All Forum Posts by: Ryan Stirling

I'm new at this as well, but this deal isn't as great as it seems. You have included any expenses at all in your analysis. Insurance, Property management (unless you do it yourself), vacancy rate, repairs & maintenance - just to name a few.

Look into the 50%/2% rule on this website. A lot of the buy and hold investors push this rule and the more I learn about it, the more it's a great estimation of expenses especially for analysis of a deal.

Some of the people I tried networking with were all about trying to make a deal with me. What I was looking for? How we could partner? How they could supply what I needed?

One person talked with me and the 2 guys I went with about anything we wanted. About his business. About what we should do. About how he got started. Etc.

Those are the type of people I'm looking to talk to right now. People that can act as advisers or at the very least answer questions I have or point me in the right direction. Any suggestions on how I target those people and avoid the people just looking for deals?

P.S. I'm eager to return to the REIA meeting this month.

The REIA I attended (DIG) had great reviews from people there and from people online. I'm pretty sure it's a good place to go; my experience just wasn't the greatest because the meeting wasn't the typical style.

Richard,

Thanks for those articles. Great info in there.

I walked in and signed up as a guest (for my 1st meeting) and then went into the main seating area. There was a guy in a middle of a pitch regarding energy efficiencies and using simple things to help reduce it. I wasn't really impressed. Then, the lecturer for the night came on and his big thing was REOs. His strategy was to target REOs in the period after auction (where the property becomes REOs) but before it hits listing (MLS). He explained that conditions were perfect for his strategy right now. He was a good salesman. By the end of the meeting, I was considering buying his product.

This wasn't what I was expecting. In fact, this wasn't even what the meeting format was described on the website. I networked a little afterwards and I found out this meeting was not the typical. The normal meeting place had some repair issues, so they scheduled the meeting here this month. The investor who told me this information assured me that the normal meetings are much better with round discussions and less selling.

For the 50% rule, if I'm analyzing a deal involving a condo with a HOA fee, does this charge go into the debt service/mortgage part of the other 50%.

Also, what about PMI? Where does that go?

I pulled my credit reports from 2 of the bureaus last night.

The one report showed my one card has being closed/lost/stolen and then a new card as being opened - It's the same account with the same credit card company.

Should I report that to the credit bureau or is that normal business if the card is lost or stolen?

Also, it was a few years ago, so I can't exactly recall what happened (looking for paperwork on it). I think that my card was near expiration and the credit card company sent me out a new one, but I never received it, so they cancelled the existing one and made a new one.

In recent months, I have been taking steps to improve my credit score. That being said, I still have a high interest rate on my one credit card. Is there any strategies on how to get the credit card company to lower this rate? Or if you have a website that explains strategies that would be great too?

Well, it's kind of up in the air.

At my work, I'm in a rotational program, so I'll be in Boston area for 8 months and then moving somewhere else for 8 months and then going somewhere permanently.

The timeline really screws with my plans. Everything I have heard is that you should know your area. Also, being my first investment in RE, I would like to be close to the property in case something happens.

All things considered, I have colleagues in the Philadelphia area that are learning REI now same as me that I may be able to partner with because of my unique situation.

I would love to pull the trigger by the end of the year if possible. Worst case scenario, once I get to my permanent position.

What are your thoughts on this? Has anyone had similar situation where they weren't going to be in an area for too long?

My name is Ryan Stirling and I live in Philadelphia, PA right now and am moving up to the Boston area very soon. I have been learning about REI for the past 8 months (reading books, talking with my uncle who is a realtor/appraiser/buy and hold investor).

In my mind, I’ve always wanted to be a buy and hold investor assembling a portfolio of properties over time. Recently, I have found out through others’ comments that renting a property and managing it is very intensive work. I am still very eager about doing it though.

I am also open to other areas of REI (REOs, wholesaling, short sales, etc.), but I think my overall goal is to buy and hold and develop streams of cashflow.

From suggestions from members of BP, I have started attending meetings a local REIA in Philadelphia and once I move I will be attending meetings at a local Boston REIA.

I have been reading threads and writing a few posts at BP for a few weeks now and I think everything here is great. I hope that I can get a lot of it this site and give a lot to this site.

So, I know this isn't related to real estate, but it does deal with taxes and investing, so I figured some of you guys would have some good suggestions.

Someone I know was in a car accident and he will be receiving a settlement now for the negligence of the other driver involved. I'm curious how this money would be noted for tax purposes - does it count as income (taxable)? does the attorney fee count as a deduction?

Note: The person I know is a minor and is a dependent.

Followup question:
If it is taxable, what are the options to best lower the taxable income? I thought about a 529 college plan?

If anyone needs more information, let me know.

Please help me out with any suggestions.