All Forum Posts by: Mike Richter

Very well done! Out of curiosity, where did you seek out estimates for the construction?

I ask because I've got some land that I would like to toss a duplex on in similar circumstances to yours, except with slightly lower rents (given the current market).

Following this post, it seems like there are several advantages to aggressively paying down one's principal residence if they're in the position to do so for the ability to have rapid financing options to make cash offers as a proverbial ace up the sleeve if other financing situations will not get the job done.

Has anyone had practical experience in how this plays out?

I'm totally interested in hearing answers to this question. I heard a bit about it on Podcast #5 I believe, but I'm very curious to see how others have fared.

Welcome fellow Texas investor! It sure does sound like you'll be able to translate several skills developed in your J-O-B into the REI world to create value in San Antonio!

I'm in San Angelo, just a few hours up the road from you, I hear you guys have a pretty banging REI group or two. 

It's always nice to see someone with so much passion for their community, that passion ought to serve you well.

Hello everyone!

I've been buying retail through the MLS for the past two years, and a few decent lots of land through tax sales. I've built up the nerve and I'm committing to buying car magnets and a 6-round direct mail campaign of building letters on a 1 month to 6 week spacing scheme with a post card at the end.

I've got my questionnaires and a few other systems in place. I know that I can offer a few solutions to problems depending on seller motivation and other factors, and add value to several groups of people in the process.

With that said, how did many of you deal with the anticipation? 

We've also got to be clear that this is only considering federal income tax and not payroll taxes (or self-employment taxes) of Social Security and Medicare; of which Social Security is 12.4% (up to $117K of total earned income) and medicare of 2.9%.

For more information about self-employment tax burdens see: http://www.irs.gov/Businesses/Small-Businesses-&-S...

Once again, this would be a great topic for a tax professional.

Judging by the picture, I'd say it worked out. I hope you have a happy and prosperous 2015!

Way to go, snapping up your first four doors! That's a great start, keep it up!

Hey there! Welcome to BP! To add a picture, you'll need to go to the upper right of your screen where the anonymous picture is and scroll down to "Profile & Settings". From there, on the left side of the screen you'll see a tab for "Profile Picture". There is a size requirement of less than 6MB, and it should be a picture of you so that it fits the terms of service. 

Make it a great day!

Absolutely! By taking my goals and working backwards, I know I'll need to acquire 4 SFRs and an 8+ unit multi-family this year. Also, I've got to get the RE license by the end of January to really get cooking.

By working together and adding value, we can make this the best year yet!