All Forum Posts by: Tim Ryan

I like your strategy to buy your duplex. Maybe you one a bit run down (so you can find that deal) and fix up while you live there... "Buy in your own backyard first" is a good idea to learn by doing.

Next you need to start getting investors to take down the larger properties with you. You can't do it alone or it will take too many years.

I read Richard Branson's book last year "Losing My Virginity" and it has changed my life. What I learned most is he brought in partners and professionals in every business he owns.

There is Bad Debt and there is Good Debt. I think you are talking about not liking the Bad Debt. If you agree Good debt is Good then you can't still hate can you?

You need to leverage in real estate. When a bank offered me 3.83% interest amortized for 30 years with a 10 year balloon and funded 80% of the 104 unit property, why would I ever turn that down??  

That's the same for a single family. Today's interest rates are practically free money!

CapEx is used on multi-family. There is no extra money available on small properties. When the roof needs replacing, you will be scrambling for the dough. Or just save ALL your so-called Cash flow on the single family rental and expect to spend it on the Capital Expenditures that WILL come up. Sad but true.

Love it! I am also 48 coincidentally. I started at 40 when I woke up one day wondering what I was going to do for the rest of my life (it was my mini mid-life crisis). I am married and have 3 kids and my wife didn't work outside the home. In 2007 we bought a vacation home and watched it lose half its value by mid 2008. Then I calculated all the monthly expenses to operate this "luxury" (about $1800 per month!) - What was I thinking!!?

Anyway, through adversity comes triumph. This mistake of a purchase caused me to get educated on real estate and learn to invest correctly. I now own several properties and am full time in real estate. 

I share your love for this business. 

Keep it up you Rebel !

That's right, it's a pep talk.  Then the next level is you pay for coaching in Kiyosaki's organization (or others) or pay for seminars. I did the same thing. I read and I read and it wasn't till I did coaching programs and live seminars that forced action to buy real estate, did I start to succeed.  I'm not a coach and I'm not selling anything, just giving you my experience. So congratulations, you are now past the first step, welcome to what's next. Go get a property to either wholesale, flip, buy and hold... Partner with someone if doing that first deal is too scary.  Good Luck

P.S. I have enjoyed many Rich Dad books but that one is just mediocre at best.