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All Forum Posts by: Trace A.

Trace A. has started 2 posts and replied 11 times.

Post: Going against the grain for a new investor on internet forums

Trace A.Posted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 11
  • Votes 7

Thank you @Dawn Brenengen! I am just now getting started, better late than never though.  I’ve always been a big stock market guy, and initially started learning about real estate to help diversify my financial port folio.  Which would you say is more useful; TREIA or the BiggerPockets meetups?

Post: Going against the grain for a new investor on internet forums

Trace A.Posted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 11
  • Votes 7
Originally posted by @Thomas S.:

The idea of walking away from a high paying job and giving up on their college education seems like a major waste of a life to me. There is no reason one can not hold down a easy high paying job and still be fully satisfied with doing real estate on the side. Best of both worlds. If only they could understand that a W2 income is the easiest money they can earn and do real estate.

Maybe this whole thing about escaping a rat race is just a extension of millennial thinking. There really is no such thing as a "rat race". Horse race, dog race, car race, I have never seen a rat race. You make your career what it is only in your own mind, it's all about attitude. 

This is a prime example of the misconception in having a college education. People are misinformed of what college really teaches you. College doesn’t teach you how to do a particular job, college teaches you how to think, how to problem solve, it gives you the necessary tools to be successful outside of a controlled environment. Therefore no matter what path you take, whether it be the degree that is on your graduation certificate hanging on your wall, or something completely different, you should still have the basic tools needed to succeed at any job. And, I don’t know of any “easy high paying jobs”. If you do, please let me know because I’d love to waste my life on that career path.

Post: Going against the grain for a new investor on internet forums

Trace A.Posted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 11
  • Votes 7
Originally posted by @Jay Hinrichs:
Originally posted by @Grant Rothenburger:
Originally posted by @Trace A.:

Thank you @Grant Rothenburger! Flipping houses is something I definitely would be interested in if I had more time. Working a full time 50+ hour W-2 job doesn't give me a ton of extra time to be accessible during the day. Now, once I am able to produce enough capital from rentals, I will quit my full time W-2 job, and definitely venture into the flipping 100% of the time. I do agree that my skill set would definitely be more beneficial in the flipping arena.

 Solid plan

Just saturday Morning musing..  However the few years i have been on BP I see this same thought process over and over and over.. I dont like my job.. being a landlord will set me free etc etc..  

I just wonder if everyone could implement this strategy. to the point they had enough rentals to live on .. I doubt there would be enough rentals in the US to satisfy demand.. and there for prices would sky rocket.   Kind of like the guys that teach flipping courses if each one of their class's were they get hundreds of folks in there and thousands who are interested. there simply is not enough real estate to come close to satisfy those numbers of peeps that want it or dream it.. 

And since other than new apartments which are all A class and go to basically big hedge funds.. in the SFR space very few homes get built for rental purposes so the existing inventory is all there is.. they aint making any more.. LOl that creates supply demand.

And that is why prime areas were supply is tight houses cost an arm and a leg and then in other areas were you have populations contracting prices are or have been flat or declining..   Just some thoughts thats all

OP welcome to the site.. good luck on your ventures.

Thanks for the reply @Jay Hinrichs. While I do see where you’re coming from, I don’t necessary agree 100%. I do agree a lot of people base their initial real estate process on procuring enough rental properties to quit they’re full time job. I don’t think it really matters why their quitting, the main thing is IF they’re able to quit. IF they’re rental properties produce enough income to counteract their current W2 job, then why not quit? I’m not saying being a landlord will set you free, because we all know that is probably not true unless you have ton of cash producing properties, which in that case you probably have property managers to manage them anyways. So you’re not really landlording at the point you’re financially free. But of course there will always be enough real estate to go around, I think a lot of the older generations are out of tune with what millennial’s are finding attractive. Studies show that millennials who can afford to buy a house, or even want to buy a house have decreased DRASTICALLY over the last couple years. This is due to the shear volume in debt that generation has put on themselves and/or the ideology that commitment is a thing of the past. The age of marriage has increased, student debt has increased, the age at which they choose to have kids has increased, the number of people wanting to rent has increased, etc... Therefore yes, I do believe there will always be enough real estate to go around. The housing market will always fluctuate in price, but it will always correct itself. If anything, high prices will push even more people to rent because they can’t afford to buy.

Post: Going against the grain for a new investor on internet forums

Trace A.Posted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 11
  • Votes 7

@Minh Nguyen Yes, I absolutely am familiar with your situation. Starting a new career in engineering can be very demanding as it. It will definitely be tough, and you’ll lose a lot of sleep, and have some long nights, but in the end, it will be rewarding. As engineers our brain operates a lot differently than others, which I think gives us that unfair advantage that everyone in real estate talks about. We can use that ability to help us consume a wealth of knowledge in a short period of time. Learn as much as you can, as fast as you can. The best advice I’ve ever received in life is to never stop learning. No matter how old you are, or how much knowledge you think you may have, there is always something new, and upcoming. Keep that mentality and you will be successful in life at whatever you decide to do.

Post: Going against the grain for a new investor on internet forums

Trace A.Posted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 11
  • Votes 7

@Patrick Menefee there definitely seems to be a wealth of knowledge regarding real estate. Whether it be the forums, podcasts, and/or webinars. I’ve found that once you’re hooked on real estate, there’s no stopping the urge to learn more about it. Happy hunting my friend.

Post: CPA Recommendation in the Raleigh-Durham, North Carolina Area

Trace A.Posted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 11
  • Votes 7

Thank you @Ryan Carriere. I'll have to do a little research and get in touch with Brandon. I am sure he is busy this time of year. 

Post: Going against the grain for a new investor on internet forums

Trace A.Posted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 11
  • Votes 7

@Doug Pintarch Thank you! It is definitely a different beast, that's for sure. I am definitely the type of person that fully drowns themselves in knowledge once I have put my mind to something, so I don't think it will take too long to really get the hang of this.

Post: Going against the grain for a new investor on internet forums

Trace A.Posted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 11
  • Votes 7

My man, whats going on? I had no idea you we're big into real estate. We should get together sometime soon and catch up. @Keith N.

Post: Going against the grain for a new investor on internet forums

Trace A.Posted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 11
  • Votes 7

Thank you @Grant Rothenburger! Flipping houses is something I definitely would be interested in if I had more time. Working a full time 50+ hour W-2 job doesn't give me a ton of extra time to be accessible during the day. Now, once I am able to produce enough capital from rentals, I will quit my full time W-2 job, and definitely venture into the flipping 100% of the time. I do agree that my skill set would definitely be more beneficial in the flipping arena.

Post: CPA Recommendation in the Raleigh-Durham, North Carolina Area

Trace A.Posted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 11
  • Votes 7

Hello all, I am currently looking for a CPA in the Raleigh-Durham area who is investor friendly, and has tons of knowledge that is geared towards taxes and real estate. My current CPA does personal taxes, but doesn't deal with a ton of real estate. Recommendations are greatly appreciated!