All Forum Posts by: Matthew Runfola

@Travis Rasmussen Great question. Well the simple answer is at this time my fiancee is not open to the idea of house hacking  our first purchase for a home. Otherwise I would be all over it.

-Matt

Thank you everyone for the input. I went through most of the posts and appreciate the expert opinions in relation to experience. However, I don't think a majority of people read the article I posted in relationship to how lenders are using very similar tactics as they did right before the 2008 crash, which I think is the alarming factor here. Therefore, is anyone considering how that it plays into a "crash" or "downturn". As a result, everyone merely responded to the post headline, and not what the article was conveying it seemed like. 

-Matt

@Travis Rasmussen Currently I don't own any real estate. I have considered the out-of-state option. I need to do more research on it because it's a tad bit intimidating to do something where I cannot be there consistently in some manner. Especially for a first deal. Thank you for your input. Do you do you're own investing? If so what kind, is it local or out-of-state? Please feel free to direct message me. Thank you again.

@Jay Hinrichs Awesome suggestion. I am definitely going to look into that. I greatly appreciate it.

-Matt

Small-Time Bankers Make Millions Peddling Mortgages to the Poor - Bloomberg Business Week https://apple.news/A-FtZMr0uTJSudDsEPZrF-Q

Hey I am Newbie, and I just read this article. Wanted some more expert opinions on this article and FHA loans and people buying homes with poor credit and low income in today’s hot market. What do you all think? Small-Time Bankers Make Millions Peddling Mortgages to the Poor - Bloomberg Businessweekhttps://apple.news/A-FtZMr0uTJSudDsEPZrF-Q -Matt

@Brandon Reed Thank you for responding and proving your input. I am considering this as an option. However, I want to hear if there were different angles to approach getting in slowly but surely. What kind of investing do you do?

@Ryan Proffit I appreciate this approach, and it's something I may consider, but not sure if it is an option from where I am at. On the other hand, I think I need to research to see if it would be viable to get started. Thank your for your response.

@Com M. Wow! Thank you Com M. for the response here because these are some great suggestions. Some are definitely appear more plausible than others, and I am definitely going to consider each one in relation to the merits and my situation. Overall I greatly appreciate you gave me many options to think about. Do you do here in Southern California, buy and hold, wholesale, etc? If so, it apperas you invest in your market out in the Murrieta area? Feel free to respond via direct message. Thank you again.

@Bo S. I do not have any construction experience. Unless you count putting together some Ikea furniture. I am not sure how my prospects would be to get into the general contractor side, but I really like the idea of it. The nonprofit approach short term wise could get me in touch with people that could open doors. However, I could not sustain that long term just because my objectives are to make some side cash as I get some experience as well in relation to my time availability. Overall, I dig your outside of the box perspective here.

Thank you everyone. I have a lot to consider now, and that's what I was looking for. Again huge thank you to everyone's input!

-Matthew 

Hello,

Really could use some suggestions here. I read a few blog posts about it, but still I am trying to get into real estate with limited funds while working a 9-5 M-F job. So I want to figure out how to make an extra couple hundred bucks a week in something real estate related so I can get exposure and some new experience while not having to jump in the deep end, and can do something part-time. Before you tell me to go drive for Lyft or Uber, I currently cannot because I have an old car because it's paid off. 

Ultimately, I rather do something to get my feet wet of getting into real estate, and at the same time make a few extra dollars. I read one article that suggested getting a RE license and then pursue BPO cert? Any suggestions outside of donating blood are most welcomed. I figure if I could consistently chip away at something that makes extra income and just save it all then I could put something together in a few years. Also presently house hacking is not an option. Thank you for any suggestions. 

-Matt

@Jack Butala Thanks for the warm greetings. Also I appreciate the encouragement. I find your approach regarding land investing  interesting. I have not considered land deals, but I did some research on it, and I can see how it could be lucrative. On the other hand, I don't think at this time it's something I interested in pursuing. Again I thank you for showing me new ways to look at different avenues for real estate investing and extending yourself for me to learn more. I may change my mind and reach out. I think that's what I am most gracious for, and what I like about this place. I can learn that there is more than one way of doing something in the realm of real estate investing.

@Henri Meli Thank you for the advice and taking the time to respond to my post. I am going to try that approach to network, and see if I can render any results because it sounds promising. Thank you again.

@Nicole Candelario Thank you for the nice welcome and kind words. Plus, I really appreciate you sharing your experience so far. It sounds like you're well on your way already. Believe me, I am not ruling out house hacking just yet because there maybe a slim chance I could possibly present a convincing perspective of maybe changing my fiancee's mind. However, I feel like I need to network like crazy and analyze markets/deals to get a good feel of everything to build my confidence regarding REI. I think if I keep at it things will start to move. When did you start investing, and how did you come to get into REI? What markets are you considering? I definitely look forward to hearing or seeing your posts. Please feel free to respond via direct message. Thank you.

-Matthew

Hello Everyone,

I am obviously a novice here, but I am eager and understand it’s going to take time to get things moving forward in relation to my current circumstance. I am looking to hear some advice or general direction to go in regarding my criteria and focus. I really want to get into buy and hold, but open to hearing other strategies. Trying to figure out how to adapt a buy and hold strategy to my situation in relationship to my goals. As a result, I am going to list my situational variables to help with the possible advice/solutions here. I know I have some BIG challenges, but I am not going to let them stop me.

My Status and Reality Check:

Current Debt: $10k Credit Card (2008 to 2012 were some rough years for me). I am slowly but surely paying it off. I am very budget conscious and practice it with my funds. I have no student loan debt or car debt.

Credit Score: 735.

Home Owner Status: I am renter in Long Beach, CA. I am looking to maybe make my first primary resident purchase next year in 2019. I am veteran and qualify for a VA loan, but my soon to be fiancée is not open to house hacking or moving out-of-state.

Area I Live In Market Status: I reside in is Southern California (Orange County/Long Beach Area) – Surrounding possible counties for investment San Bernardino & Riverside.

Savings Status: Less than $2k, but slowly growing.

Job Status: Work Full Time (45 to 50 hours a week) in Non-Real Estate related industry.

Resources Status: Limited to Non-Existent. Unfortunately, I do not come from a family or friends of financial means. My current social situation I am wanting to change and surround myself with likeminded individuals doing what I want to do in regards to REI. Currently I don't know anyone doing real estate within this category, but I am strongly attempting to make efforts to change that.

Mentor Status: I have no mentors at the moment.

REI Education & Networking Status: Have read 6+ REI books in the past 3 months and attended my first local REI meeting in the past week.

Monthly Livable Income To Achieve: $3500 a month ( I have the long term goal in mind, but trying to figure out the short-term to bridge the gap between the two concepts)

Given I am a beginner with limited means then I at least want to learn to analyze deals, but that gives me the challenges as I will list my questions below to address that.

Questions:

Provided with these variables in my present state of affairs I have the following questions:

• 1. How or what value based on my current status could I bring to the REI community in relationship to help me grow?
• 2. If you were in my situation what are some markets or strategies I can consider to look at to analyze properties or deals in relation to my second question?
• 3. Given my financial resources and debt to savings ratio. How should I approach getting into real estate financially speaking since I don’t have the Bank of M&D (Mommy & Daddy) or a rich uncle nor a mere $20k laying around waiting to be put toward real estate investing. Should I just sit on the sidelines and wait until I find a long lost relative
  • a. I want to find the deals, but not sure what criteria (market, multi vs. SFR, etc.) to use and what happens when I find something, and don't have the financial resources to utilize to get started on them? Do I just go around and pitch until someone says yes?
• 4. I s buy and hold plausible with my situation in the areas I live in? Why or why not?

It’s been suggested I take a look at Multi-Family deals in around the San Bernardino/Riverside markets as a start to at least analyze deals, which sounds like it would be a good exercise for me to do. I am leery on out-of-state for my first deal, but maybe someone has a convincing counter-perspective. I am willing to give what time I can outside of my job, which are weekends and after normal work hours. Also I am willing to partner and put what limited amount of finances I have or can find. Thanks for any responses to this. Thank you.

-Matthew

@Brandon Sturgill. I appreciate the advice, and I absolutely agree with you about the method for success. I look at BP and the forums as tools and resources in the same way a baseball player looks at a baseball bat and glove. All of it serves a purpose. I appreciate your perspective on goals and I feel they are succinct and accurate in regards to assessing and approaching them. What kind of REI do you specialize in and or do? Also for how long have you been doing it? Feel free to direct message me with a response if you like. I always like to learn more.

@Jo-Ann Lapin. Thank you for input and welcome. I am not sure if I am just quite ready for a boot camp, but I am open to hearing more about it and doing some research before considering to committing to such an endeavor.

@Joe Homs. Thank you for the warm welcome as well. I feel like I am truly ready in many regards, but again I understand I have a good long ways to go as well. However, I want to start taking action, but with some form of a modicum sensible approach. I did just attended my first REI local meeting last night, and it was nice actually hearing people talk about it in person as opposed to just reading about it or listening to a podcast about it. I am definitely going to attend more. Do you do just solely flipping, and if so, is it all in Southern California or other places? How long have you been doing REI? Feel free to direct message me with a response if that's alright?

Thank you all again for the responses. I am looking forward to getting more out of this place. 

-Matthew