All Forum Posts by: Jamal Wilson

• What did you spend your time on yesterday?- I ran a few errands related to my career and my business. I recently came into a large sum of money and opened a separate bank account for that money. I also opened another checking account to be used for business only transactions for my new business! Then I did some shopping and answered some emails when I got home.
• Could you have used your time more wisely?- Definitely! I subscribe to a lot of keyword alerts on BP, so when I got alerts to new forum posts I didn't take the time to read a few. Now I am at my night job catching up on dozens of posts.
• How did that activity help to grow your business?- By separating my funds, I can see exactly how my money is being spent and make wise decisions when it comes to spending. 

Thank you for asking!

Great advice @Matt M. . Take out the loan to purchase and use the Heloc for fix up. 

I read the same thing as @Brian Ellefson . From my understanding, you cannot have purchsed a home in the past 3 years to take out an FHA loan. Once you get the FHA loan, you must occupy the property for a year and then turn it into an investment property. Airbnb could be a good option when you don't need it for that first year.

Sounds like a good plan @Louis Mannikko. I plan to do the same thing once I register my business. You can purchase a solo 401k which gives you even more options and liquidty. Theres also an IUL, which you can use to take a loan out as well. Either way as long as it beats the bank it

Sounds like a good plan @Louis Mannikko. I plan to do the same thing once I register my business. You can purchase a solo 401k which gives you even more options and liquidty. Theres also an IUL, which you can use to take a loan out as well. Either way as long as it beats the bank its a sound plan. 

@Sue Anne Cho It just depends on what your financial goals are. If you want to supplement your income I don't know if buy and holds are the right strategies. If you're looking for financial freedom living in one of your multi-family units and renting out the other unit(s) is a no brainer. The road to financial freedom requires you to generate enough passive income to cover your expenses. Housing is one of our biggest expenses. By cutting that out as an expense, you will surely fast track your way to financial freedom! Just a thought.

Hi @Sue Anne Cho ,

I think investing in a college area is great. I am a new investor and that is my ideal location. I'm no expert and this is just my opinion from my own research. Having the ability to market to college students looking to move off campus is great for a rental property. The only exception is the high turnover and possibility of property damage. It will take a creative lease to address the issues, but I think it's an awesome strategy. I also know that it's competitive. A lot of long-time investors and homeowners have been holding these properties for some time now and will probably do so for some time to come. I'll be there when someone is ready to sell!

On the flip side with high-income family based rentals, you'll get a tenant for a much longer term. I think turnover rates will just depend on the area and the current state of the market. I think having to live in the property is something to think about especially if you have a family to look after. I think if you're single and looking to own a home and get benefits that come with it, there's not much else to consider!

Good luck! I hope this helps.

That's usually the case. People are just overpaying and inflating the market. You can also adjust your minimum purchase price to make a profit and see what you get. For example using a 60-65% rule. I'm in So-Cal as well. Maybe we can work together. I'm new to the game (0 deals) but am a quick learner. 

@Ryan Murakami  @Kenneth Riley My father lives out in that area and I would be more than willing to drive that way and meet with you. I'd love to see how we can work together. I am also looking to buy, hold rent. Please send me a request.

@Jake Glassman The two of us are looking for the same kinds of properties. I'm a newbie too. Looking to house hack and finish grad school while doing some small flips and buy holds along the way. I wouldn't mind sitting down for lunch or coffee sometime to see how we can help one another out.

@Darlene Harwick I'd definitely like to learn more about your market. What works and what doesn't.

@David Faulkner Sound slike you'd have to find a killer deal to get in there.