All Forum Posts by: Scott Conner

Hi, My name is Scott Conner. I am a LAN Coordinator at the local paper mill here in Wabash, and while I enjoy my work I am tired of making other people money and want to start making myself the money.
I am new to Real Estate investing, although I have been a landlord for 14 years. When we purchased our family home it had an apartment above the garage and we have been renting it out pretty much successfully for the entire time we have owned the home.
I have been studying and reading all I can on the subject of investing and just looking for networking conections to help me get started and maybe avoid some of the bigger mistakes that have caused so many others to fail.

I agree with both of you, cash is best, obviously if you are like me you will not be able to buy "20 properties in two years" but why would you want to if you had to have 2 million in debt to do it? Scares me!
I will have to borrow as I am getting started, but my plan is to use the borrowed money to do rehabs and flips and continue to reinvest the capital gains in to the next rehab until I can pay for my first rental with cash. Then 90% of the risk in the rental is gone, sure if you have a vacancy you will still have to pay taxes and insurance, but not a mortgage! Yes the taxes will be higher but why pay the mortgage interest a dollar when the taxes are 25 cents. I have never understood the whole you have to have a mortgage to keep the property taxes lower.
Well any way just my two cents worth.

WOW what a great site and service!
Hello I am a 37 yr old father of 4 who is tired of the 7 to 4 rat race! My wife is studying for her real estate sales license, and I am trying to study up as much as possible about rehabbing so I can get out of the rat race. I unintentionally got in to the landlord business when we bought our second home, it is an 1890 Victorian money pit with a one bedroom apartment above a 2 car detached garage.

Here is my plan (Goals) I would like to rehab and resale enough houses to buy and pay for in cash a single family rental, and continue to repeat this process. I am not sure if the paying for my rentals with cash is agreed on by all, but if, all I owe on them is taxes and insurance and hard times come at least the banks won't be able to take them away!

We have been in our home for 12 years and are about to pay off a second mortgage (July) that I took out and wasted when I was young and stupid. Once paid off I beleive we should have at least 50K equity in our home. In our smaller city I should be able to buy and rehab my first house for under 40K if I find the right deal, and expect between 5 and 10K profit after expenses.

I am sure I will be asking many questions along the way and I look forward to some of the great answers I have already seen on this site!

If anyone would like to put in their 2 cents about my plan and goals please feel free.

How much does a Bankruptcy factor into your score? Chapter 13 filed 11/2001 paid out in 9/2005