All Forum Posts by: Damon Tyler

Welcome to BP! I’m local and interested in networking - love finding people that have similar dreams and passion. Let us know if there is anything we can do to help.

Thank you Charlie and Ann

I believe in the value of coaches, mentoring, accountability, and life long education. You can absolutely learn from others experience and systems, however, there are many paths and someone else’s system may not work or be right for you. I don’t believe this would be a good investment for you. First - I would encourage you to only take advice from those who have gone before - who have actually done it and ARE STILL doing it (preferably) ~ there are many many such people here that will mentor you for free (people you could not afford to pay for their time). So ask your questions here. Second~ even with a coach if you don’t take action you will not succeed. Begin to take action. My opinion Once you are doing both those things above consistently for some time then re-evaluate. Learn the fundamentals and options here on BP - for free. People say “If people are not willing to pay for it then they wont value it” - which is true But what if - all the knowledge and info is there - for free - but people still won’t do it? Go make a $10k mistake

Kyle - what town will this be held in?

I subscribe to housingalerts and it surprised me to see RI listed as one of the top appreciation markets! I don’t know that area personally but North and East Providence are the nicer areas - stay away from South Providence unless your a seasoned investor. I recently did an evaluation on all properties that met my definition of bread and butter - listed for sale in RI and Southern MA for less than $400k in both MLS’s (ran a query and exported results for each) and was surprised to find that on average the cost per sq foot (list price compared to living space) on average was higher in RI than Mass. I am looking for fix and flips and am always looking for property with low sq dt to list price ratios.

I love Swanny’s answer - his drive and passion (I know he just wants you to have the freedom he has) but I also understand your reply - balance and not burning out is important. Here is my opinion. Since you have to live somewhere anyways.. the question is - not make extra income and instead create equity for someone else or invest some money now and earn cashflow and build up equity. Stop building someones else’s dreams and begin building your own. Based on the logic above I would invest in a house hack - preferably a multi - with as many doors under one roof as possible. At the same time I would as Swanny suggests look for ways to accelerate the debt payoff. Also think creatively. Maybe you can find an investor that will hold paper for you. Can you pull some local examples and run the numbers (for real) using the BP calculators? This will give you (and everyone if you share the results) solid examples. It will show your cash on cash return as well as your longer term return and equity build up. You can then compare this to the cost of debt and any related opportunity cost.

Andre - I know Lima’s law office will do a double close. He is licensed in Ma, RI, Fl Michael C. Lima, Esq. Law Office of Michael C. Lima 692 Warren Avenue East Providence, Rhode Island 02914

@Fradel Schaechter @Ken Breeze @Steve Bracero - Thank you all for your welcome - kind words - and tips. Much appreciated.  D

Hi BP team. Forgive me if I am posting in the wrong place. I have a massachusetts flip funded by hard money and will need to get builders risk insurance. It’s light work and short term. Also is there a type of policy that could cover multiple projects - sort of an umbrella. Thanks! Damon

Wow - awesome post with great detail! Thank you for sharing and congratulations! I’m currently looking for a lender that will hold a portfolio loan - great find. May your ‘luck’ (disguised as the application of education) continue.