All Forum Posts by: Travis Henry

@Jeremy Karnes It might be helpful to take a step back to determine what your ultimate goal is and let that be the guiding factor in this decision. SFHs are very accessible, but don't offer the same economies of scale the way multifamily properties do. There are trade offs between the two and it might be worth looking at this from a couple of different angles to determine which way you'd lean.

When you say that the multifamily properties in the Houston area aren't very nice - is there an opportunity to force appreciation through a rehab? I realize this requires more money on your end, but maybe you could think of it as a live-in flip and slowly rehab the property since you'd be there for at least 12 months anyway. Or, were you mentioning the condition of these properties to say that you wouldn't want to personally live there?

@Dayton Komarek Read lots and lots of books! Here are some of my favorites that helped me to get started:

1. Rich Dad Poor Dad - Robert Kiyosaki
2. Long Distance Real Estate Investing - David Greene
3. The Book on Investing in RE with No (and Low!) Money Down - Brandon Turner
4. How to Win Friends and Influence People - Dale Carnegie
5. Never Split the Difference - Chris Voss

There are lots of great book suggestions in the forums. My recommendation is to read a few real estate specific books and a few personal development books, then take action! Good luck!

@Seth Macomber There's so much power in journaling! 

Another big one for me is grabbing a cup of coffee with someone once per week. Whether or not they're into REI, I think everyone has a way of adding value to your investing journey (plus, expanding your network is always a good thing!). Sometimes, being put in a position where you need to articulate your goals to someone who isn't familiar with REI will help solidify your thought process.

@Frank Leone I'm afraid I can't speak specifically to your example. In my case, I had received gift funds to use toward a down payment on an investment property and needed to season the funds for 60 days. I wouldn't have been able to (nor would I want to) convince a lender that I had $50,000 in cash under my mattress and only decided to deposit to a DDA when I was ready to purchase something.

@Frank Leone As Christopher mentioned above, the funds need to season for 60 days (or two statement cycles). I had this same question not too long ago and figured at some point, the gift funds from another source would have to eventually be considered "your money."

I've talked to several lenders in my area and many of them are content with the 60-day seasoning period simply for the fact that the deposit doesn't show up on the statements you submit for underwriting. But, Christopher does bring up a good point about banks looking at inconsistencies between average account balance vs. current balance, and one I hadn't thought of considering nearly all the potential lenders I've talked to gave me similar answers.

@Rick Howell Funny you should mention that book - I literally ordered it this past Monday and can't wait to get into it!

@Rick Howell The "Working Without Breaks" thing is something that's been a struggle of mine for a while. Sometimes, it seems as if intentionally creating these start-stops kills the momentum (or perceived momentum) of a project, though I agree that extended periods of intense work has the potential to lead to burnout. As you mentioned, the issue is more about learning how to identify good stopping points (i.e., smaller goals) within a project rather than trying to figure out how to rebuild momentum each time!

@Jacob Allweil You might be able to find some good information on the Economic Development website for the city of Charlotte. Likewise, you could google "economic development [city in Michigan]" that you're interested in and find similar information. These should provide a good base of information on demographics, unemployment rates, growth projections, etc. to get started! 

Another option would be to look for the city's Master Development Plan, which should give you an indication of the community's objectives, the existing physical and demographic conditions, as well as any development plans for the city and how they will be implemented.

Sorry, one more thing - you might consider picking up the book, "Big Shifts Ahead." It was mentioned on the podcast a while back!

This one absolutely blew my mind. Having lived in Seattle from 2010-2016, it was crazy to watch the city rage firsthand when our dreams as back-to-back SB champs were dashed on the one. I've heard the explanations and the thought process behind the fateful call, but not the way Annie described it in this episode. Definitely one of my favorites!!

@Brian Levredge Sorry, Brian, literally just saw your post! That's a great point and one I hadn't considered. Maybe you can help provide some clarification on how this would work - let's say we have a family of four, and the dad gets deployed with the 101st. Are the wife and kids able to leave the property, essentially ending the lease prematurely? I could imagine a case where the wife may decide to move the kids back to their home state...