All Forum Posts by: Harris Schoenfarber

Welcome, Christian!

Providence definitely has a lot of opportunities, but like others have said - it is a hit or miss by street, the further east you go the higher the price point, and you really have to vet out your tenants. E.g. My partner has a place on Atwells where the tenants skipped out without notice, yanked out the gas stove and so he walked into a gas filled apartment that looked like a scene from Hoarders on drugs. Luckily quickly caught it and resolved. He also has one on Orms which is a 3 fam, but this one has great tenants now, though he has had his share of minor headaches with previous tenants. I am also looking a place on Orms now - doing due diligence. 

Anyway, best of luck in your journey. Looking forward to hearing more about your exploration. 

Hoping to hear more from the board on this topic as I am currently in discussions with Epic Fast Funding --> Seed Capital. So far I have read some mixed things on the board, but have heard good things on the Epic Real Estate podcast. I've also talked to some BP users via PM about using Seed Capital, and again heard good things. You have to obviously proceed with caution (like in any situation such as this), fully understanding how the service works and how it could impact you and your credit, given funds are in the source of unsecured credit cards, and may be more ideal for short term use (i.e. flips)

Antonio (and wife), 

All the best to you both in your venture. I'm looking forward to hearing more about your success in distance investing.

 Jay (and Brie)

This is great news, as I (and many others on here) could truly benefit from turnkey provider reviews and information.  

All the best,

Harris

SOLD.  

This is a great forum topic!

I am fairly new to the boards, and am currently facing this challenge – trying to get my wife 100% on board with my/our real estate ideas and ventures.

Quick backstory: My wife and I have been together nearly 15 years (married for half of those), have 2 children, and I’ve just recently joined the wonderful world of real estate (RE) investing. Historically, I’ve always been the one to take more financial risks or chances, and was a little more reckless in the past. Over the last few years, matters have changed dramatically (in other words, I've grown up!) and I’ve more recently been aggressively educating myself on investing, saving and strategies for our future. My wife currently runs her own business and I work a W2 job that provides financial support and benefits for my family, but I’m looking to build something that will help us reach financial freedom sooner than later.

All that said, I’ve been plowing through books on RE and investing, networking and overdosing on BP podcasts, and as I do, I’ve been sharing the concepts and excitement with my wife to get her more and more on board. At first, she was quite skeptical and had to consult with some of my close friends and family (that I also shared my ideas with) on whether this was a good idea or whether I was RE-manic. Thankfully, they were supportive, so she was more at ease with the plan. Although I read a previous post in this forum re: asking for forgiveness vs. permission, I have to disagree in my case as I’ve gone down that road before - doing first and apologizing after – and my belief is that to have a true team mate on this adventure, I need for her to be on board every step of the way. Although this can be frustrating at times, it helps slow me down in a positive way, so that I do not make any impulsive, emotionally decisions when it comes to a deal. In my case, I utilize skills from my 9-5 career crunching numbers and running analyses – when a deal comes up, I run and re-run the numbers, and then build a case and short presentation outlining the deal and benefit to our short and long term plans. If I can communicate and “sell” the idea, then we can purchase one property on the monopoly board. Otherwise, we drop it and move on to the next property, using the experience as another opportunity to learn and identify better and better deals on our journey. 

Thanks, everyone, for the kind words and welcomes.  Much appreciated!

Hello all,

I'm fairly new to BP (officially joining in January, 2015), though I've been referencing the site for guidance for about 3 or so months now. I have always been interested in investing (real estate and stock market), but my interest was accelerated after reading a number of books on investing since back in November/December 2014 - MONEY, Master the Game, several of the Rich Dad, Poor Dad books, HOLD, Loopholes of RE, and Brandon's Book on Investing in Real Estate w/ No (and Low) Money Down to name a few.

I am currently a Project Manager for a Biotech/Pharma company in Cambridge, MA, where I have been for approx. 10 years now. I am also in the midst of completing my MBA with a focus on Entrepreneurship. Even though I enjoy the challenges of my work, and the stability and support it provides my family, I'm realizing that I need to start thinking more long term about my goals, retirement and legacy. I’ve learned a great deal about what is realistically going to create and support the lifestyle that I would like to retire with (and pass on to my children), and real estate investing is an essential part of the equation.

My experience in real estate investing is limited to what I’ve read, what I’ve learned on BP and other forums, and through discussions I’ve had with work colleagues and friends of friends. Since embarking on this journey, I’ve made a point of engaging with anyone and everyone in discussions on their experiences in real estate. I’ve also been listening to the BP podcasts (and RE audiobooks) during my commute, while doing dishes, and at the gym. Part of my work also involves supporting the NA Real Estate group for my company, so I am taking full advantage of this opportunity to learn about corporate real estate as well.

I try to make a point of picking 3 things every day to move forward towards my goals (e.g. posting my Newbie posting on BP, reaching out to BP members to begin networking, and seeking a mentor to truly take a step forward in my process). In addition, I have been committing myself to analyzing properties, writing out and constantly revising and re-revising a business plan for my venture(s), while continuing to build a team for my investing. Engaging in this process has made me realize additional steps that I would like to take, such as getting my Realtor license, amongst other real estate investment supporting goals.

With all that said, my short term goal (2015) is to purchase a buy and hold MFH (3+ units) locally as an owner-occupied, where I walk in with cash flow (or flat at the 50% rule). This will allow us (my wife and I) to get accustomed to training our tenants and officially and effectively managing a property. The longer term plan (late 2015 – 2017) is to continue investing in local buy & hold MFHs (owner occupied) via conventional and seller financed deals, with the occasional flip in between to raise capital. I am also opening myself to the option of buy and hold SFH's in a distant market (with a property manager) where the costs are ½ what they are near me, and they offer better opportunities for cash flow. The area I am considering for the latter venture is a city that I travel to for work on occasion, so I know the area a bit and welcome the opportunity to add this to my long term portfolio should my family and I decide to relocate at some point.

Anyway, enough said for post #1. 

I look forward to connecting with all of you on BP and off line, and welcome your feedback, advice, and thoughts.

Kind regards,

Harris Schoenfarber