All Forum Posts by: Account Closed

@Paul Moore partnership seems like a nice middle ground for a beginner. Thank you! 

@Frank Rolfe

I hope you don't mind me following up on this question. 

What is one thing you do daily that has attributed to your success in real estate? 

@Frank Rolfe

Thank you for your thoughtful response!

I’m betting that the affordable housing market will get even more competitive due to the economic fallout from the current pandemic.

I’m currently studying up to prepare for a deal and listening to your BP podcast.

Those of you who have invested in mobile home parks...what was something you wish you had done differently during the deal process? What was the biggest lesson you learned? What ways were you underprepared or over prepared for owning a mobile home park? 

@Kirk R.

No, not Uber. As an engineer his earning potential is much higher than the average joe. Working extra hours or taking on side jobs would increase his income.

If he stays within that realm of expertise and cuts his expenses, he can start to tackle the debt. It’s doable to knock it out. Not easy, but it is doable with a higher income.

@Joe Carter

If it were me, I would pick up an extra job or more hours to try and pay that 80k down faster. A bankruptcy will hurt you in the long run if you want to invest. Especially with the current market shift. In the future, it might be better for you to work with a property manager.

Take *at least* six months and read every book you can get your hands on about investing. Read books about assets & liabilities. Compare styles and figure out what seems best for your lifestyle. Maybe real estate isn’t for you but something else is. Maybe real estate is right for you now that you’ve learned some hard lessons. We all screw up sometimes. Your losses are large but if you’re determined you can learn and grow from it. Mindset!

Take a sheet of paper and write down in detail where you want to see yourself. Write down what steps you will take every single day to make that goal happen. I’m looking forward to your future post that you’ve overcome all of this. :) Good luck!

@Patrick Menefee

I have been able to double the amount of investment books I’m reading due to having a few days a week out of the office. I always said I wish I had more time to read, now I definitely do! It’s been nice.

@Pete Storseth

Down payment assistance plans usually require that you live in the residence for a minimum of 3 years. It’s a silent second mortgage. Most participating lenders increase the interest rate and have a no refinance clause. Be cautious with that option. It limits your freedom down the line. Depending on your state, assistance is for a single family, one unit residence only. If it’s possible to pick up a second job...Try to do that. If you can find something in property management or real estate that would be ideal. Best of luck to you! Where there’s a will there’s a way :)

Could you save for awhile and then BRRRR a property? Maybe you can pick up extra shifts at work or a weekend job to save faster.

@Scott Trench

Hahaha. That’s the best.