All Forum Posts by: Tim Johnson

@Natasha Lee Jennifer Beadles is well known for her "Addicted to ROI" site and inner circle. She has a special training (free) in multifamily investing happening next week. Register HERE. Her presentations can sometimes feel "gimmicky and guru-like" - but don't be put off by that. She knows her stuff and investing in the inner circle has been a jump start for many. Especially important if you're considering investing out-of-state.

Avoid credit cards. There are multiple personal loan options (not even based on home equity) through your local bank or credit union if you qualify. Most of these have interest rates between 8-12% depending on length of loan (usually 12-60 months) and have no penalty for early payback. Funds are usually available within 2-3 days.

Yes, you need to repair your credit and get rid of credit card debt. If you can't do this first, dreams of flipping homes will quickly become nightmares.

No, you don't need any credit repair company. Many of these are complete scams. There are countless good articles on how to work on this yourself. If you must seek guidance and counseling - and there's NOTHING wrong with that, check out the list of approved credit counseling agencies HERE. Many of these are free.

Best wishes.....

Travis, from a strictly investment angle - I completely agree with @Eliott Elias. But it's super important that your wife feels well taken care of, (i.e. if there's to be sacrifice involved and delayed gratification.....it has to be a goal and "fun" for both of you); it's also important that you feel like you're doing the right thing by her and your children. That's why in the end, this is a personal question that only you can answer. Best wishes on finding clarity!

@Amelia Cooper  If you already know for sure that you wish to invest there, then perhaps we can assume you've done the normal research of various data such as population growth, average income, crime, annual percentage growth in rent rates, population, etc.? If so, then perhaps you could focus on interviewing local property management firms - arguably your most crucial hire. Is your criteria defined enough that you would have a chance to view several properties as well?

Not sure what you mean by a "container home"... and I can only speak for my area of WA state - but your question would involve rules and ordinances in multiple areas: local rental rules, laws and rules concerning ADUs....and general zoning. So no...in most cases something you describe would not be possible.

You can start reading....that's always good, but if you're ready to buy now your quickest and best option may be to just find a good lender and CPA /Tax person (both of whom work with investors) and set up a meeting with each. If you're still not even sure what kind of questions to ask, you might start with the whole list of books here:
https://store.biggerpockets.co...

Take your pick.....they're all good.

We can't really see the rest of your situation......and don't know your immediate goals...... but with a decent amount in the bank.....why not just purchase an adequate vehicle with cash? Paying for liabilities with a loan over time can sometimes seriously slow momentum in REI. Just a thought.....

"My current income is 100k with 30k car loan, $1750 mortgage, 10k on 2 credit cards mostly from furnishings for house and materials that I pay down every month. I feel like I’m pretty typical for the average adult as far as debt goes. With minimal cash on hand."

Justin, unfortunately I think you're probably right. Work hard to get out of that "typical" bracket into a more financially nimble position. Making 100K a year with no cash in sight may be typical, but it won't move you toward serious real estate investing. And like @Nathan Gesner said, don't depend on your partner as a backstop..... or to help you move into the "serious accounting" world of money-handling. That'll be on you. You've got lots of options. And once you've had some good talks with your life partner you'll have some specific questions for the forum.

Absolutely. Get pre-approved today. Of course, you need to work with a lender that is licensed for the state you wish to purchase property in.