All Forum Posts by: Account Closed

Can someone explain to me why so many people are calling it a "crash" when in fact it is a "correction".  The market is beginning to stabilize to pre-pandemic levels.  The pandemic caused a lot of panic, that can't be denied, on many fronts.  But as far as the housing market is concerned, AREAS not nationally, are seeing dips in home values.  People are starting to calm a little, the killer virus has been "contained", nerves are coming off the ledge they were so quickly pushed to, and information is becoming more rational rather than fear driven as it was a couple of years ago.  So, naturally as nerves and pressure go down, so do home values, gas prices, and rent prices.  For us to think that these highs would be here forever is NAIEVE.  "A rising tide raises all ships".  What goes up must come down.

 The thing is I'm not COMFORTABLE with any of it...I haven't done anything like it before.  My concern is that the rentals seem to take a longer time to generate long term passive income.  I don't want to burn through cash while trying to get my empire up and running.

@Joe Villeneuve I like your idea of starting with flips and use profits for rentals.

Also, is there a particular medium I should focus on primarily for my education (just starting out remember)?  I have been trying to do a little of everything - reading books in the morning before work, listening to BP podcasts and others while at work, and a few Youtube videos on my phone in between).  I think trying to absorb information from a wide array of mediums might be the culprit of the overwhelming feeling.  

I am so lost when it comes to reading the forums and books, podcasts.  My wife and I know where we want to end up, but have no idea where the starting line is.  We want to have recurring passive income from rentals/ storage units/ land/ etc...(anything that will enable us to live freely and without worry once I am unable to work because of age.  She will be coming into a sum of money in the timeframe of April 2023 from a family member selling land to a developer.  We are thinking about doing a couple of flips at first to generate a flow of cash that we can use to start investing in rentals so we don't use all of the inheritance while our rentals start generating enough passive income ( and we don't know the amount she will be receiving until the family member announces).   The more I read BP blogs, forums, listen to podcasts, books I read (not just BP books) the more overwhelmed I become as to the amount of possibilities out there to generate passive income.  So is there anybody out there that can help point us to the white starting line?

My wife and I will be getting a sum of money in the timeframe of April 2023 or so from an inheritance. We are wanting to start with a couple of flips then move to rentals to hold and generate cashflow. My question is in regards to timeframe - When should I start building my team up (lender, agent, contractors,...) Should I be looking and shopping around now to have them in place for when we are ready to actively invest?

My wife and I will be getting a sum of money in the timeframe of April 2023 or so from an inheritance.  We are wanting to start with a couple of flips then move to rentals to hold and generate cashflow.  My question is in regards to timeframe - When should I start building my team up (lender, agent, contractors,...) Should I be looking and shopping around now to have them in place for when we are ready to actively invest?  

Definitely interested in trying to go to a meetup.  My wife and I are new to all of this and are hoping to get involved in the real estate arena around Denton/ Lewisville/ Carrollton area for now.  Currently we both work overnights with Sunday/ Monday off. We live in Carrollton.

How old is the home?  How big is the home - 3/2, 4/2, 3/1,... what is the sq ft?  A 2004 3/2/2 won't need as much rehab as a 1976 3/3/2 so you might be over estimating your costs.  It's always good to pad your budget by 20% for unexpected things.... you find asbestos, or as you start demo you find there is more termite damage or pest problems that have been eradicated but left residual damage, etc... 

And are you counting on the appreciation or is it the cherry on top?  NEVER COUNT ON the house appreciating in value.  The house will pick up forced appreciation with the rehab as long as you rehab the right things.... High end finishes like nickel faucet handles and crown molding won't help the property if the curb appeal and exterior is a shamble.  The first thing that draws potential is the curb appeal.  You can do a reasonable linoleum flooring and hard wood simulation in a C area but will want nice tile and actual hard wood flooring in an A district.