'm a veteran with PTSD (resulting in hyper brain activity) that has leds to sleep disorders, and I already had OCD to top it off? :)

Adding to the mix, I have no idea what the current market is like. Every property I looked at for my primary residence had multiple offers within the first 48 hours. Eventually, I got to know someone who knows someone who had a house and worked an offer prior to it going on the market.  I assume, like everything, there are still good deals to be had, but that uncertainty drives me to explore both in-market and out-of-market options. I don't like feeling like a squirrel, but without action, it all drives me crazy. I can be a bit of a gambler, and I'm accustomed to just pulling the trigger and either succeeding or learning from empirical data, but I feel like I'm handcuffed for the near future.

In any case, I'm just here to dump some of my crazy into the world and see what conversations spark up. I happen to be one of the best at what I do for a living. I fully recognize that's true because of the people I surround myself with. I was told as a child that to become the smartest person in the room, you have to know that everyone else in any given room knows something you don't, and you just need to identify what that is. Rinse and repeat.  Again, thanks for the reply (@Theresa Holl, too), and I'm happy to be stepping into a community!

Post: New RE Investor, Advice Needed

Eric B.Posted
  • Illinois
  • Posts 6
  • Votes 2


Hello everyone,

I've purchased/sold multiple times for my primary residence.  I'm in the process of moving from one state to another, and if all goes well in this market, I should be under contract tomorrow. My plan is to move, carry both mortgages, put about $10-15K into my current property over the next month or two, and then sell it. Some renovations on my current property are necessary, while others I believe will add proper value, but that's not the focus of my post.

Once I sell my current property, I'll have approximately $165K in cash not accounted for in my budgeting, and I have 100% options on utilization. I have a six-figure W2, and I receive stocks gifted to me and bonuses totaling upwards of an additional six figures a year. My finances are in order with a 401K, Roth, safety cash, etc., so this $165K will be available. To be very conservative, let's assume I have $100k free every year going forward.  I don't budget for any portion of that as, although it's highly probable, it's not guaranteed. Normally, I would diversify this across stocks. However, I'm not seeking advice on what to do with my current investments; I'm interested in advice assuming I just have the $165K and potential $100K/yr YoY.  To say that differently, I am not interested in tapping into stocks and other investments I own, but rather utilizing this current cash on hand and future free cash.  

I'm an avid listener of podcasts from BP but I'm new to the forums. I'm also quite knowledgeable about real estate investing through YouTube, although I understand that it can be like Googling why your knee hurts - there's a lot of information out there, and it's not all reliable. I've come across discussions on cash buying versus financing, and Airbnb versus long-term rentals. I don't 'think' I am interested in creative financing, wholesaling, or other things as such, but I am open to your mastery.  I'm moving to an area with a large hospital presence and I know someone who does Airbnb for short-term family stays. I also heard a podcast where someone does medium-term rentals for rotating nurses, etc.  In past years I always had in mind acquiring doors and having semi-steady monthly.

While I have a highly flexible schedule, I don't have the freedom to be on call at any time. Additionally, I am occasionally out of the country for 2 weeks to 3 months. I mention this because I believe I must pay for property management. I absolutely hate the idea of giving away money, but with my lack of experience and time, I 'think' it's the right approach.  With this information, where would you recommend I start, and any advice would be greatly appreciated.

I know you'll hate on me for this, but I am also flexible in my goal.  I love making every dollar work for me.  On one hand, I am not looking to quit my job, but would love over the next few years if it wouldn't really matter if I lost my job.  That is goal one (not having a significant impact on my life).  I don't want to stockpile cash in fear of the unknown, but I don't want to start over financially if the worst occurs.  The other is simply long-term wealth building.  So, I guess in short, stability has a greater priority, while in the long term, I lean towards possession and wealth building that maybe even my children take advantage of.