All Forum Posts by: Sam Wilson

@Barbara Wilson-Scranton - so very sorry for the loss of your loved ones, but I'm sure they'd be honored with both your attitude towards their gift and your thankfulness for it!

And congrats on the start of your REI journey! Please post before/after pics of the remodel! I love seeing the value-add investors bring to homes and to their renters!

@Shera Linares - Congrats on passing your exam!  I suggest contacting Calvin Newton.  He is a commercial lender in Colorado who specializes in assisted living communities (I think he develops them as well). He spoke at the Best Ever conference a few years ago and I was impressed with what he was doing.

 He isn't on BP but you can find him on LinkedIn.  Message me if you have any trouble locating him and I can send you his contact info.

Best of luck!

@Patrick Echlin -  Thanks for sharing all of that!

And super cool about the microbrewery!  What is it called?

And I'll pretend I didn't read #3 because it is late and I don't want heartburn thinking about regulators, codes, zoning, etc.  Nothing can ruin the joy of good deal or project faster than a bureaucrat!  Hope it all turned out great at the end!

@George Farrell - I totally get that! One thing I love about REI is there are so many aspects to it and as a finance guy, I get to geek out over REI spreadsheets and numbers!

As part of my job I get to interview lots of people in and around the REI industry and I am continually amazed at all the different paths people take in the REI journey and the framework and desires the have that work for them!

Keep me posted!

@Patrick Echlin - Congrats!!  and Welome to BP!

Thanks for taking the time to share all of that!

I have a couple of questions for you:

1.  I looked up both Ypsilanti and Litchfield, MI on google maps and it said they were about an hour to an hour and a half apart.  I was wondering if you had an inital radius you were wanting to purchase in or certain cities, like Litchfield?

2.  I know from years of working with contractors that some of the challenges with remodels is simply making sure contractors show up and do what they are supposed to do.  Has this been a challenge for you since you aren't in the same city?

3. Also as a business owner, I'm always curious when people post about business lessons learned! Could you please share more details about that? Was it still connected to your REI?

Thanks again for sharing!  Look forward to hearing how it all turns out!

@George Farrell - I'll add to your gym analogy:  sometimes you just need to start!  (Unless you have found a way to gain muscle by reading! :)

A few other questions to consider:

7.  Is this a retirement goal or a career change goal (or a mix of both).  

8. Are you wanting to be an active or passive investor (or a mix of both - that is what I chose)

9. What can you do (invest in) now with the resources you have?  Does that fit with your goals?  What other resources do you need/want?

10. What current time commitment do you and your wife want to make towards REI? Future time commitment?

When my wife and I started we started with single family housing (flips, foreclosures, rentals, etc) in two areas of Tennessee we knew well. Mainly because that was what was financially and educationally available to us at that time. We knew we wanted to focus our career and retirement on REI but our scope was initialy limited, so we jumped in where we knew we could swim (and make money!). From there our portfolios, education, network, etc continued to grow and now we are involved in multifamily in multistates.

I say all that not to brag, but more to share that while 5, 10, 15 year plans are important sometimes just getting started is the best teacher and the best navigator to your longer term goals.

Hope my 2 cents helps!  

Please report back what next steps you all take! I love hearing how REI journeys begin!

@Brady Wiley - Welcome to BP.  We aren't based in Houston but did do a parking lot deal last year!  Check out the events put on by Quest Trust Company (they used to manage our SDIRA).  We have gone to a few and there were many local, active Houston/Texas investors there!

@William Coet - Changes in rental regulations and similar landlord/tenant laws.  For example, I recently heard of landlords asking for 6 months rent in advance and high deposits due to fear of moratoriums on rent payments. 

I would also assume that as the single family market cools and houses become more affordable that (in general) people would move out of multifamily into single family. 

@Michael Ablan  - Love it!  I'm already looking at ways to incorporate this!  Thanks again for sharing and responding!

@Frank Basile - I just wanted to say I'm excited for you and completely jealous!  My dream is to move to CO and be close to ski resorts and the mountains (I love mountain biking and snowboarding; not sure how we ended up living on the delta in Memphis!)

My wife and I did two separate RV trips for several weeks last year to explore different parts of the state. Primarily to see what other areas outside of Denver could be a possibility (with our desire to have space but still be close to an airport).   

Please report back when you find/make your purchase!