All Forum Posts by: Randy Bloch

It is not a good idea to have no emergency fund and be committed to 250k mortgage.  not sure if you would even get a mortgage as you need to have some reserves.  If you are more of a risk taker and are not worried about emergency fund, I would look at how much your rent is today versus what your new mortgage will be with no renters. Assuming you don’t lose your jobs that would show how much risk you are taking on.  I do think we are headed for a recession in the 1-2yrs so would also evaluate how recession proof your jobs are 

I second what Bruce said, don’t overreach.  I did this once and it still hurts...I have attended this meeting couple times.

https://www.meetup.com/Affluence-In-Real-Estate/events/259283525/

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The multi family properties in the nicer neighborhoods are pricey and difficult to get the numbers to work. You might be able to get some town home that work, but you really need to find deals outside the MLS. I have two duplexes that i purchased awhile ago, I switched strategies and started buying class A condos in the north loop....the numbers don't work there anymore either. It pretty hard to find properties on MLS that are going to be appealing from #s standpoint. I don't have any good advice on how to do this...I have FT career that keeps me busy and that is why shifted strategies. Happy to answer in specific question you might have.

yea, I understand the difference between fee based versus fee only.....difficult to find one that understands real estate though.  I think i have found one possibly in Wisconsin, but haven't reached out yet.  It seems like it could be a good niche.  Although it seem most people on BP want to go all in on real estate because of their ability to influence the outcome and the opportunity for better returns.  Which I understand, but once your net worth is at a certain point I think it makes sense to stay diversified with stocks, bonds and real estate.  I actually have a plan....just looking for someone else to confirm if I am crazy or not.

@Elford Stephens

I highly recommend cozy and putting it in the lease. Cozy has several advantages as it can report payment to credit agency building your tenant credit score. Also, great functionality to store/share documents with your tenants like leases, move in lead paint addendum etc. it has one of the best tools that I have found to create a system.

I have been working in corporate America for 20 yrs and investing in real estate at the same time. I have reached the point where I think my net worth is at point that I could retire. I would like to work with a fee based (charges by the hour) financial planner that understand real estate to work on a plan forward. Does any one have any referrals? I’m in MN, but willing to work with remotely if they are right person

Thanks!