All Forum Posts by: Ronan Donnelly

I’d be a little concerned about economic conditions in Central Florida but so long as you set conservative assumptions in your underwriting there should also be some good opportunities too. Good luck

Hi @Rosa Kim, great to see another New Yorker getting started. Good luck with your journey, it’s all about the action that you take. Good luck!

Hi @Keiyon Wayne, kudos for you for taking a long term strategic view and looking towards your future.

If you start with the end in mind, you can reverse engineer the steps required for you to buy your own home.

So, start with the methods by which you can buy a home

1) Traditional - save a down payment and apply for traditional financing - you will need to figure out how much capital you need and how much salary you need to qualify. If you buy this way you can make some passive’ish income by renting spare rooms etc

2) Less traditional - seller financing, partnering on a deal, house hacking a multifamily property - all of these are options

3) Wholesale - good if you have time but not capital and you can use this to build capital

4) Flipping - get good at finding and analyzing deals and you should be able to use this strategy to generate the capital that you will need to ultimately buy and hold.

There are a multitude of options so I would suggest narrowing your focus to a strategy that works for you and then execute against that. Also, due to your age you have likely got time and energy so you should look to partner with someone who has got experience and capital but little time so that you can learn and focus on improving your skills.

Ronan

QOZ are relatively new and as you might expect this has resulted in a crowded field of sponsors rushing to offer something with the QOZ label. Like any other deal, I would encourage you to invest because you believe in the deal and because the sponsor has a good track record. If the deal and sponsor are good then the tax benefits are the icing on the cake. If not, then the tax benefits won’t offset a bad deal or a bad sponsor. Good luck

@Michael Temple, if only the all-in-one mortgage was more widely available: https://www.investopedia.com/a...

Hi Trevor, every time we come up against a problem it is either an opportunity to blame others or to take the opportunity to figure out what we have to do differently to get past the problem and in doing so, develop our own abilities. It's the hardest thing to do sometimes but better to channel your energy into solutions than into venting. Good luck!

Hi @Arn Cenedella, congratulations on having taken a long term view to build net worth over time via real estate. If you haven’t already checked it out, @Brian Burke recently released a book on passive investing. I would thoroughly recommend checking it out. Good luck!

Hi @Brian Alfaro, you are walking on a well trodden path by having started with SFH's and realizing that they don't easily scale without building and monitoring systems and they are also less efficient than multifamily.

I followed the same path and having read a ton of books, decided to pay for a coaching program. My rationale was that this would allow me to accelerate my progress which was important to me given that I have a demanding W2 job at the time and was struggling to make progress on my own. I feel like I have gotten more value out of the program than it cost me. I would say however that you could easily make a lot of progress on your own. I would recommend starting with sourcing and underwriting deals and when you find a good one look for local partners to bring experience and capital.

Good luck and remember, there is more than one way to skin a cat.

Hi @Evan Bradley, it’s an interesting question and I think that undoubtedly, many people will reassess and change their living situation as a result of the current crisis. It will Be prudent, from an investing perspective, to see how hard less densely populated areas will be hit by the economic impact of the crisis, if not by the virus itself.

The key lessons are to have adequate reserves, use leverage responsibly, look for diversification across areas and types of properties and lastly, have a defensive playbook for when it’s needed. 

Good luck!

@Reed Meyer - good luck, value-add is a tried and tested strategy. If you find a good deal you should t have too much trouble finding money partners. Just keep on networking and broadcasting your progress on BP.