All Forum Posts by: Account Closed

@Anthony Angotti Thank you for the reply. It's funny you mention that. I literally just replied back to two other people that I was listening to podcast about it last Friday and I think it might be what Im looking for? The person sounded like he was in a similar position. Now its all about finding the right deal. I see that you are from Pittsburgh also. Im in the process of looking for the right investors club as well as a good agent to network and partner up with. Would you possibly be interested in maybe speaking more on the matter? You might even be able to give me some advice as to which club you think is best? Right now I am trying to choose between REIA and ACRE. Look forward to talking to you more about everything.

@Richard C. Thank you for the reply. In one sense you hit it on the the head. I did not sell yet, only entertaining an offer. The part you are spot on about is wanting out. The business has been good financially since I started it, but it's come at a high price as far as stress and satisfaction. Its time for a change and to do something I enjoy. It seems like my mistake was doing this backwards. Instead of saving up a bulk of liquid cash, I should have been buying rentals over the last 4 years and by now I would have had enough cash flow to get me rolling. The other thing you said that I will make sure to keep in mind is how important it is to get financing. I guess I figured I was in a good enough place to at least get started, then I could use to use future funds coming in from REI deals to show as income to the banks? Also, I always hear that if the deal is their, you will always find lending. A lot to think about for sure. Though, I will say, I dont need to hit a home run right away. 50k a year would be the goal, but I could probably make due with as little as 1-2k a month to pay my bills. I appreciate your advice though and I think I am going to look into the BRRRR method. I listened to a podcast over the weekend about it and it sounds like that investor was in my same exact shoes. Someone not happy with what they were doing, and working for someone else was not an option.

@Steven Loveless Thanks, go to know. I get that nothing ever goes the way you plan. After 32 years of life I continue to learn that fact. After listening to a BP podcast over the weekend, I think I want to research more about the BRRRR process. The person who was talking about it sounds like he was in a similar position and I think it might be right for me. One way or another, the more time that goes by, the harder it will become to get started, so I should make a move soon. Thanks again for the advice.

@Jacob Pereira Also, I want to add one last thing... I do pay for my own health care at the moment, but soon I will be getting married and I will amazingly be able to get it through my wife, because of the occupation she has. So benefits again are not a concern to me. You must understand, I have been self employed my entire life. I have always paid and built for my own benefits and working for someone else is not an option, only working with someone possibly in a partner situation. Im also not looking to work 2 jobs. I personally think that is one of the worst things you can do to be successful. As Winston S. Churchill said, “You will never reach your destination if you stop and throw stones at every dog that barks.” Successful people know this. That’s why they choose one thing and then beat it into submission. 

@Jacob Pereira haha yes, that is safe to say that it's turning out to not be as easy as I thought. Which is totally fine. I dont mind a challenge and this is why you do your DD in the first place, so if and when you do get started in your new venture, you're building off of the best foundation possible. Sorry to ask this Jacob, but what formula was that you used exactly. I replied to so many people during this thread that Im not sure what you are referring to at this point? Would you mind telling me how you went about getting started? 

Congrats on selling your company. Unfortunately, my valuation was not nearly as high as what you sold yours for, but I didn't mind since I was unhappy and unsatisfied doing what I was doing. I was looking to get out one way or another and the money from selling it was just a bonus. That said, I used that money as a downpayment to build my home, so it wont factor in here. What I have is around 40-60k that I set aside as start up capital and I also have all my other investments and savings, but I like to not count them or even think about them, because they are all long term and I would never touch them unless I absolutely had to for some terrible reason. Anyhow, the reason I say 40-60k is because I would love to only use 40k if I could and keep the other 20k as a cushion, but 60k is the absolute total amount that I have. Almost like when your building a home and you set a budget. 60k is the total dollar amount I would be able to grab from without digging into those other investment areas I told you I did not plan on touching. I should also add that my situation at the moment is very good in terms of I dont have a mortgage payment, no kids, and zero debt. I feel this is the perfect opportunity to finally start a business in something I enjoy and Im figuring out if real estate is a possibility and if so the best way to start. 

@Jason Dillard Thanks for the reply. That is more or less what Im looking for here is IF it can be done and the best way to go about it. If you dont mind, let me clear something up though... you started out by saying you dont need to use any of your own cash, but then ended with using your own cash to find leads? Or are you simply saying you dont need any cash to actually buy the property, so use some of it to find the property? I think thats what your saying correct? Thanks again Jason!

@Andrew Johnson Thank you for your reply. I understand everything your saying. That aside, let me ask you one simple question, if you don't mind. Obviously their are risks involved. You will have that with any business startup, investment, etc... Even with a salary job you could lose it tomorrow. Assuming we know all the risks with each niche of real estate, which niche or combination of niches in your opinion is the best for getting started. What I am trying to get at is, say they are all risky, one formula has to be less riskier then another. Assuming you were a young kid out of college with zero debt, an inheritance of 60k and real estate is the only occupation or field in the world. You have no choice but to choose a path and make it work. What formula do you use? Their has to be a clear answer, even if it is risky. Im not looking for anyone to tell me it CANT be done, Im looking for sometime to say, if it COULD be done, this would be the best way to make it happen. As I said to someone earlier, I refuse to believe the only way to make a full time career in real estate and support your life is to be an agent. Even if you have to suffer a little bit the first few years to make it happen, but their must be a way. In any business you run the risk of not making any money the first year as you try to build. 

@Liam Morris Thank you for the reply and congrats to you on your start. It sounds like you know where Im coming from then? Thank you for the suggestion and I am actually going to listen to it right now. I could really use some positivity right now. Its just really hard for me to believe that the only way to survive in Real Estate when starting out is to have a second job. Their HAS to be a way to intelligently break into the market, I just need to find the solution or the correct niche. Looking forward to hearing this podcast and thank you again.

P.S. My apologies for the double post. I am getting used to using BP. 

@Steven Loveless Thank you for the reply. I've heard about wholesale and know what it is, but have not researched it in depth yet. I am open to anything at this would if it's the smartest decision. Business is general is high risk and Im on the younger side, so it does not frighten me as much. As long as I know the potential for reward Im willing to consider it. I said this earlier, if it isn't REI that I start a new business venture in, it will be something else and any business is a risk. It's all about how calculated you are with that risk. It's apparent to me now I think that holding is a slower process and I will need to build them over time if Im looking to make this a full time job. I refuse to believe the only way to be full time in real estate and make it your career starting out is to be an agent. Cause from a lot of the replies, thats what it sounds like? If I had to some up most of the advice I received so far on this thread, it would be that you should have another job to support you real estate venture. I didn't plan on treating REI as I do my stocks and other investments.

1. About the math your totally right. If you read one of my replies above I actually went through the breakdown I did. I also agree about choosing my strategy appropriately and that is what is the entire basis of starting this thread was to figure out the smartest way to go about this before getting started. 

2. I understand, thanks. It's tough sometimes because you hear one thing and one reply later you hear another. Provided I dont take a year to find my first deal, I dont believe gettig a mortgage or any sort of lending for that matter will be an issue. Honestly, Im less concerned with procuring financing then how to solve the cash downpayment issue. You hear all these people talk about doing deals with zero cash down all the time, but I haven't looked into it yet. I figured 20-40k was more then enough cash to start one flip and get my feet wet? Most people dont have hardly any savings at all and this is only cash I put to the side strictly for this. I have other savings as well, but I dont ever plan on touching that. This is start up money for a new business in something Im passionate about.

P.S. I appreciate you taking the time to reply and I hope my reply to you came across the way I intended it to? Im a newbie and Im just trying to explain myself the best I can. Sometimes you dont come across the way you want through text :).

+Liam Morris Thank you for the reply and congrats to you on your start. It sounds like you know where Im coming from then? Thank you for the suggestion and I am actually going to listen to it right now. I could really use some positivity right now. Its just really hard for me to believe that the only way to survive in Real Estate when starting out is to have a second job. Their HAS to be a way to intelligently break into the market, I just need to find the solution or the correct niche. Looking forward to hearing this podcast and thank you again.