All Forum Posts by: Christopher Lane

I’m sorry that I didn’t make it, friends. I so badly wanted to but got asked to stay at work longer than I had anticipated. I hope to see you all at the next one.

@Theresa Harris I have about $14k saved which is just enough for the down plus closing costs (assuming they’re about 4K) but I don’t want to completely destroy my savings.

Hey everyone, I think I have a stupid question, but the more I think about it the better it actually sounds.

I’m looking to buy my first property and the only thing holding me back is a down payment that won’t completely drain my savings.

Here’s the dumb question - should I take a cash advance from a credit card for the down payment?

Generally speaking the answer is a hard no. But... I’m a veteran and I’ve applied the SCRA benefits to my credit card and my interest rate is capped at 4%, by law 6%, but my bank does 4%. If I took a cash advance out for the down payment the rate would be cheaper than an investment property mortgage rate.

So, what do I do?

Is this a crazy idea, or am I possibly on to something?

@Jonathan Hulen

To put things into context, I have been aggressively pay off debt and I’ve only just gotten this job after 4 months of unemployment.

Hey all, 

I'm a 29 year old in SoCal, I have $1,500 in the bank, $12,000 in a retirement account, a salary job where I make 90k/yr, Veteran, and extremely eager to succeed.  Honestly, my issue is I am in "analysis paralysis". I don't know how to get out of it. I want to get to a point where I can replace my jobs income by the time I'm 35. By 40 I want to have a portfolio worth $15 Million. 

The best way I can see to get here is buy and hold, cash flowing properties, leveraging the equity and BRRRRing every chance I get. I see it as an exponential growth model rather than linear. Am I wrong? 

Wholesaling (after listening to tons of BP Podcasts) seems like the logical first step to get some decent assignment fees to use as investment capital. 

This leads me to the title of the post... What would you do to get started in wholesaling if you could start over? what would you do differently?  What are the best lessons you've learned along the way?

I have analyzed about 50 properties (when I had the pro membership for the calculator) and I've dialed in on a location that has dozens of properties with room to add value, currently rented for $900-$1100 and cost between $55,000 and $80,000. This exceeds the 1% rule and they seem like some really good deals that I want to get into.

Thanks for the advice! Feel free to connect with me.

So I know there is no hard and fast formula (or maybe there is?) for growing a portfolio.

My speculation is that by using the #BRRRR strategy you can grow exponentially rather than linearly (the stack - sort of) by taking the equity and using it to reinvest.

A question I have is, wouldn't all the leverage of debt create a thinner margin for cash flow? Where is the point of diminishing returns?

Is it better to get a bunch of lower quality places that have high cash flow in, let's say, Detroit? Not talking bad about Detroit, I think it's a great market, but it's one that I know nothing about. Or would it be better to get a few higher prices rentals in top quality and lower cash flow but higher chance of significant appreciation and rent increases?

Another few questions I have, not really related to the subject but if I invest out of state, do I get a CPA for the state I buy in or the state I live in?

At what point do people hire full time employees for buying new deals (acquisitions), doing taxes, management, contractor, lawyer...

Thanks!!

BP Podcast #176 with Tom Krol. Oldie but goodie! I'm nearly certain this is the one you're talking about.

Hey there Kade, I am also new and want to get into the taking action phase of investing. I listen to a podcast a day, and now I am trying to answer one question a day. My advice would be to listen to a podcast a day or maybe 30 min of an audio book a day.  I listen to mine on my commute. 

My biggest hurdles right now - EVERYONE is a naysayer! My dad, co workers, my friends... Get away from negative people. That's the biggest advice I have for anyone starting out. Second is I don't have a ton of money to put down on a property. Find a creative way to finance the deal!  My example for this is, I'm a veteran so my credit card interest rates are currently capped at 4%.  I am going to cash advance as many as I need to get the down payment money for a high cash flow deal that will cover all the debt leveraged to make the deal work!  Where there's a will, there's a way.

I'd love to follow your journey and hopefully our paths will cross some day! Feel free to connect!

Hey there, I love the idea of investing in Cleveland, Great area for cash flowing properties.  Feel free to connect with me.

I am in SoCal also.

It all depends on if you have a HOA that's willing to work with you.

Generally speaking, buying a pre-occupied property is a win-win. If you are using an agent then it's easy, just talk to them and talk to the tennant, they will usually schedule a week in advance for a showing. 

Feel free to connect with me if you have any more questions!