All Forum Posts by: Jared Michael Rollins

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Located in California, 100% occupied, Long term paying Section 8 tenants, recent interior remodel,  DM for details

Anyone know about an investor named Gabriel Hamel from BP podcast 344? In regards to what does his portfolio look like. It seems that sometimes people are better at sales than actual investing. What’s his legitimacy as an investor? Would you pay him to mentor you? How much would you pay for a legit RE investor to mentor you and what should you expect to receive?

Anyone know more about an investor named Gabriel Hamel from BP podcast 344? In regards to what does his portfolio look like. It seems that sometimes people are better at sales than actual investing. What’s his legitimacy as an investor? Would you pay him to mentor you? How much would you pay for a legit RE investor to mentor you?

@Gunnar Teltow when you refer to “south city” and “south county” what areas or zip codes are you referring to specifically?

@John Hickey are you Brrrring or flipping?

I am 42 years old and married with two children. I make approximately 120k a year. I live in southern California. I have no credit card debt. However, I have approx. 17k on one car loan and approx. 40k for student loans ($#%!) as debt. My wife has no debt. We paid her student loans off a few years ago. We rent a home for $2550 a month. I have approx. 50k in savings. My wife and I are looking to purchase rental property to build wealth over time and replace my retirement. We see the power on passive income through real estate. My wife and I are considering purchasing a duplex, tri or 4 plex, owner occupied as our first investment. At this point we are just reading books, watching YouTube videos and taking webinars. I really want to increase my financial literacy before I jump in. If I was single, I would take the risk and invest my savings in a rental property and experience the learning curve and grow from the experiences. However, with a family and 1 newborn son and a 7 year old daughter, I am a little more cautious. My wife also keeps me grounded and patient lol. I would like to know if there are any investors out there who can share their experiences with me and tell me a good course of action to start investing for my situation.

Thank you so much for all of your replies. Yes Josh, you are one hundred percent correct about "happy wife happy life." My wife is much sharper than me when it comes to business and numbers. She is definitely our family's biggest asset (she loves you for saying that too lol). She is a believer is the power of passive income and building wealth over time via rental properties. However, she is a skeptic on theories. She always asks for proof through facts and real life instances from experiences. 

Pat, I think the market you are in (N.Y.) is priced similar to the market we are in (southern California). Your situation sounds like the one we aspire to be in. Did you purchase your property wholesale and or use creative financing? I am interested in using a combination of creative financing for an owner occupied investment property.

Theresa, My wife and I are considering a 4 plex (owner occupied) but property in southern even in the worst neighborhoods can be north of 500k and duplexes tend to be just under a million. Tri and four plexes even higher. We have 2 kids so quality of the area is important.  This is why I am an advocate for renting because on a decent salary you can rent in an area you cannot afford. We have however had several rent increases in the last two years. This is why my wife thinks we need to make a change of some sort. You do have a point in regards to renting in retirement. However I hope to be in a situation like Pat by the time i retire (hopefully lol). Time for some creative financing I guess.

Hello all,

I am trying to get my wife to understand the benefits of renting over owning. She works in retail management. She was also a business major in college so I think she sees things in a more “traditional” manner.

She is against your philosophy of rent not own your home and your home is not an asset. She believes when you rent, you are subject to landlord rent increases over time which in turn will cost you more in the long run.

She actually did numbers on a place we were looking to purchase and showed me how we would lose more money if we continue to rent. I told her instead of purchasing our own home we should purchase an investment property. This drives her NUTS!! Lol

I told her about investors I read about that say they only made $25 positive cash flow on their first investment property she finds pointless. She doesn’t understand why someone would take out a loan to make “just” 25 or even 100 bucks positive cash flow. She states that will take years to get your down payment back.

Thanks

Jared