All Forum Posts by: Michael Mulrooney

Be careful of the late night gurus. They are just out to get in your pocket. Stick with a forum or books online or in the book store. Expensive programs aren't worth the pages they are printed on.

I hope they go to jail for life, except Ken now!!! BUT, that won't fix the people's lives they destroyed. Their fortune should be divided up and distributed somehow. I can't wait for some of the other top executives in large companies to get caught with their hand in the cookie jar!

Louisville Kentucky.....Go Wildcats!

Property values here are very reasonable and have very steady appreaciation every year.

In addition to not doing the partner thing, I would rethink my financing. If you own a home of your own, check into a HELOC. The 4 week turn around time will kill some of your deals. The best deals are had with closing in 10 days or less.

NSXvette,

I like single fanily homes myself and have bene buying for 13 years. I am just now working towards selling a few in hopes of having the same amount of capital or more to buy with cash, rehab and then sell. I am not sure where you are located, but $100-$125,000 in KY would probably buy 2 homes that could be rehabbed and you could pass your contractorsr between the 2 to keep them working for you.

I have found that I typically have to do some of the work myself, whether it is painting or cleaning up. I agree with the RE Findit but I haven't been successful in finding people that do COMPLETE work. Always loose ends to tie up.

Here are a few quick answers:

1. Start saving as much cash as you can. You are talking about 100% financing on investment properties. That is almost impossible to find unless you want to pay an outrageous interest rate. You can't cash flow property that way and it will take you down quickly.

2. Stay away from apartments or multi units until you test the water and make sure you are going to like the business. Apartments translate into multiple headaches that you are not prepared for starting out.

3. I would agree that most millionaires have had Real Estate Investing involved in their career at some point in their life.

3. In Kentucky, I can rent a property over a weekend by placing a small ad in the Sunday paper and a sign in the yard.

4. I would consider buying a few and reselling them until you build up enough cash to buy and how a rental.

I hope this helps.

Rehab and sell a few them you will have the cash to buy and hold one. This is the best methind for building a nice portfolio and the monthly cash flow will be yours (minus taxes and insurance).

Once you bring in a few large checks, your wife will begin to see the light.

The biggest key is purchase price. If you buy a property cheap enough and with your knowledge of construction, it will be very hard for you to screw up. Just make sure to manage your debt.

You can count on them now, but problems arise later. All partnerships start out fine until the work starts. I understand your thoughts. I am curious about anyone elses's thoughts. I listen to Dave Ramsey alot and he is totally against partnerships in Real Estate and his reasoning is the same as mine.

If you have never invested in Real Estate before, then out of state may be a bad idea. Start with something close to home. The only problem I have seen in out of state transactions is there are too many people with their hands in the deal and you are too far away to keep up with the transactions. I have friends that have lost a lot of money on real estate fees charged by management companies.

Painting would help, but an investor would be best. Here is a link to the National REI group. http://www.nationalreia.com/ You should be able to find something local form this site or you could give them a call. They should be able to give you some information.

The painting thing may not link you with people that have Real Estate Investing knowledge.