All Forum Posts by: Riley Caldwell

I have been talking to the owners of a house that is for sale in Arlington. The owners live in-state but in another city - they are investors themselves. This is a rental property for them. They are tired of dealing with this house and need money. The current tenant will be leaving this month. It is in a good area, and has an acre behind it. It is the older, cheaper house on the street. I have several value-add ideas for this property. I see potential for a good rental property or a fix and flip. Their initial asking price is high, however I was quickly offered an 'allowance' for repairs without even trying. And I know they just want this headache gone - so consider the price very negotiable. I have not done a real estate deal yet. What I'm looking for is somebody that is interested in this deal who is willing to let me 'watch from the sidelines'. If it turns out that you wanted it, I would be more than happy to help with any repairs, managing, anything. I want my foot in the door of real estate and doing is the best way to learn. If anyone is at all interested in just taking a closer look, please get in touch!

There is a house that is up for sale in the neighborhood that I grew up in. It caught my eye because it is For Sale By Owner; which seems to be much more favorable than through a Real Estate company. Am I wrong?

Anyways, the house is probably, by the looks of it (very quaint), the cheap house on the block. I've read before that buying the cheap house on the block in hopes that you can raise the value is a bad idea. However, I'm interested not in a flip, but in making it a rental property or doing a wholesale if possible.

I think it could potentially make a good rental property because it is the smaller, more quaint, older house on the street; which would make it cheaper. And, it's in a good location. A great, neighborhood ( a community within Arlington), it's quiet, has two good parks extremely close. It's within 3-5 minutes of the highway, under 10 minutes to the mall, 5 mins or less to Target and Walmart and a massive array of restaurants.

As I put in the title, this would be my first deal. I'm anxious to dive in, I'm nervous to dive in too soon, but also don't want to watch an opportunity pass by.

What should I do? Call the owner and get basic info? Asking price, state of the property/ repairs needed, reason for selling. Then use that to run numbers? Any tips?

I'm dying to break into RE! 

I'm still in my beginner learner phase, and I learn best by doing.

I am hoping to find somebody that would be willing to walk me through a random deal or two, or a past deal that they have done - to learn to see if it's a good or bad deal. I would like to be able to pay you back by then being able to scan through deals and send potentially good properties to you. Helping you to filter out bad deals.

I'm a very resilient learner, I'll keep going until I understand it fully. Any type of mentorship would be EXTREMELY appreciated, and I will put all of my efforts into making the most of any assistance offered.

And, is a request like this unreasonable?

Thanks!

Riley

I'm 21, and married. Marrying young may not be the most financially intelligent thing to do most of the time; however, I feel like I actually have an advantage due to my wife being intelligent and not consumeristic. Two incomes, one roof!

I need to be financially free and able to live my life how I'd like to. Hopefully with enough money to do great things for my family (Giving parents a great retirement, top-notch education for my kids, be able to give my wife a great life with excess, travel the world together, the usual...)

My plan thus far is this:

-Begin building credit (currently have none)

-Begin investing in buy and hold properties ASAP (probably looking at FHA loan on multi-family with a cosigner to get going)

-Continue pursuing Bachelor's in Computer Science

-Graduate and find software engineer position

-Live below my means and be investing as much as possible into buy and hold properties (I aim to be generating 10k+/month in passive income in my early 40's)

-Once my passive income can support my expenses -possibly before- begin a startup

-Keep working towards that 10k+/month and retire when/if I feel like it

Does this seem like a good, sensible, plausible plan? 

Should I invest in places other than real estate ie individual stocks/ 401(k) plan etc?

I GREATLY appreciate ALL feedback - positive & negative.

Hello! I'm going to give some suggestions that I've heard from the Bigger Pockets Podcasts. I do not own a property yet - so keep that in mind. On the podcast, Brandon suggests Allure flooring from Home Depot as a not too expensive, good looking and long lasting floor option. One of the guests mentioned porcelain tiles as another great long-term option. Hopefully that helps you!

@Dimitriy Fomichenko (I'm not seeing a list of names come up anywhere)

Thank you for all of the starting points! I really appreciate that.

Hey, everyone!

I figure my bio pretty much tells it all - so I'll just paste it here.

While trying to figure out what direction I want to take my career, I've been taking classes with my sights on a bachelor's in Computer Science. I've been following this path with a lukewarm interest, though. On top of this, I have been educating myself on entrepreneurship, business and investing. And with this learning has come a new passion for those things.
Finding this passion has been hugely freeing and I want to take that and move forward with it NOW. I have no prior experience in real estate - I'm beginning that journey here. At the moment, my goal is to create a more passive income stream for the future, and to understand how money flows through each corner of real estate.
I'm excited to be here and to get to know many of you!