All Forum Posts by: Matthew Gallacher

Wow this post generated more attention then I thought! I appreciate everyone’s input. It’s given me a lot to think about on whether to proceed as well as viable options if I choose not to (educate and advise). Again thank you everyone for your time and advice

Good evening everyone,

So I've run into a situation I never thought would happen. After 4 years of talking about real estate, seeing me purchase & house hack my first duplex AND a VERY heated 2 and a half hour argument about the risks and rewards of real estate investing with my father... My parents called and said I've convinced them to invest in multi-family. Not only this, but they pay off their house in January and would like to use a HELOC to use as a down payment on the first (or first few) properties. They want me to find their deals and do the math on the properties to see if it gives them a return. Essentially they're writing me a check and sending me off to find properties to fund their retirement. Oh, and I get a small slice of the rent as a fee for in house property management. Does anyone have any suggestions on where to even begin? I'd like to stay here in the Waterville and central Maine area to invest as this is an area I'm becoming familiar with. Thanks for your time and look forward to seeing what you guys come up with for suggestions, questions and concerns

Hey Dillion,

Don't know if your a part of Central Maine Apartment Owners Association but I can't recommend them enough. There is also a small group of us that meet over drinks and dinner here in Waterville if you're interested. If any of this sounds good, let me know. Same with you @Timothy Swenton. Not sure of the geography boundaries of where "Central Maine" ends but if you're interested as well let me know, I'll shoot you the info. Best of luck guys!

Great to meet other military investors. Just purchased my first investment property last week actually using the VA loan (owner occupied of course). Look forward to speaking with everyone.

Thanks! I appreciate the recommendation. I'll definitely check him out @Account Closed

Hey guys! So I just bought my first property and I was hoping someone would have a recommendation for a good CPA and lawyer in Central Maine. I'd like to go over a few different tax strategies as well as finish up some estate planning and set up an LLC. I appreciate you guys taking the time to read this and offer up your thoughts. Thanks!

I've been reading the forums and articles here on BP for a few months now and I've finally decided to post something haha. Just wanted to say hi to the community really. Looking forward to hearing from everyone and hopefully becoming a regular face here.

Thanks for all the advice guys! I'm really looking forward to learning more about real estate and finally jumping in on this venture.

 @Darron Stewart I've noticed there is a moderate amount of duplex and 4 unit homes for sale in the area that I'd like to zero in on, so renovating one or a few is definitely a possibility. What would you look for in a first flip for a duplex if you don't mind me asking of course? 

@Wendell De Guzman Thanks for all the tools and options! I just started listening to the podcast and its already pretty good. I'll be reading your about your adventure (hopefully)  tonight or tomorrow morning at the latest. Thanks again.

@Zoran Miling I appreciate the encouragement but was wondering if you had any suggestions for books to start out with? I was thinking ABC's of Real Estate but if you had any suggestions please let me know. As for the podcasts I've started one and I'll be listening to many more over the next few weeks 

@Daniel Bennison
Thanks! I certainly will. I appreciate the assisstance and will definitely contact you soon with a few questions.
@Tim Coppola
I'm in the same boat as I havent even bought my first place yet either. But thanks for the words of encouragment. I hadn't even thought of adding people from my area that popped up to be honest. So I'll have to get on that. Thanks for the tips, and good luck to you too! The path of a thousand miles begins with a single step right?

Just noticed I spelled excited wrong. My bad