All Forum Posts by: William Busch

Thats a very nice post and has good points. my question however was what it meant to rent to buy not rent or buy :)

My goal is to start off house hacking which is fairly easy here in springfield, MO once you have enough for the downpayment since a lot of duplexes etc being sold already have tenants. You basically kick one out, renovate that side while living in it, and then kick the other tenant out, move to that side and rent out the nice side for a higher rent. Refurbish, refinance, buy the next place, move into it and rent out the second half of the first duplex.

So far i have alway rented my living space. when i buy something it will be to temporarily live in it and then rent it out for passive income.

Thank you though!

trulia, craigslist, zillow, apartements app, etc

i use a variety of different apps that i itther foud mysel or were mentioned on the podcasts and webinars.

thanks for the tip, and already done :)

thank you you two for your encouragement! I will definitely study more! Although I will need to cut back a little with the hotel opening, but in 2 months or so I should be able to pick up the pace again. Until then I will concentrate on finishing the books and analyzing deal!

Hi BP community!

My name is William Busch, 26 years young, and I live and work in Springfield, MO. I just recently moved here after living 25 years in Germany as a missionary kid. My dream is to eventually own a hotel and I have been pursuing this dream, yet the whole time not knowing how to go about it. Last year I became a certified hotel intustry expert and moved to the U.S. to get an actual degree.

That's when I came across BP! I honestly don't remember how exactly it came about, but I listened to some of the podcast and webinars and after the first webinar we all received he free ebook about 7 figures in 7 year. That's when it hit me. Real estate is the way to get to my dream.

My gameplay is now the following:

Triplexes and fourplexes are rare here in Springfield, MO so I have to modify the 7 year plan accordingly but in gist: 

1. Save up some cash, since I came here with nothing at all and don't like the debt on my car, but like a buffer.

2. I will house hack a duplex, fix up the side I'm living in, switch sides and rent out the nicer side while living and fixing the other side. Refi, and move to a new duplex while cash flowing on the first one. 

3. Rinse and repeat.

4. Once I build some equity, trade up and follow the "7 figures in 7 years" plan, but obviously not in 7 years. But possibly.

5. Eventually trade up to apartments and then to a hotel.

Basically I'm taking it one step further from the apartments in the book.

Why Springfield? Springfield is turning around! It does have quite the high crime rate, but decent schools, and big wigs like the McQuery family and many others trying to bring Springfield back to life as the birthplace of route66. I am working with the McQuery family and IDM to open the Hotel Vandivort (the first boutique hotel in Springfield) downtown, which hopefully give Springfield the push it needs to really take of.

I also just found out that my Assoc. College pastor is actually also a Realator! So I'm hoping to be able to work with him.

I am currently devouring "the book on investing in real estate with no (and low) money down" and I'm loving it! I already ordered the combo for estimating rehab costs and flipping houses. I can't wait to read them!

I look forward to learning more from the BP community and hope to be able to close my first deal beginning of next year. Until then I will continue calculating deals that I find to familiarize myself with the BP calculator.

Best regards

hank you for clearing that up! My idea is definitely to invest so I will steer clear of those!

hi BP members!

My name is William and I just joined and this is my first post so here goes:

After listening to many podcasts and webinars I have been looking around the Springfield, MO area. 

I found some listings on Craigslist that were called rent to own. They ask for a much higher down payment in the range of $1500 instead of the regular $200-300. This does go towards the purchase price, though.

My question is what do you think of rent to own? Is is basically like owners financing or is it completely different?

Thanks a bundle!