All Forum Posts by: Glen Erickson

@Faisal Zia Welcome and good luck.

@Blake Yoder Hi Blake,

I would suggest you talk to a local Mortgage person and find a local bank/credit union so that you get an idea of what you will need to get a loan. They are usually willing to set up an appointment to talk to people and the information you get can surprise you. It can be an education in itself.

@Geri Vaughn good morning and good luck. Welcome to BP

@Tim Angevine

welcome, after a few wholesale deals I hope you expand. there are more deals than you can shake a stick at that can help you make your dreams come true.

@Account Closed

Welcome Sunny,

One of the ways is to flip one or two and get money to buy and hold the next. There are some great calculators out there that tell you if a property is worth holding or better to sell.

Buying a multiplex and living in it is a good way to start also. If you do that remember, depending on how often you want to be disturbed, you don't want the rest of the people to know you are the owner. Having an LLC or another way to not have your name on the property can help with that.

@Matthew Richey 

Is it/can it be a self directed 401k? If so you can invest it in your properties and if you have a property under the 401k all profits go to the 401k and do not count towards your contribution. That is my understanding anyways. I would talk to an expert on that.

I can't remember where to find it off the top of my head but there is a few things out there that talk about how much you need to make in passive income per month to be able to stop working. The basics is take all your bills per month and add other expenses and that is what you need to make in passive income before you can stop working. The usual suggestion is include the cost of a vacation once or twice a year so add 1 or 2k to the total you get.

@Matthew Richey 

One of the things you should do is pay "rent" on the your side also. if you put the amount you pay yourself into a separate account it will add up quickly and you will find that you can purchase a second property quickly. In two years if you pay 1000.00 in rent you will have 24k to buy other properties. It will also give you a great emergency fund. 

You may want to look at starting a self funded retirement with it also and use it to invest in some properties. You could put some of the rent you pay into it and build it up fairly quickly. I am sure there are several people that could help give you advice with that.

Just wanted to say, I had a great time and am looking forward to the next one.

@Michael Bendas if you can use your VA to get a mortgage maybe look at a 4plex and live in one and rent the other three. As you are living in one you get a great deal and after a set amount of time can move out and rent the 4th unit. A great way to get your start. I would suggest looking for someone with experience that can help guide you through this.

@Account Closed Portland is a hot market and you will not go wrong in a rental in that market (imo) I would talk to a real estate agent that does investments in the area and take their advice. Portland is a growing community and worth the time investment to be sure you make the right decision.