All Forum Posts by: Jessica Staton

Well, in five years, we would like to have established an LLC and a non-profit organization. The LLC would be primarily for the managing of our properties and rentals.
I would love to get into investing by buying and flipping, but 1) I'm not sure if the market here in Detroit is solid enough to do that now because we don't have the funds to invest in a property and not see an almost immediate return (even if it's just by way of monthly lease payments from rental properties); 2) I have not built a team of contractors, investors, and the like to be sucessful in buying and flipping. If we had more of a finacial backing or collaborating hard money lenders who have been in the investing business for some time, then I could more appropriately see us buying and fliping when the market rebounds; 3) We don't want to approach this venture with limited experience and end up on the losing end. We want to be smart about the decisions made and about the money spent. I'm not one for spending hundreds, if not thousands, of dollars on gimmicks and programs. However, I will more than willingly invest my time and energy toward a goal to which I am dedicated.
I will be returning to school in a full-time graduate capacity in the Fall and am currently working as a VISTA volunteer for a non-profit agency. I have the time to research and learn the trade, and have even been offered the opportunity to work with, and learn from, the selling agent of our current home.
In 10 years, we are looking to work exclusively as business owners and to have our own counseling practice. That is why it is imperative that we start now (should have started before now, actually) and that we avoid some of the pitfalls and dangers of haste decision making and irrational judgements with regard to investing.

Hello Everyone!
I happened upon this site and I am so excited as a result of it! I have been glued to the forum posts and am juicing the treads for all of the knowledge contained within. The site is right! BiggerPockets is addictive.
I have a couple of basic questions about the direction my husband and I should take. We recently bought our first home (seller financed) in August 2010 and are looking to begin acquiring additional properties to rent and also some to buy low with cash and sell for a profit.
Now, we are saving to have ~$10,000 by August 2011 and are wondering what would be the best route to take with regard to spending the money. Should we look to:
1. Put the money toward the home we have, and pay it off early (sale price $49K)
2. Use our previous seller as a lender and use the money toward the down payment of another home for the purpose of investing (at a 9% interest rate + a higher sale price than he will buy it for)
3. Buy a low cost cash home in the area (Metro-Detroit) and use it to generate cash flow as a rental (taking into consideration the need for repairs)
4. Hold half of the money and use the other half to build up credit so that we can obtain a reasonable interest rate on a bank mortgage for an investment property or another home while using this home as a rental
5. None of the above (be sure to fill in the blank with your preferred suggestion, O Knowledgeable Ones!) :wink: __________________________________

Thanks, in advance, for the responses! I look forward to the help!