All Forum Posts by: Scott Rogers

Wow.  Nice cash flow.  I need a few (hundred) of those.  Best of luck. 

Totally agree with @John Warren

There are so many free resources here and online that formal paid training is usually not needed.  Once you have your first cash flowing rental or profitable flip then you could take a portion of that revenue and invest in yourself.  Before you make a huge investment in training make sure it's something that you are truly passionate about and see yourself doing. Everyone wants to live the dream but not everyone has the support structure and drive to get there. Without the support of my wife and my willingness to wake up every morning at 4 am I couldn't do it.

@Bret Winegar  Ah, that makes sense. Thanks

I often think about this as well. There are dozens of homes in my market on the MLS that have been listed for 300 days+

Using the listed price the numbers don't add up.  However at 30% off they might.  The fear is that if I have my realtor shoot off a bunch of low ball offers that he might get a bad reputation and be labeled "That guy".

Hi @Charles Bruce

There are a few posts on BP already about this topic with book recommendations listed. It really depends on what area you want to focus on first. "Mind Set" related books are usually the first level, then "General Concept" type books that cover the realm of investment ideas. Once you have figured out your area of concentration there are recommendations for books in each of those. I am currently focusing on BRRR investing so reading a lot about rehab and financing. Then I will pick up a new "Mind Set" book every once in a while to keep the passion alive. Best of Luck

Scott Rogers

Neenah, WI

Welcome  @Dyon Moore

Being a truck drive you have lots of free time on the road.  That's the perfect opportunity to listen to a ton of BP podcasts. There are packed with information and are very inspirational.  You can also use that time to interview members of your future team.  Get a list of lenders, realtors, investors in your area and property managers.  Ask them tons of questions and listen for opportunities where you can add value to their service as well.  Just don't try and take notes while you are driving, I am on the road as well and value my life :)

Best of luck

Scott Rogers

I only buy MF if it cash flows after adding in the PM fees.  

And people say that the BRRR is dead. I think not !

Great job @Bret Winegar

What would be the difference in how you financed this deal versus just using the HELOC to pay for the entire scope of the project (house + rehab). Granted I am new but this seems overly complex with the delayed financing and escrow.

thanks

Scott Rogers

Those are amazing rent numbers on a property that is < $100K.  But it depends on your end game. If you are not interested in being a landlord then sell it and move on.  Less learned, experienced gained.  #2 should be better.

Scott

The greatest thing about real estate investing is that there are so many options and paths to success.  There are a ton of variables but one theoretical path might be:

1) within 3 years obtain 10 doors each yielding $200 in cash flow each. Will probably drop the 401k contribution to be just enough to cover the employee match.  The theory being that by the time you do retire your cash flow can support you and the 401k is gravy and I you can use the excess cash now to invest in more rentals. 

2) Semi retire and only work 20-30 hours per week at the W2 job

3) within 5 years obtain 25 doors yielding $200 in cash flow each.

4) $5,000 per month might be enough to live on depending on the life style and status of the primary mortgage.

5) At 59 1/2 start taking 401k distributions (4%) and start buying more rentals with your excess cash flow

6) At 65 start taking social security and take your additional excess cash flow and buy even more rentals

This is one of 1,000 different scenarios that a person can generate.