All Forum Posts by: Nichole B.

Try to find a local real estate investing group or association. I found mine through facebook groups, and I've learned so much and have met a handful of people that I wouldn't hesitate to call for advice.   I haven't started investing yet, but I'm hoping to start soon. 

To find the Central IL meetup in Bloomington (there is one next Tuesday evening on 1031 exchanges), go to meetup.com and look for "Central Illinois REI". They also have a FB group.

A. It might be a good idea to hire a bookkeeper to keep your books regularly, rather than the person who is actually handling the money. As you found out, it is very easy for the person who has control of both to steal. After the fact, a bookkeeper can possibly correct your books and maybe you can figure out the extent of her theft.

B. I think it would be best to ask these questions of an attorney who has experience with landlord matters. 

Hi, Chad and David. I'm in Normal, but haven't started investing yet... soon, though! Do either of you attend the REI meetup group in Bloomington? I think they meet on the second Tuesday.

Just curious... is $120k how much he has mortgaged on the place? Any reason not to offer 100k or lower, in light of the work involved? It might be worth it to him to get out for a low offer... Maybe all he needs is an offer in hand. A low offer might be better than none, to him.  

Hi, @Brian Leady ! Congrats on your first purchase... you're one ahead of me! I'm in Bloomington/Normal, IL and am helping to start a landlord association here. There is also an REI Meetup group that meets here monthly. Feel free to connect with me, if you'd like.

~Nichole

I take it no one else has had issues with uploading this podcast on Google/Android devices? I've been using Google Play, and this has not appeared in my feed, yet. Google's help says it doesn't appear to have been uploaded, b/c she didn't see it either. 

Jerry - I don't have a VA (don't have investment properties right now, either), but I'm curious as to what kinds of tasks you outsource to a VA?

Hi, Jeremy. Welcome to BP! I'm an aspiring newbie, too. I'm also interested in hearing about the Peoria area (I'm in BloNo).

@Karen Harris - similar sitch, here, only no inheritance. It's frustrating to not be on the same page, especially when I find what look like good, cashflowing deals, and I compile analyses that show that REI is (almost) a sure thing (with all the caveats, of course).

@Brett C.   - I'd love to see the layout of your spreadsheet. Some spouses are very analytical and those who are risk-avers may need to see numbers, rather than hear anecdotal evidence. 

@Michaela G. - You rock. I work at a family law firm so I can be a little jaded sometimes (although, I've been married just about 24 years). One of my knee-jerk thoughts at the original post was this: Inheritances are considered *non-marital* (separate) property in many (most?) states, while earned income is marital (joint). Income that is derived from inheritances/other non-marital funds can also be considered non-marital. (caveat: I am a paralegal, not an attorney, and I cannot give legal advice).  I hate that my mind thinks in such a jaded manner, but I see a lot of crappy things that people do to each other. OTOH, it's not really jaded to be intelligent about financial decisions, particularly where the co-mingling of funds is concerned.

@Alex Pyle: I'm of the same mindset re: 401(k).. I'd rather start investing those $$ into RE for more cashflow. 

Great dialog, folks.