All Forum Posts by: Michael B.

Matt, you mentioned your goal was 12K  a month, then later stated once I reached my goal... so you're cash flowing at least 12K a month now? If so, nice! Thanks for sharing some numbers that beginners can aspire to.

@Shawn Ward Thanks for chiming in Shawn! Congrats!

Hi BP. I find that the success of others inspires me and sheds light on what's possible. I have my why for wanting to create wealth... giving, family, travel, etc. and I assume others have their why as well.

I would like for people to share their overall success stories. What I mean by that is, if you're comfortable with it, share a broad range of your yearly income (whatever range you're comfortable sharing). Share that you're able to take a one week vacation once a month or four times a year or whatever it might be. Share that you were able to quit your 9 to 5, buy a lake house, whatever it may be. Inspire us with your success.

At times I have a hard time picturing the financial freedom. For example, if you own 10 SFHs cash flowing $200 a month, that's $2,000 a month which is $24,000 a year. That's cool. It's income, but it doesn't seem like travel the world, quit the rat race, financial freedom. Then there's the aspect of cashing out via refi and using that money to get your next property. I get re-investing profit to grow the business and getting that next property, but when do you cash out and pay for that vacation or pay yourself? Speaking of paying yourself, if you have LLCs that hold properties, how do you pay yourself through company? Dividends? Salary? Bonuses?

I hope there are examples shared that might help newbies and others get an idea of what's possible. I personally feel blessed with my job and am not looking to quit, at this point I'm looking to supplement, but I like exploring the possibilities of REI. Who knows, maybe someday the supplemental outweighs the primary.

 Would you mind elaborating on the details of this deal, including how you got 10K in cash?

@Account Closed might have his own PM company.

I know Huntsville, but am just learning when it comes to REI. If i can be of assistance, let me know. Here's a multi-family that might be worth analyzing: https://www.realtor.com/realestateandhomes-detail/...

@Cara Lonsdale @Greg H. @Tom Gimer

Thanks for addressing this as well as the risks. So if it's true that the foreclosure wipes out outstanding judgments, is it safe to assume that buying at the auction or once its listed by a foreclosure broker is a safer route and one that should mitigate the risk of the outstanding judgments? By the time its at auction or listed as REO, it's been foreclosed and judgments wiped out, correct?

Now I'm browsing foreclosures or pre-foreclosures on a map of my area. I'm seeing some that look interesting, for example, near a college campus.

Are foreclosures a good source for BRRRR investments?

@Cara Lonsdale and anyone else willing to look.

So, the example I posted before was this: https://www.zillow.com/homedetails/121-Cooper-Dr-H...

Now, here is one that is listed as pre-foreclosure on the same street: https://www.zillow.com/homedetails/144-Cooper-Dr-H...

It appears the auction for that one has already happened too. Let's say I want to look into it and figure out its current status. How would I do that?

@Cara Lonsdale Thank you so much. I appreciate you taking the time to write that response. 

So, the part where you said this means that no one bid on it at auction... are you pretty certain an auction took place? If so, say you would have known about the auction, would you have expected to get it for less than the 79K but more than the 65,444?

Thank you @Ron Flatt. I appreciate you responding.