All Forum Posts by: Robert Burris

 Get a CPA right away not one of the big companies. Check his license and then listen to him. My guy has saved my *** more then once.

@Elliott Elkhoury I have used multiple ideas to work my way up to 5 houses. The one thing that has made my road easier is the people I use. The most important thing is you hit some local investment meetings. Start getting people around you who know the world and are ready to teach you. The house I'm closing on right now came from meeting a couple at the meeting who was moving to commercial real estate and wanted to get rid of a few propertys. The other thing is starting reading books and watch the webinar on here. Good luck and remember no one strategy will get it done.

@Rory Samuels the best way is to get the house at a level where you can pull money out. I buy a house with equity and fix it using my credit cards, then I get a appraisal by my credit union. Then get as much as you can pay back all the cards take the rest of the money and use it for backup on the rental. When you build up enough money go get your second house.

I am very new to investing. I started with a flip that I used my 401k to get. After all the repairs I couldnt sell it and make money so I rented it thru a property manager. I pulled all the equity out of that house to pay the expenses and had enough to buy another house. This house needed minor repair and I rented it out in 3 weeks. I waited 6 months then rolled it and my first house into my LLC which gave me the money for my next house. I'm up to five houses but to be honest I really have not put any money in my pocket. I keep all income in the business and I paid back the 401k with my check from my job.

I ran through this fast just to give you a look at how I have put this together. I listen to BiggerPockets all the time and enjoy the info I get. I also hit the local meetings thru meetup to listen to investor way ahead of me. If you are thinking of getting rich fast with realestate I wont tell you it cant happen but it's not a good possibility. I have struggled and swung many hammers to get my houses. I now still put no money in my pockets but I have built a strong foundation.

The most important thing for you to know is you need to get as many smart people around you as you can. I have a property manager who has my back, a realtor who is a good teacher. And lastly I have a banker who has no problem get loud with me when I go wrong.

@Rex Celle thanks

Thanks I've used them for years. I didnt really thing about looking at their business side.

lol. No there was no step like that. My mistake was registering for the auction. I should have just watched and logged in if I wanted to bid. The good news is I found out the auction house got the previous bidder to take it. Five days of worry and out. I learned a very important lesson without paying big for it.

@Jared Viernes I dont have any knowledge on out of state investing. I can say Wichita is a good place to buy and hold. I have 4 house rentals and am looking for a duplex as my next move. The nice thing about Wichita is a small investment can bring a steady income

@Chad Urbshott I am trying to get out of the deal. I am dealing with them to get the lower bidder to take it and I'll pay the difference. The only way I want to take the hit of screwing over the auction is if I cant come up with the money. I'm not sure the bank will do this just because I have done alot in a short time.

I have put my future in real estate in a very bad position. I was watching a auction on my phone and ended up bidding on it by accident. So I am now closing on 2 houses at the same time. One I want and one I dont. The Auction house will differently set me back. I am writing this to warn everyone to be very careful with auctions on your phone. I am trying to get the auction house to get the other bidder to take it but it doesnt look good.