All Forum Posts by: Mark Betche

I agree with mikeOH and others that think you don't have what it takes to succeed presently. I personally am a small business owner who wants to change fields and become an REI. I have no debt, have good credit and a little money to work with, but have decided to increase my knowledge and funds.

The reason you have no money and bad credit, say's that you don't finish what you start. Like Mike, I've known and employed people with your lust for sucess, but don't have the fortitude to get there.

I'm a believer in telling someone exactly what they need to hear, as harsh as it may seem, because it makes people fight harder to prove you wrong. You have the mindset of a looser, motivation and hard work is your first objective on the path to success.

I suggest you read some books on motivation and personal finance to get you on the right path.

I think it is best to use a CPA the first year or two and see what is involved tax wise. Generally, on a small scale, it would be a self-employed type business and entered on a schedule C, but I'm not an accountant and will use one, when I do finally get started.

I have mixed thoughts on Rich Dad Poor Dad.

I liked that inspired you to abtain assets and take more risk, but, it seemed to condemn the ideas of getting out of debt, living on less than you earn and investing long term in Mutual funds

I liked The Millionaire Next Door for sure.

For people with alot of debt and no financial plan, I liked The Total Money Makeover by Dave Ramsey.

I'm currently browsing this thread for ideas on good REI books.

Maybe it can be entered on schedule E.

IMO, realtor's are middlemen and are not necessary in most cases. Buying a property, although a little more involved, is not much different than buying a car.

You don't need a realtor to write up a contract, make an offer, get financing, contact the title company and so on. Most people, use them because they don't know how not too.

I've owned three homes and sold two of them and never used a realtor. The realtor is not who you want to trust, when you are searching for a good deal, you need to learn to protect yourself. Good luck.

Too be clear up front, I am not an expert in real estate. But I do understand risk managemnet when it comes to personal finance. Desiding not to get another job and just jump into REI is extremely risky. You should at least hedge your risk with getting partime jobs.

Every penny you spend to survive will shrink your investment possibilities. I like you want to leave my business and do REI full time, but slowly at first to not take a hard hit in the beginning.

I wish you good luck, think about hedging this process.

I've read, Commercial Real Estate Investing for Dummies. It's good overall information.

Don't get in a hurry, you should have a good down payment and an emergency fund for a backup. I do not recommend that you buy anything with a cosigner. Work your job and save money, then later you can use a mortage company that does manual underwriting. Do not take on any consumer debt. Good luck.

I'm concerned about a deal I may make in the future, on a building I currently rent from my uncle. Judging by the price and size of the properties for sale in the area, my deal sounds good, but those properties have been for sale a good while.

The building I wish to buy is also not in as good a shape, though bigger. I feel compelled to have the property appraised, but wonder how accurate this will be. My deal relies much on the abillity to lease a big portion of the property.

I question whether I should have a management company lease the building, in fear it will set vacant, too long. But I don't want to short change myself on price, just to get someone in. I don't wish to hijack this thread, but some of my question applies. Need some insight, thanks.

Thanks for the information guy's, this is good for the learning process.