All Forum Posts by: Marti Stanford

Taylor L

That's pretty much the plan. Books, podcasts, the BP Forum, seminars, and networking events have been my main focus for about 3 months, and I'm just getting started. First REIA meeting this week.

I'm even networking, researching neighborhoods, and marketing while I Uber! (Hey, a gal's gotta eat)

Sooner would be better, I fully agree. Working on my networking and ability to find off-market deals now. Pretty much nothing in the MLS in this town will cash flow without a bigger down payment than I currently have.

Learning how I might be able to tap my state retirement account through a self-directed option and an LLC. FL doesn't like us having any real access to our own money through the state retirement system.

@Frank.

I waited the past 4 years because financially I know I'll need to house hack my first property, and I didn't want to move while my kids were in school. However, with 2 over 18 and the last one there within 18 months, I'm definitely looking for the right property now. Haven't found it yet, but I'm learning more and more on how to find better deals and only been searching for the past 2 months. Hope to hit gold (or at least copper) before Christmas.

Workong on learning how to wholesale in the immediate future.

Hello,

I'm in the Central Florida/Orlando market and looking to start investing in real estate. I have more background than the average nube since I've worked as a credit counselor and loan underwriter before, renovated 3 of my previous residences, and currently drive Uber and have REALLY learned our town, but know I have SO MUCH more to learn. Even though I'm massively eager to get started, I'm also aware that it's really easy to make some pretty expensive mistakes. I'm attending my first CFREI meeting later this week. I've been ravenously reading and listening to podcasts the past few months, and I'm considering wholesaling as a start to raise a bit of capital, especially since I cannot move out of my current school zone for 18-24 months without family drama, and there are exceedingly few deals in that small area. Though, if I found a place with 2 units or a beach condo I could live in when the kids are with dad and use for vacations (over 50% of time) that I could Air BNB out, I could make an owner-occupied house hack.

And, through the power of Google and FB, I'm now getting hit with TONS of ads for real estate training courses, hard money lenders, and services that are supposed to help find leads, but I know they are ads, and really need to figure out how to vet all this stuff.

Any suggestions for someone very serious but just starting out?

How soon in the process should I legally become a business by filing an LLC or C-Corp?

Thoughts on moving my retirements into a self-directed account that can be used for real estate investing? I have about $80K there and my current abode is manufactured and worth about $55K. Not sure if I can use that as collateral since it isn't real property. I just know I have money sitting idly and playing dead that I really need to leverage and take out of the risky market.

How do you find good legal, tax, and accounting professionals?

Are special online investor apps worth what they cost?

Thank you for those thoughts. I agree that due dilligence is critical. Wanting to get started as soon as possible, but definitely prefer to wait for a real deal than make a costly mistake.

When first eyeballing properties with an HOA fee, do you pull that number off of the rent before calculating out for the 2% test or leave it in?

Especially with a condo, that number includes part of your possible capX costs, but it definitely effects the bottom line ROI

Which way do you find more beneficial to you and why?

Hi, I'm new to Bigger Pockets and looking to get started investing in the next year.

I know many people start with a HELOC or cash out refi on their home, but I currently live in a manufactured house in a park. It is paid off in full and based on local comps should be worth 50-60K, but since it's not real property in my state, I don't believe a HELOC can be taken out on it.

Does anyone know if there is any way to leverage this as a source for rehab costs if needed?