All Forum Posts by: Nathan Orr

@ Dave

@Dave Poeppelmeier I finished rich dad poor dad about 6 months ago. Loved it! I’ve been chewing the cud on this topic (loan vs cash) for a while and I know my opinion isn’t popular. I guess it boils down to how much risk I want to take. When you just look at the math I know you’re right, but I also have a family I have to take care of, so security is important to me. I know risk is inherent in real estate but I do want to mitigate the risk as much as possible even if that means a slow start or even a slow venture all together.

Thanks for all the feedback and participation on this thread. I hope I’m not coming across as not wanting to take anyone’s advise. I definitely have been looking into what everyone is saying.

Very good info there. Hadn’t thought about some of that. I’m trying not to dwell on the past because there is nothing we can do about that, but I do wish I hadn’t started WAY earlier. We were in decent position to house hack many moons ago. But our family of 7 going on 8 needs a single family home these days lol. 

💯 on your comment about the market. We’re probably a year from actually getting in but that’s not based on the market as much life stage. Hopefully the timing works on my favor but, oh well, if not. 

@Nicholas L. thanks for taking the time to respond. The market right now is indeed crazy. But I don’t think I would be getting in till later. Of course we never know what the market will do and what factors may affect it, but assuming things slow down to a “Normal” market, or maybe even a buyers market. Do you think it would still be unlikely to get a deal like that? I was intrigued by your first response so I’m genuinely interested in what you have to say. 

I definitely understand what many refer to as “good debt” and I’m certainly it here to argue any of that. I just wanted to give everyone the vantage point of where I will be coming from. Yes, no debt whatsoever. As I said before. I know that won’t be a get rich quick deal... it may not even be a get “rich” deal lol. I just want to get comfortable and I feel like some cash flowing rentals would allow me to do that. I appreciate all the feed back so far. This is great. 

So it sounds like I should be a spry 120 years old when I hit my goal 😂😂😂 

I guess I should have clarified when I said I wasn’t including finding a great deal... what I meant by that was not finding a $250k property for $20k. Am I way off base when I think I should be able to obtain a property worth (after rehab) $150 for around $90? That’s just an example of course. I just mean to clarify I’m still counting on finding great value properties without paying full price.

I know with the market right now, that it will be difficult to do, but I’m also not set up to get into the market currently anyway.

hope that’s clears up my point. Thanks so much for the feedback already. Definitely enlightening in some ways. 

Hello all! Brand new to BP and looking at getting started with REI. It's been an interest of mine for some time but never pulled the trigger on anything. I've been digging into all this a lot more recently. Probably because I know a job change is in my near future (2 years). I'm a "Dave Ramsey guy" and I absolutely won't go into any debt on a business venture. I fully understand this means I won't get rich quick and I'm totally ok with that. What I'm looking for here is any tips you all have getting started from scratch without any debt. We have about $30K saved up now and have just temporarily stopped funding our IRAs so we can save about $2k per month. We are a military family and plan on retiring near the Omaha area (currently in Memphis).

Another question is realistically speaking with an average success rate of someone doing real estate this way. What is a ball park time frame where I will be truly be just living off cash flow? ... my goal is $80-90K / year... Without any huge crazy deals, My thought is 20 years, is that fair?

Thanks for any feedback you can give. I’m looking forward to really exploring this community, and as I grow, offering anything I can bring to the table?