All Forum Posts by: Bill Goodland

Awesome job! Regardless of the tax implication of using the IRA I'm sure plenty of newbies like myself would love to just make a profit on their first flip as it was obviously a big learning experience. Any estimates to what your numbers would have looked like had you evicted right away?

@Anton Ivanov thank you for the reply, and yes I definitely agree that the market, neighborhood and property research are paramount in picking a property. I wouldn't just blindly pick one to drop my savings into, but it seems like most of the companies I have come across are in fairly decent markets in the midwest which is why I'm looking for a few more specifics. Obviously one street can be far better or worse than another street in a neighborhood which requires more in depth research, but information on specific companies would still be helpful to narrow down my search.

Hey guys,

Now as I am preparing to make my first REI in the next few years I am evaluating all options including their associated risk/reward and what best fits my lifestyle. I am by no means opposed to putting in the work of finding good deals through direct mail and networking, or negotiating and vetting contractors for rehabs; but I gotta say that these turnkey companies make it look too good to be true. Now I've read that you have to be careful because of the horror stories of bad property management companies and tenants they may put in place, but its hard to convince myself why I should do anything besides turnkey if I want to build long term wealth with my worst headaches being possibly replacing tenants or a PM company given they can provide proof of major repairs and rehabs already having been done. With that being said, I haven't been able to find many reviews or success stories on turnkeys companies. Can anyone please make some recommendations or share their experiences with specific ones? I know this has probably been asked before but any feedback would be great.

I will be moving to the Elkins Park area in August to begin grad school and have been curious about buying a multifamily unit to house hack. Upon staying in some airbnbs in the philadelphia area and doing some research I realized that although it requires day to day management, could be rather profitable compared to traditional leasing. Can anyone provide any feedback on this?

Another thought I had is that in the case I don't end up personally investing before I start school, was wondering if anyone would considering a partnership managing their properties for airbnb rentals as I could communicate with guests, change sheets etc. for a portion of guest rental fee or kickback on rent. Don't know if this is the correct platform to ask but figured it could possibly be mutually beneficial for someone who doesn't wanna manage day to day activities but could give some insight and basic property management experience to a future investor.

Welcome to BP. I'm new as well but have been trying to learn as much as I can too. I too am a future physician assistant as I will be starting school this fall in philadelphia. I'd love to hear your input on balancing a life in healthcare while still finding time to be an active investor

Hello,

As you can see by my subject title, I too like I'm sure many of you do are looking to build long term wealth for themselves and their families. I currently reside in Suffolk County Long Island, New York and have been learning as much about real estate(books, podcasts, forums etc.) as possible in my year off before I attend Physician Assistant school in Philadelphia. I am reaching out to the BP community for any advice or guidance from experienced investors on how to get my feet wet before diving into real estate in the coming years.

My thinking was to reach out to some wholesalers or flippers on long island to see if there is anything I can do to help their business such as driving for dollars, direct mail, or taking calls in return for them teaching me about the business before I head to Philly in 8/17. 

House hacking has intrigued me as well and I was wondering if anyone knows if I may be able to qualify for a 3.5% down owner occupied multifamily unit to get started in the Elkins Park or Jenkintown area while in grad school. If not, I would possibly be looking for guidance or partners to do my first deal as I have good credit, a good salary currently(although not once I'm a full time student), and some savings; although most likely not enough for a full 20-30% down payment on a multifamily on my own from a traditional lender.

I'm young and ambitious and know it won't be easy or handed to me, but any tips from you guys on how to set myself up for success for years to come would be greatly appreciated.