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All Forum Posts by: Joel Bowen

Joel Bowen has started 24 posts and replied 89 times.

Hi guys, I am in the process of moving from Portland, Oregon to San Antonio. I am really excited!. I will be transferring through the company I work at currently. My company address is 6802 NE interstate 410 loop 78219. I am looking for a recommendation within a short distance that is cheap and safe. I don’t know the SA area at all and this will be my first time there. I am just looking for a studio/1 bed room apartment that I can stay at for 6 months or so until I get my feet wet and learn the area. Thanks for the recommendations in advance.

Post: Which of the following 401K plans should I choose?

Joel BowenPosted
  • Portland, OR
  • Posts 91
  • Votes 19

@Matt Turbitt im 34 years old. Are you other guys able to view the .jpeg document above or is it just Mark?

Post: Which of the following 401K plans should I choose?

Joel BowenPosted
  • Portland, OR
  • Posts 91
  • Votes 19

Thanks for the reply @Mark Nolan. If you click on the images are they readable? if not, I will try a different method to post them. Thanks

Post: Which of the following 401K plans should I choose?

Joel BowenPosted
  • Portland, OR
  • Posts 91
  • Votes 19

I have been researching for months about how to select a 401K plan but in all honesty I don't really understand how to best choose a plan. Real Estate makes sense to me when I read a book, a forum post, or a podcast. A 401K on the other hand just seems like so much information is missing, it feels like shooting a gun at a target in a dark room. 

My company matches a 75% contribution up to 6%. I can easily afford the 6%, my lifestyle is minimal and we save 100% of my wifes full time income for REI, so this is just another way to plan for the future. If you were presented with the options below, which would you choose and why? Thanks for the insight guys!

Post: Buying SF and MF units under $60,000 cash

Joel BowenPosted
  • Portland, OR
  • Posts 91
  • Votes 19
Originally posted by @Jeff Copeland:

@Steve B. @Joel Bowen - I'm an active investor, agent, and property manager in Pinellas County, FL, and I have to say there isn't much here (in areas where you'd want to be a landlord) that can be bought for $60k. That is approaching land value in most decent areas - and that's usually what you get in that range - a tear down. 

There are some rougher areas where you can still buy a $50k property, and the returns will look great on paper....but they come with collection, eviction, and vacancy headaches that can kill the numbers.

The $75k-$150k range is a much more realistic target.

 Thanks for the good info Jeff, it does look beautiful there though. I am def going to look into the area more.

Post: Buying SF and MF units under $60,000 cash

Joel BowenPosted
  • Portland, OR
  • Posts 91
  • Votes 19
Originally posted by @Nancy Wilbanks:

Hey Joel

Congrats to y'all for getting out of debt...I'm sure that took a load off no matter what your reasons were. I just wanted to say that I am an agent in Pinellas and Pasco County FL and if you need anything feel free to message me. 

Good luck to y'all in this new endeavor and may y'all continue to live debt free!

Nancy

 Thanks Nancy, I look forward to connecting :)

Post: Buying SF and MF units under $60,000 cash

Joel BowenPosted
  • Portland, OR
  • Posts 91
  • Votes 19
Originally posted by @Chris Parrish:

Hey @Joel Bowen, congrats on getting out of debt! I love hearing stories of success like this, thats awesome. Dave Ramsey would be thrilled :) 

I don't know of an area that will quite fit what your looking for that will match your weather requirements. I was going to suggest eastern Oregon since you can buy properties for around that price point, but the winters are treacherous there. Have you considering using your 60k as a downpayment and buying something here locally? You can still buy some single family homes for under 250k in East Portland. 

 Hey Chris, I have 0 interest in staying in the North West. I am over the weather.

Post: Buying SF and MF units under $60,000 cash

Joel BowenPosted
  • Portland, OR
  • Posts 91
  • Votes 19
Originally posted by @Steve B.:

Pinellas County, Florida

 Thanks for the recommendation, it looks beautiful there! 

Post: Buying SF and MF units under $60,000 cash

Joel BowenPosted
  • Portland, OR
  • Posts 91
  • Votes 19

Ty @Carolina E., we moved in with my parents for about 13 months which was a key to a lot of the money. My parents let me live there rent free, free electric, free cable, ect. We took advantage of the opportunity. I wanted to stay longer but my wife insisted it was time to rent our own place lol.

My wife also gets 1 free meal from her restaurant for every 4 hours she works so she usually ate free twice a day sometimes getting 3 free meals a day. 

We stopped shopping at Nordstrom and started shopping at good will. Bought $2000 dollar cars in cash instead of car payments. 

We went hardcore keeping track of every single expense on an excel spread sheet and refining our spending each month. Now we have just created a habit and don't have to try. The crazy thing is that I don't feel like I have anything less as far as material possessions.

Post: Buying SF and MF units under $60,000 cash

Joel BowenPosted
  • Portland, OR
  • Posts 91
  • Votes 19

My wife and I have really worked hard over the last 18 months to follow our RE Investing dreams. We sat down and figured out our personal finances and we were able to systematically eliminate all of our credit card debt, car payments, and excess spending. 

We have very modest jobs, a Truck driver and a Waitress but we have been very motivated. We started off $6,000 in the negative (credit card debt) with only $1,000 in the bank. Now through some dramatic changes we have approx $50,000 saved debt free. 

I am looking to relocate. I am currently living in Portland, Oregon. The weather here sucks, even if Portland was the BEST opportunity in the states I would still want to locate to somewhere with warmer weather. I am planning on living in Portland until after summer and then relocating around Sept. I estimate my wife and I will have about $60,000 saved by that point. 

I am looking to utilize the BRRR Strategy with the following requirements

  • Properties can be bought in cash for $60,000 or less close to rent ready
  • Good Rental Market
  • Population/job growth is at least slightly on the incline
  • Warm climate (No snow), I like 75 degrees +
  • Crime is not overwhelming, someplace you could raise a family (No war zones)

On top of the $60,000 I will have saved by Sept 2017, I have a $16,500 line of credit I can instantly utilize at 11% interest. 

My company that I work for has hundreds of hubs throughout the United States so it's very easy for me to get transferred to a preferred location.

Can anyone recommend an area that fits these requirements? Thanks