All Forum Posts by: Eric Neal

Hello, BP.

My wife and I just closed on a 2/2 1,059 sq. ft. condo in Durango, CO where we will be living for the next 2-3 years, maybe longer. 5/1 ARM at 3.375, 15 year am, $188,000 purchase price, loan of $169,200, monthly payment of $1,199. There is also HOA of $353/month that covers ext. insurance, water, sewer, ext. maintenance including snow removal, trash, and some shared amenities like pool and BBQ area. The condo is literally across the street from Fort Lewis college (liberal arts college with student body of 4,000). Our thought is that we could some day rent it to 2-3 students or MAYBE a family for around $1,800. The 50% rule says we would lose about $300/month as long as there is a mortgage but I won't be on the hook for roof, water heater, landscaping, etc. The city is growing and the trends seem to be moving in a positive direction but no one can predict the future. Sale isn't a great option because the condo is not FHA approved, seriously limiting our potential buyer pool. Also, we would like to make this our first investment property if it isn't a total bad move. Any thoughts from the group are greatly appreciated!

Hello, BP.

My wife and I just closed on a 2/2 1,059 sq. ft. condo in Durango, CO where we will be living for the next 2-3 years, maybe longer. 5/1 ARM at 3.375, 15 year am, $188,000 purchase price, loan of $169,200, monthly payment of $1,199. There is also HOA of $353/month that covers ext. insurance, water, sewer, ext. maintenance including snow removal, trash, and some shared amenities like pool and BBQ area. The condo is literally across the street from Fort Lewis college (liberal arts college with student body of 4,000). Our thought is that we could some day rent it to 2-3 students or MAYBE a family for around $1,800. The 50% rule says we would lose about $300/month as long as there is a mortgage but I won't be on the hook for roof, water heater, landscaping, etc. The city is growing and the trends seem to be moving in a positive direction but no one can predict the future. Sale isn't a great option because the condo is not FHA approved, seriously limiting our potential buyer pool. Also, we would like to make this our first investment property if it isn't a total bad move. Any thoughts from the group are greatly appreciated!

2007 Hyundai Azera. 190k+ miles and paid for. My wife is in a paid for 2007 pt cruiser convertible. Super fun car.

Hi, everyone,

I'm reaching out because my wife and I are heading to Durango, Co from Garland (Dallas), TX March 3 through March 6 for a job interview with a local bank!  We are SUPER excited and hope I get an offer but, as we do more research, there are all kinds of questions:

We'd like to know people:

- I hope BP can help with this some.  We are currently trying to start a family and our plan is for my wife to stay home until our youngest is school age.  She is FANTASTIC at making friends and I'm decent but it would be great to have some folks to grab dinner with when we get up there.  If anyone is free Saturday the 5th or Sunday the 6th, reach out!

Where the heck are we going to live?!

- We originally thought we would find a tiny apartment in town so we could more easily get entrenched.  After seeing all of the sub-1% rule rentals though, we wonder if a tiny condo in the $150,000 - $200,000 range makes sense with the expectation that some of the housing permits that have been proposed for 2017 and beyond pan out.  We would be very interested in seeing some options over the weekend so if there are any agents or brokers looking to make new client-friends please message me!

Assuming this happens, I'd love to do some business! (If this violates BP solicitation rules, please let me know and I will edit.)

- I've been in commercial and real estate banking almost a decade.  The bank is well-capitalized and hungry.  I'd love to meet investors, business owners, real estate agents, CPAs, insurance brokers, Moms, Pops, happy employees, satisfied customers and everyone in between!

Thanks for the time, BP!

I BP,

My name is Eric.  I have been delivering pizzas for the past few months at nights and on the weekends to get my familyout of debt and start my real estate career.  I've made a few deliveries to a man I wanted to let the forum know about.  His name is Uriel James.  I've never done any work with him but he has always been freindly, he's a sharp looking guy, a good tipper, and his house is beautiful(pics attached)!  If his own place is an indicator of his attention to detail and craftsmanship, I think you are in for a great partnership. 

I'd like to add that his house is located in a B+/B- part of Garland, an eastern suburn of Dallas.  I imagine that he would work anywhere but know that he is physically located closest to Garland, Mesquite, Rockwall, Rowlett, East Dallas, etc.  Mr. James and I are not friends and he doesn't know I am writing this post.  I just hear repeatedly that contractors are a pain and don't do good work.  I figure he's at least worth a call to anyone looking for someone who seems to be good at what they do.  Good luck and let me know if anyone ends up working with him.

Not sure if this is the right forum but I have a friend who is a succesful realtor. He needs some repairs done on a house in Fort Worth for an inspection. Can anyone help or refer someone?

Thanks, everyone for you kind words. Looking forward the journey and fellowship!

Thanks for the welcome, John and Rene.  As of right now we are pretty cash poor and need to meet a few family goals but would love to keep connecting with local investors and help them as much as we can while learning the ropes.  As mentioned, my wife is a realtor and I've been in and around finance, investing and sales for a decade. Thanks!

Thanks so much, Hattie. I really appreciate the offer!

Hi, everyone, my name is Eric Neal. I am a Dallas native and live in Garland. I'm 32, married (1st anniversary in October) with 2 dogs, 2 cats and no kids (yet).  I am a commercial banker and my wife just started her career as a realtor. Prior to BP, I knew I wanted to single and multi-family rentals and my wife likes the idea of flipping. I used to listen to the podcast of another Texas-based real estate investment group that was HEAVY into pitching.  I've probably listened to 50-60 BP podcasts and am more and more excited about starting a real estate business. Thanks for taking the time to read this.  I/we look forward to connecting. Best wishes with your investing and life!