All Forum Posts by: Kevin Taney

@Dakari Mitchell Welcome! I recommend picking up the newly released BP book How To Invest In Real Estate by @Joshua Dorkin and @Brandon Turner. They do a fantastic job laying out multiple ways to finance your first property. Best of luck!

@Joshua D. Make sure you check behind the walls for bodies.

@Collin Savunen People are smarter today than ever before. Leaders learn from mistakes that lead to passed crashes and recessions and avoid the same mistakes. Supplement that with tax cuts and trade deals that provide more jobs and money in citizens’ pockets. If people have money to spend, they’ll spend it, thus keeping prices up!

@Matthew McNeil To add to the abundance of good information in this thread, @Brandon Turner and @David Greene touch on this topic in Episode 290 of the BP Podcast. They refer to it as “stacking.” There is a way to build net worth by buying one house a year on 15yr mortgage for 15 years. Even just breaking even, by the 15th year the first house is paid for, then every year after that! As many have previously stated, it is determined by your goals and dependent on the numbers. Brandon and David suggest this for people who don’t really want to quit their job but want to invest and build net worth. I hope this helps!

Or just listen to @Chris Purcell 

You certainly ought to ask for references before hiring a GC.  I would recommend carefully screening them during your search.  At the very least, assure they're licensed and bonded and ask for references.  Call the given references and ask their opinion on the work done by the contractor.  Previous jobs should certainly encourage you toward or away from a given contractor. 

Diet and exercise have a great effect on the body both physically and mentally.  Being honest with yourself, the more you appreciate what the mirror is showing you, the better you will feel.  Scientifically, we could delve into the body releasing endorphins and heart health and studies that prove certain diets and exercise produce a higher level of energy throughout the day.

Finding time for exercise is certainly difficult, which is why I am a big fan of High Intensity Interval Training (HIIT).  If time is what's preventing you from exercising, I recommend HIIT workouts.  They are interval workouts that typically last 15-25 minutes.  They produce the same anaerobic response as lifting weights, thus enabling burning calories throughout the day.

To conclude, I believe in diet and exercise to support you physically and mentally which in turn will help your work performance.  If timing is the issue, there are a number of reputable HIIT coaches free on YouTube with no equipment necessary.  Everyone can find 15 minutes!  I hope this brings you some value!

@Neal Bawa

Thank you for this excellent bundle of knowledge.  I very much agree that you must take a "deep(er) dive" into the assessment of the prospective property.  I appreciate your perspective on when and how the 1% rule should be applied.  A lot of value, I extend my gratitude!

@Stephen Thomas There has been quite a bit of valuable information volunteered here. Simply put, Robert Kiyosaki harps on this difficulty on “the ‘E’ side of the quadrant.” To piggy back on value that’s been already offered, best case scenario is to speak personally with a financial professional who will know if there is a way to drastic reduction. Although The government finds a way to keep taxes particularly with W2. The best and most common deductions have been stated: HSA’s, IRA’s, starting a business or even starting a college fund (depreciation) if you have children.

Brooklyn certainly has more impoverished people than Brooklyn Park, which you can use your imagination what the surroundings are like.  You will best understand the neighborhood's by driving through the area at various times a day.  Visits can either save you a ton of money or make you money based on what you see.

There has been quite a bit of development on the edge of Glen Burnie into the Brooklyn Park area with high focus and dependency on the Port Covington development.  This is driving up the price of surrounding real estate which makes it closer to a gamble than an investment (which certainly may cut into cash flow).  There has been $45 million sunk into a large apartment/condo complex due to open this fall.  These are supposed to be of the higher-end units.  A big indicator will be if and/or how quickly these units fill.