All Forum Posts by: Account Closed

@Lucas Mills First you get a million dollars, then...  In all seriousness you are asking the right questions, which is a great start.  Im my experience if you want truly passive and substantial cash flow in a short period of time, you need significant capital to invest.  I am sure people have personal stories that are exceptions, but that is my experience.  

There are ways to add value other than capital, either with expertise, time, or a deal.  From your post it seems like you want to be hands off, are just starting out, have limited capital, and don't want it to take 12 years.  I think this is the part of the process that can dissuade real estate investors.  

If you really want to generate 3k to 5k in passive income you may have to be willing to do something in the short term as a means to your desired end.   Good luck.

@Jacob Graul congrats on being in such a great spot at 26, that's inspiring.  Do yourself a favor and read the 4 hour workweek.  The other comments are providing good advice, you need something to transition into, not just away from something.

As for debt or debt free, on this site is like touching the third rail.  Many strong opinions on each side, you need to do what is right for you and your specific situation.  You are obviously doing something very right, keep going.  Nothing says you can't put debt on your portfolio later if you want to expand.

Good luck.

@Rousner Ermonfils absolutely pass and move on. A vacant unit is better then that situation

@Spencer Gray New York is not far behind, this time not just NYC but state wide including Rochester where I invest.  A bundle of proposals which make up "Universal Rent Control" will be voted on in June when the current laws governing rent control expire on June 15th.  

@Ryan Paolucci congrats on the deal.  Another point of consideration may be the loan to value of the property.   Do you have a final target in mind for how much cash flow you would like to achieve to leave your job?  What does your cash position look like?

If the 4 units you bought would provide the cashflow you need when paid off you may want to focus on getting the loans to 0.  If you would need more properties to reach your cash flow level then focus on acquiring more.  

I have had a few properties with creative financing that made the deal possible but put the loan to value higher than I was comfortable with.  I worked to get the debt structure and level to a point of I felt good about before moving on.  Good luck

@Nate Bell Of all the times I have referred someone who has threatened to sue to my attorney there has not been a single call.  If they are bluffing they are not going to call anyway so it doesn't cost a dime.  

Ignoring them works well, everyone will have their own opinions but that approach has worked for me.  Have a good one.

@Rachel Luoto sorry to hear you are in that situation, welcome to the club.  I believe almost everyone who owns real estate has either been sued, or threatened with a suit, so you are in good company.

If you have not added a lawyer to your team it would be a good time to do so.  I have found that if you are being threatened with a lawsuit you can provide them with your attorney's name and contact info and let them know that the matter has been referred to legal representation and any future contact should be handled via your attorney.  

As most people are bluffing this stops the issue, they will never reach out to your attorney.  If they are serious using your attorney as a point of contact may save you an accusation or from making a mistake in the process.  Good luck.

@Austin Welty welcome to the area and Semper Fi. Always happy to connect, BP is a great community.

Congrats on starting your journey, Rochester is a great market.

@Trey Nixon I am sure you are going to get some great advice and options for your financing.  You may just want to be clear in your post that you are not posting looking to raise the money, because that would potentially violate SEC regulations.  I am sure you are not doing that and are just looking for some friendly advice, but may want to make that explicitly clear.  

Sounds like you have a great deal, good luck pulling it together.  That seems like the type of property that could make you a lot of money for a long time.  Enjoy.

@Myron Voorhis I use Zillow, Cozy, and Craigslist.  I saw some comments about Craigslist inviting scammers, but I have had a good experience so far.  Good luck