All Forum Posts by: Eric F.

Brian Gibbons First of all I want to say I read quite a few of your posts yesterday and they were very helpful. Thanks for all you contribute. How do you feel about getting buy and hold properties with them? From what I saw mostly you do assign lease options (which would be cool to generate cash for me now)

I figure if I can get in at an OK discount I can save cash-flow and build equity (as well as save money from my big boy job) to convert the options into purchases as long as I can get enough time Plus any money I make from quick flips I can put towards my portfolio. Do you do this much? Or do you know people who do?

My goal is to have passive income set up in 10 years or so in order to allow me to pursue interests outside of my job. I will bust my behind the next 10 years to get in this position.

Dawn A. that is a bummer. Dang Roy Cooper!!! I guess there wasn't even a choice since he ran unopposed.

Sheryl Cromedy have you looked up TREIA? It is the local Real Estate Investor group. They have a new investor meeting once a month. I would highly recommend it as a new investor. The beginner class once a month is a nice overview, although for some reason their website* has conflicting dates this month. Anyway, I would highly recommend it. I have gotten some good advice there.

*I don't think you can link websites outside of the marketplace, google it if interested.

edit

ohhh it says this month is about Lease Options, I might go if it is next Thursday and I can fit it in. If it is this Wednesday then I cannot make it :(

Hi,

I have been thinking about different ways to get some rental properties for a few months. I was thinking a good way, before the market really rises, is get some Subject To or under a lease option, with the option hopefully at 5 years, and then renting them out for more than the payment.

I know Karen Rittenhouse started this way, with Subject To's, from her Podcast, which I swear I listened to 5 times at least. It is inspiring and even more so that she lives 2 hours down I-40 from me (I am in Raleigh, NC).

Is this still a doable strategy in this rising market? In Raleigh houses are going fast and prices are rising.

There seems to be a lot of Lease Options and Wholesaling Lease Options posts, but what about using them to build a buy and hold strategy? And Subject To's? I am hoping to get two or three properties this way to start my land lording career and continuing to grow as I learn how best to manage tenants and workloads.

I bought a Wendy Patton book about these as well, which I am about to read again (I read it a few months ago).

I just want to say I learned a lot from this thread and I appreciate the time everyone took to post in it. I will be checking back to see the results.

Ned, that is a double wide and usually those are more expensive from what I know. Mubasher, what is your lot rent? Or is it on land you own?

I was told to look at local apartment rents for the same space to determine your rent. Of course, I am still trying to buy my homes to do the same thing so I am no expert.

Deals on Wheels was the first real estate book I ever read. It opened my eyes to alternatives outside of the 8-5 world, which hopefully I will one day realize.

I read about half that book, he basically hit a goldmine. He bought a quad for a good deal, it appreciated an insane amount super quickly, rinse repeat. I'd like to know what happened to him the next 6 years when Florida real estate fell off the map. At the time it was published it clearly had not happened yet.

I did not find much of it actionable either. I certainly have learned way more from Bigger Pockets. I do not remember many more details about management and other things like that, but the gist was "I bought a quadplex, it went up something like 50% in a year, I refinanced/cashed out/, bought another property, it appreciated a huge amount, and I did it again"

I might be slightly exaggerating but it was mostly like that. I did not bother finishing it, maybe there was useful stuff in it but this site will be much more helpful.

There are some real estate books I think have a place next to Biggerpockets, personally I read The Millionaire Real Estate Investor (Gary Keller) twice, but this is not one of them.

Keep in mind I am actively shopping for my first multifamily, meaning as soon as I find the right one I am buying, and do not currently own properties, so maybe there was something which would have been helpful I missed, but I think reading the forums and blogs here + your local REI will be much more efficient, with the added bonus of feedback.

edit

I just looked and apparently he is Larry Loftis the Tax Lein Expert now so draw from that what you will.

So does mine. Even though I do not own a rental property yet I attended it anyway and learned a lot. I think where I live you were required to attend it in order to accept S8 vouchers.

Although not a recent college graduate, I am in the same position and am actively looking for a duplex at the moment.

Joel Owens and Lynn M. thank you for the advice. Joel I have my preapproval printouts and my financial information in a folder I am bringing. Lynn, I have met one realtor he works with but I will ask about more.

I plan on listening hard for sure.