All Forum Posts by: Matt Honeyford

@Jaden Adams

If you’re not liking the topic you’re studying then perhaps you should take a break. Not drop out, but pause and figure out what you want.

In my mind, it doesn’t make sense to spend tens of thousands of dollars a year, on credit, without knowing why.

I think your plan is solid. Just make sure you execute it.

Good luck

Many of the local credit unions will provide you with an unsecured personal line of credit. Some of them as high as $50k, and the interest rate is good. Why use hard money when you can use bank financing at a lower interest rate....

@Mitchlyn D.

That is what they call an external obsolescence. Imagine the complaints you’re going to get from your tenants. Complaints that you can’t correct; you can’t force the person next door to get rid of their dogs, sell their property or kick out their tenants.

In my mind you have two options.

1) Pass and find another opportunity.

2) Buy both houses.

Good luck

@Daniel Mendez

It took me eight months to find my first real deal, which I purchased from a wholesaler here in Rochester, NY.

During that time I kept hearing the same phrase “there’s more than enough to go around”. It turns out that it was true.

While I recognize that it’s frustrating in the beginning, it will give you the motivation you need to learn how to engineer your own deal flow.

One piece of advice; be sure to remain loyal and return the favor of those who help you out in the beginning.

@Ben Feder

I have two possible alternatives for you to consider.

1) Purchase every single book available on BiggerPockets, and the first two Rich Dad Poor Dad books. I’d also sign up for the BiggerPockets Pro account.

I’ve been reading their books, listening to their podcasts and using their calculators for awhile now.

2) Get your real estate license. It will help you understand your market, home values and process.

I’ve had my license for a few years now, it’s been an excellent resource for uncovering deals that others often over look because their using sites with bad data.

Hope this helps. Good luck.

@Nick Mess

If you want a truck you should manufacture your business so it can afford one.

For example: if you pay $3,000 / year in snow removal. Stop paying the snow plow dude and go buy a truck and a plow. But just remember, you’ll be the one waking up in the morning to plow the driveways.

Everything has a price.

@Drew Kai

How many units do you have?

@Tyler Speelman

If they are willing to vacant their unit and pay the balance of their lease agreement, why wouldn’t you do that?

Just be sure that before you sign anything, that you or your attorney has received the balance of the lease.

Then re-rent it.

Depending on where you live, you may want to check your local laws and consult with your attorney.

I have a question about qualifying rules for 1031 exchanges.

Let’s pretend:

I make a $100,000 profit from a property that was held less than one year. Can I then take that $100,000 and invest it using a 1031 exchange?

@Sadrud-Din Williams

FEAR.

I have friends who have paid for those courses and have only made a couple offers. Bottom line is that they are afraid of leaving the “safety” of their corporate jobs.