All Forum Posts by: Brant Richardson

"you can travel perpetually and live it up on a lot less than $10k/month".

"I" sure could, but it will be "we" that will be traveling and saving for a college education. "We" don't like to stay in places with no hot water or AC. Alone, living like a local in Central America or Indonesia, I could live on very little.

Sounds like an interesting book.

You beat me to it. I talk the talk, now I need to walk the walk and get mine sold.

As far as scuba diving, some snorkelers love it and others hate it. It's really cool to be able to go 20-30' deep, get your mask right up to a sea creature and take a good long look. In my case its all about lobster hunting. Its a mess of gear to be encumbered in though.

10k per month passive income after paying a property manager to run the show. That will be the begining of the endless summer. Continuous world travel surfing my brains out in third world countries. When I find somewhere I really like I'll spend a few months at a time there volunteering my medical skills to the underserved. I hope the wife and daughter are into that plan.

If there is left over money at the end of the year then the portfolio gets added to or loans get paid down. I won't be spending months looking for a distressed bargain and rehabbing though.

Congratulations. I seriously considered buying in Michigan City or South Bend because I have family near by who can help.

I'm not sure what you mean by "keeping the cycle running". Getting them rehabbed, finding tenants, buying? Exterior rehab is done in little spurts when its possible, none of that this year. Finding tenants is tough during the Holidays and gets better now. Buying is a little blind as far as the grounds and lower 3 feet go. If you get the kind of discounts Sharad is pulling off that's no problem.

If you listen to the podcasts, each person recommends their favorite realestate book and their favorite business book. Here is a list of the most often recommended books made last October.
http://www.biggerpockets.com/renewsblog/2013/10/14/real-estate-books/

Number 9 on the list is excellent.

Have you talked to a lender yet? If your debt to income ratio is not good enough to get the loan then you will need to work on your debt. If your student loan is at 4% and you can find an investment property that will pay you 15% on your money its pretty clear to me that you should buy the house.

When I graduated I aggressively paid down my higher interest loans but I still carry about 40k in low interest student loans. I pay about double the minimum payment every month so that I make some progress but most of my earnings are saved for investment. I have found properties that pay much more than my debt costs so I am investing rather than paying off the student loans.

So tell us about this property and what your student loan interest rate is.

It would be if it is somewhere you would want to live. Would it be cash flow positive if you rented out both sides?

Nothing shady or weird about it. Whether it is normal would depend on how hot your market is. I'd say your offer tactics were good, though I don't know how stiff the competition is. I hope you get it.

By all means get in when you see a great deal. But don't just jump on anything for fear that you will miss out because the market is going to skyrocket. Interest rates are great now and could change for the worse as well.

Congrats! Are you going to live on one side? It really is a milestone event when you buy your first property.