All Forum Posts by: James Baker

Was an older guy I met on the golf course. Asked him to teach me about stocks. He agreed to a few lessons since he was retired. Eventually, he realized I was pretty responsible with my money and motivated. I mentioned to him many times that I wanted to get into REI. He offered to give me a private money loan. We are now on our 3rd deal together. Up to a $80,000 credit line with him now.

Have any contractor friends that need a place to stay? Free rent for 6 months if they finish the second unit in a given time frame? 

Sent you a connection request. Very interested!

Where are you guys getting lists of hundreds/thousands of random phone numbers? 

My personal belief is that you can't go wrong with buy and hold real estate right now. People who are unfortunately losing their houses are going to need somewhere to rent. A lot of people believe now is the best time to invest. I have bought two multi families within the last two months. Both are producing perfectly. Don't be scared. 

Pittsburgh, PA

Maybe it's blessing in disguise? Time for you to get the REALTORS license and start doing real estate full time?

@Aaron Ferguson

I would %100 partner with someone who has a lot more money and knowledge than me.

When you get into the millions, you don’t want to mess around.

I’m not sure what the seller means by “creative financing,” but I don’t think he’d be open to seller financing $1,000,000+

If you have access to private money I’d start there.

It all depends on what you want to do with the property.

Watch out for holding costs with a property that large.

Good luck!

@Austin Shulman

If you’re only 24% my best advice would be to start by house hacking.

You can buy a property with 1-4 units, live in 1 unit/bedroom and rent the rest.

You can do all of this with a 3.5% down FHA loan.

PLUS, you’ll be building equity, which in result with eventually help you pull a credit line for your next purchase!

This is a great way to

1. Get started in real estate with minimal risk

2. Live rent free

3. Potentially earn some rent

4. LEARN

Craig Curelop has a fantastic book called the House Hacking Strategy.

I would highly recommend giving it a read. It’s published by BP.

Good luck!

@Chris Bell

Just to be the devils advocate...

I see a lot of fishy-ness with this deal.

It seems like your trying to do the right thing and help your family out. However, I’d be very careful.

I’d hate to see you get YOURSELF in trouble trying to help some else.

The saying goes “don’t rent to family and friends.” Right...

I wish you the best of luck. Just be careful and look out for yourself.