All Forum Posts by: Jeff Wallace

@Misty Monk

59 1/2 referred to holding property in an IRA - it wouldn't pertain to a lump sum pension payout

@Fredy Medina

Find a good real estate agent who either specializes in investment property, or works with investors and knows how to comp after repair value - they will be able to sort through the overpriced listings and bring properties that will work for a flip or rental.

@Ben Kirchner

I'm in the middle of this transition - I have actually modeled my investment strategy exactly like the game of Monopoly - I spent the first several years acquiring property - I would buy everything I could ... that started out with lower end, cheaper properties - then I moved up in class and sold some of my lower end stuff .... currently I'm selling several to move capital to apartment syndications - I plan to "observe" the apartment business and learn the ropes (a different world from single family) while investing in syndications - then buy one of my own... but I may just keep my money flowing into syndications in the future... the passive aspect seems pretty attractive.

Good luck and Happy Investing,

"Zillow" and "accurate" should never be used in the same sentence

@Frank Gamez

Man, that's awesome - good luck getting out of the rat race

@Frank Gamez

60% of our deals are off market through wholesalers - about 40% MLS - the website is not updated at all, although I think the properties we have on there are rental properties - Instagram is where you can see what we are currently up to

@Frank Gamez - 70% is a good target - but I typically try to plan a set $ for profit ..... say $30,000 - $40,000 per project depending on the level of work required .... definitely a nod to Breaking Bad 

@Frank Gamez - of course ... If I can buy rehab - and sell with a decent profit after paying realtor fees and other closing costs then there is room for a refi with pulling most of you original investment back out ..... the key is your deal sourcing

Start with your Spending - EVERY dollar counts - Every dollar spent is a dollar more you need to earn either through a job or passive income - less money spent on lifestyle creep, is less money you need to acquire passively before you can leave the job - Once you have reduced the spending and curtailed the lifestyle creep, and created sufficient rental income  THEN you can live off the rental income and pile up the earned income to reinvest .... earned income piles up REALLY fast when you don't need it for the monthly bills - keep reinvesting and before long the passive income will let you live like a king!!

It is a great time to flip - Houses sell quick - IF.... you are priced right, in the right location, and have done an appropriate renovation... So, I guess it depends on you and your business model - If you have been watching HGTV for several years and want to give flipping a try, I would say you are in an excellent position to lose your A$$.  But, if you have a good grasp on the overall and specific local markets, have a source for discounted, distressed property, and have a good plan in place for the renovation and re-sale then you will see regular and repeatable success