All Forum Posts by: Sebastian I.

Kyle McCorkel thank you for the tip! Haha it's exactly what I wanted to hear, but not sure that's a good thing objectively speaking. I guess I can take the risk though, not married or kids yet. Why not live a little, right? I want to get out of NJ ASAP. I'd love to do this in a sunny place out west like Colorado or California. Have any ideas for cities where there are a lot of fixer uppers and good economy etc?

Jd Martin I kinda would like to do this myself but not in Chicago area. I'm thinking Colorado or in California. Do you have any thoughts on any cities where that would be possible to do what your friends did in either of those states?

Thank you Shawn Ackerman !

James,

I think your Airbnb idea is a very interesting one. Will definitely get in touch about it. Thank you.

Chad,

Thank you for the response. I was potentially going to move to CO because I love photographing the mountains etc. I was going to live in that garage and pick up work as an electrician and I think my plan was relatively sound, but I'm thinking I might stay a little longer in NJ because pay is good. Your comments about deals being wolves in sheep's clothing have me concerned a bit. The house appraised for higher than purchase price and the rents in the area will give me about $500/month in cash flow at this place supposedly. Should I not trust the broker who said a single-family in Lakewood will rent at $2100? House is in excellent shape for what it's worth.

Hello all!

Long story short, I'm 35 single and in a dead-end job at the family business. Went to college back in the day for passions of mine in photography/history and I still do film photography today, but I can't make ends meet with it. So I'm here for some advice.

I have electrical knowledge and really enjoy building things as well. I work for my father who has an electrical contracting business, so over the years I've learned a good amount of the trade. I'm close to getting my NYC Master Electrician's license.

Anyway I purchased my first apartment in Jersey City in 2013 and it's been the best investment I ever made and opened my eyes. I bought it at 420K with 80K down and the area has just skyrocketed in value since. I think I may have around 275-300K in equity there. Today I'm leaving for Colorado to close on a second home there in Lakewood near Denver! I purchased for 300K with 30K down. The nice thing about it is that it has a detached garage I plan on turning into a photo studio/apt. I'm very excited about it but I don't know how to proceed. I'd like to leave the family business as soon as possible and live off fixing up places and investing etc. But I can't just leave because where will I get the income to qualify for loans to get the places to fix up? I love the idea of traveling around the US buying fixer uppers for cheap in great areas and doing the work mostly myself and living in them at the same time. Anybody have any tips?