All Forum Posts by: Raymond McGill

@Tyler Johnson Great post. I am also new (compared to Ricky B), and the start of a new BRRRR project in Rochester. Would be glad to show you everything and you can see what you like. After this project, I plan on building systems and ramping up. @Ricky Beliveau Awesome opportunity! Tyler, you should do this.

BTW, there is a REI meeting here in Portsmouth on Nov 8th for you to attend (Events section of site). Let me know if you have any questions.

Welcome @Eliza A Leedberg ! The next Seacoast NH REIA is Nov 8th I will get a Event notification up shortly.

I like the wise responses! I am very impressed with the wisdom and suggestions of emergency savings / Reserve fund. This is so different than the "Borrow on 0% credit cards to buy houses" advice I was seeing around. 

BRRR strategy is clear and works if you also have enough emergency fund to minimize risk. Comparing this debt pyramid strategy for wealth building (investing) to Whole life insurance (investing) is comparing REI to a convoluted method to buy Stocks.

@Thomas Rutkowski I apologize. I came across too bluntly and disparaged your job. Dave Ramesy? Yes, I have been through his Financial Peace course and agree with his position. Wasn't it Warren Buffet who said "Never invest in a business you cannot understand." ? Buy insurance at 10x, 20x or  50x the price because of investment value?  Maybe Forbes and others are wrong? In 20 years, I don't plan on needing life insurance anymore because my house will be paid for and kids gone, so the need for insurance gets lower as you get older and get more wealth. Insurance? Need. Investing? Need. Whole life? Not an option on my radar due to myriad of better options.

National banks suck. Go local bank or Credit Union.

They keep getting caught screwing their customers. 2009? got caught adding misc charges to customers accounts. Over and over. Don't deal with people you can't trust.

http://www.clark.com/wells-fargo-fined-185-million...

Easy answer. You are not a Unicorn. "Paradigm Life claims to use Whole Life Insurance Policies"   Done. They are in the business of taking your money. Insurance is a terrible investment vehicle.  Its like debating whether Ford or Chevy makes a better parachute. Just.Dont.Go.There.  

Bob is an excited 30 year old wanting to buy his first apartment building, and found a smokin' hot deal. 

Bob wants to sell his two SFH to generate 140k so he can buy a $70k Apt building and fix it up with $50-$70k. ARV=$250k with $3000/mo positive cash flow.

NEGATIVE

Bob has $50k in consumer debt. Bob has no emergency fund. Bob has no equity in his house. Bob has minimal documentation on his SFH rentals and doesn't know anything about taxes. Bob's been listening to the BP podcast (super motivated).

POSITIVE

Bob has experience fixing up his last two rental SFHs. Bob earns great money and can save $4k a month. Bob's been listening to the BP podcast (and learned stuff). Bob is just a darn nice guy. 

What should Bob do?

Great observation, Ann. 

I didn't realize I was stepping on others. I am attempting meet the second Tuesday of each month. I am modeling it much more after your organization (Helpful, Free) than using it to support myself. I will change it to NHSeacoastRHIA for now. 

New Hampshire REIA

October 11th NH REIA meeting will be held in Portsmouth at Hebert's Restaurant. This will be a networking social.

New Hampshire REIA October 11th - Networking - Come and meet your peers and future partners. There is success through quality partners. We encourage everyone to come out and meet the seacoasts best Investors, builders, accountants, bankers, private lenders, and other passionate people in Real Estate.

Welcome all NH Seacoast including Portsmouth, Kittery, Dover, Rochester, Somersworth, Exeter, Stratham, etc.

Heberts is in a strip mall with Market Basket

1500 Lafayette Rd., Portsmouth, NH 03801

Raymond - (603) 722-0542

Heberts - (603) 431-5882