All Forum Posts by: James Wilcox

@Billy Dengel Welcome to the BP community! You have come to the right place to learn all about REI. Retiring early is a lofty goal but can be achieved as long as you take action. Good luck with all your REI ventures.

@Jenifer Ashby welcome to the BP and REI community. It is great that you have a mother that can be a mentor for you. IK what it is like in being younger and in the REI field. It can be difficult but just remember to keep taking action and you will succeed. Good luck in all your REI ventures.

@Ben Stollerman welcome to the BP community! Good luck with all your REI ventures.

@Jeff McMahan welcome to the BP community! Always remember to run the numbers and make sure you are doing your best to make good purchases. Good luck with all your REI ventures.

@David Malott welcome to the BP community! Anyone can be a RE investor. You just have to find your path and figure out your own niche. Good luck in your ventures and remember to just take action.

@Michael O'Connell welcome to the BP community! Getting two properties by the end of the year is lofty goal, but definitely achievable. However, you will need to take action immediately! 

Always run your numbers! Much better to pass than to buy a bad property that doesn't make REI sense right off the bat.

Good luck in your REI ventures.

@Justin Pumpr once you are the owner of the duplex you can get your section 8 tenants contact or case worker. You should talk to them about what you should do in this particular case. They will have the answers for you. You should have to submit to them what you would like to increase to rent to. You will have to work within their guidelines and regulations.

I am pretty sure there are limits on what you can increase the rent by in one go (ex. 8%) and usually only once every 12 months or so. The rules and regulations I think differ from state to state. 

IMO it would be very unlikely that you will be able to raise the rent up to that market price. Also if you do have a dramatic increase on the rent your tenants might just leave leaving you with a vacancy. That could be a good thing or bad.

@Henderson Silva @Chris Daliani has some good ideas. It seems you have the right plan set up to help with your credit and situation. Just keep taking action and your credit will get better. You might want to look into a smaller multifamily like a duplex. It might cost less and you get a property faster than saving up for the fourplex. You can hopefully at least cover the mortgage and use the extra to help build up your credit by paying down debts. However, it is kind of a matter of personal preference because you will probably cashflow better in the fourplex if you are for sure occupying one of the units. 

@Brandy Morton that is smart in buying in a market you are comfortable with. Also the tax write off is very savy. Good luck with all your future REI ventures!

@Steve Spencer that is usually what it takes. Sometimes tenants just need to bit of "persuasion" to open lines of communication. Now that you have accepted money the process starts back at square one. Could a difficult process in getting them out on this one.