All Forum Posts by: George W.

As nice as it feels to get a new car, I think you'd be much better working towards a new rental.

I wouldnt if I were you. From a business standpoint how will this new rapidly depreciating asset help grow your business? 

I'm a plumber and use my trucks that I buy with the business savings. I currently wouldnt even take a loan out for a truck or car. The commercial stuff is strictly commercial and it's all paid off. Why? Because it's simple. Yeah somethings are able to help with taxes, but I'd be careful because it's probably also something that's more likely to get you flagged. 

I have commercial vehicles and the insurance per vehicle is way more than my personal car. Also note that if I get into a accident with a commercial vehicle and I'm doing non commercial stuff they probably wont cover it. If someone breaks a window and steals my cargo, the cargo wont be covered under a typical Com auto policy. 

Relating that to REI I'd say it's probably still too soon to think about.

Very cool, read about the project in your other post. Reminds me of one the projects going on in my town with lennar 

I'd probably hold off on trying a flip with zero experience. Save your money look for a buy and hold. Right now most decent contractors doing larger jobs are booked solid

For who? The wholesaler or the buyer? 

It's all about how much value you're providing the end user. If they're gonna make 100k I could see 10k assignment fee being reasonable but others might not. 

Prices of new homes are defintley gonna keep going up for a while. There's such a skilled labor shortage to build houses it's not even funny. Prices of materials has skyrocketed. Land to build new houses is getting rarer in areas where it's more populated and because of that most builders around here seem to get the most bang for their buck. 

either a giant mcmansion goes up or tightly spaced low income housing seems to be all they're building around here. 

My opinion is that we have a disappearing middle class but that's a whole different topic 

Repairs are the nature of the beast. A newer home will also need repairs eventually as well dont let it fool you! 

I'd take the 10k/mo if it was guaranteed. I have very little debt and live a modest lifestyle already as It is. Times on my side and I'm fine with slow consistent growth. To me it doesnt matter how many doors I got. I dont buy big flashy things. I just love the idea of being financially free and in charge of my own destiny. 

Yes you could reinvest a million and leverage it quicker and potentially make more money a month but you could also lose it. 

Forget craigslist it is a joke. 9/10 things on there are a scam or to good to be true. Invest the time into other methods. 

Personally where I've had the most luck finding anybody that was serious about acutally selling their properties to me offmarket was through networking and knowing how to figure out who owns a particular property. I also live in a more rural area and am in a industry where I'm in alot of different house. 

I'm also not a wholesaler but theres a ton info out there about being a wholesaler on this site.

My main advice is to make sure you start building a solid financial foundation. Start saving up money to invest. Dont overlook 401k or mutual funds as well. 

Figure out a budget on what it takes for you to live every month. Figure out how much you make and how much you're capable of saving. Then every time you get paid take a part of your check and put it in a savings before you pay anything else. If you're spending more than you make everymonth that's a serious problem and needs to be corrected first. 

Dont get any credit card debt or auto loan debt. Keep a low ovehead. Save every dime you can. 

I always wanted to invest in real estate as well from a young age and started out with nothing. 

What made a difference was education. Learning how to save money, budget and plan for the future. This is a great website with many resources to point you in the right direction.