All Forum Posts by: Rich Bales

Hello all,

I’m a new investor and may have come across what appears to be a pretty good deal on a multi-unit property. All units are currently occupied and it has some renovation potential. It’s currently cash flowing about 1,500 a month. My only issue is with it being multi-unit I definitely don’t have the cash to put down on it. Any creative financing ideas on loans/lending for a first investment property that I wouldn’t have enough cash to put down 20% on?

Congratulations on your 2 properties, Elliott! I will definitely keep you in the loop .

Good Evening,

I just finished reading Tax-Free Wealth by Tom Wheelwright, CPA and it really has my wheels turning on the importance of the right Tax Advisor for your business. How have you all went about doing this? Are you "Interviewing" CPA's to see who is the best fit? Other ideas? It seems as though this can be such an integral part of the speed in which you scale and the money saved to put back into your business.

Any recommended tax advisors in the state of Nebraska or Iowa greatly appreciated as well!

Mark, Daniel, Basit - I appreciate all 3 of your responses. All seems to make a lot of sense as far as timing and knowing your location. I fully intend to start out in my local community where I have deep understanding on the area versus venturing too far away. 

Daniel - do you feel like talking with a property manager before you have properties is a bad idea? Or just getting the ball rolling to build a relationship more so what you were getting at?

From everyone's experience did you build a team first before starting to work on deals or go directly to deals and figure out the teams after. By teams I am referring to - did you find a CPA, Lawyer, set up an official business (LLC, Corp, etc), contact an agent, contractors... all the above. Considering doing a mentorship program from a few connections I have made at this point on here, but looking ahead into a few of these other things as well. Any advice greatly appreciated!

Rich

Hello all,

I'm 28 years old and looking to begin pursuing a dream i've had of owning real estate. I've been following the advice I read on the blogs of listening to podcasts, reading books, and attempting to analyze deals. The biggest hiccup I have as I go is I don't necessarily know how to turn this into action and I'm not sure if most are doing their first few deals with a mentor to check things along the way or just go for it and hope for the best based on your personal education? Definitely feel as though i'm in the analysis paralysis stage. Any advice greatly appreciated!

Rich