All Forum Posts by: William Bauman

Hmmm. Great responses. Not sure why I hadn't considered just taking the hit and paying off the debt? I think I love the thought of that. I have to research that now. Although we'll be losing a good chunk of cash in doing that, our "debt to income" ratio will no longer be a factor (negatively) and possibly get us better loan conditions. Am thinking correctly?

Abel, 

Thank you so much for your reply and advice. I was also thinking a MF house hack would probably be a pretty good option to start, however the high cost of our market might make that a real challenge. We've begun working with a lender that I met through a local REI meetup so we're off and running. Thanks again for your input, really appreciate it.

William 

Hello BP,

We've heard of people getting started in REI in worse shape, is there a way for us? We'll cut to the chase, here's our dirt.

The Facts: 

Ages 51/44, Married, w/10 yr. old child

One steady income 45K

One low income & fluctuating (self employed only 2 years but growing slowly)

Living/ renting in NJ (Very expensive market, 2 family units sell over 500K)

Fair amount of debt 37K (Car loan, 2 CC, Medical bills)

Just getting by each month

Combined 401K's =  150K

My 401 (100K) can be transferred with no penalty to a self directed IRA (I had opened up last year in hopes of using some cash to invest in RE)

We are determined to get into REI however we're probably going to need some creative ways to do it with our current situation. We're hoping some of the seasoned REI vets (or any other members here on BP) would be willing to offer up some advice or outline some options we're unaware of. Yes, we're fully aware of the Dave Ramsey method to financial freedom, that's another discussion in another forum. Right now we're looking for different possibilities for entry to REI. I'm sure there are things we may have left out here, please just ask.

Thank you much,

William

Amber, Wow, very similar stories we have. Lost my corporate job, I started a business a couple years ago, have 100k in a 401 (I opened a self directed IRA but have yet to transfer it over). I'm married so our stories may differ there and also change our options. Were also looking for good advice to get started and was hoping there would be some good feedback.

Hello BP Members,

My name is William Bauman and my wife and I are new REI's here on BP. As we begin to map out our plan to become successful investors ourselves, we are eager to see what we can bring to the table to help establish good working relationships with other members. We own and operate an errand and personal services company (We Got This!) that delivers assistant services to busy individuals, families, seniors and businesses. We deliver services such as general errands, pickups/deliveries, waiting services (For utility or contractor appts.) Virtual assistants, Home organizations, maintenance etc. We have seen a few posts from other investors recently regarding the need for help with various duties that they cannot attend to themselves (Waiting for repairmen, taking property pictures, delivering items & courier duties.) This is exactly what our daily business consists of. We have been thinking that if we were to market our services to the REI community, it would be a great way to keep our daily business directly involved with real estate investing, while also helping other investors reach their investment goals more quickly and efficiently. So, what are your pain points? What is a real chore or just takes too much of your time to do? Would it be real convenient for you if you could just offload some of your tasks so you could spend time on other business needs? We understand that we are a local business in Northern NJ and we can't be everywhere, however, we belong to an extensive network of personal concierges throughout the country, and we have the ability to refer local concierges in many cities across the country. Looking forward to any input from members who may have a few moments to give their thoughts.

Thank you so much,

William

Thank you so much Odie! I will be doing all of those things as soon as I am able. Hoping to build my foundation in the correct order. There is so much information here it's tough to know what to do first.

Greetings Everyone!

My name is William Bauman and I am a newbie here in Bergen County NJ (despite having been a member of BP for over a year). I got sidetracked running my business and ultimately lost touch with my long term goal of REI. It has always been on my mind however recently there have been signs pointing me back in the direction I really want to be going. And, here I am. I am thoroughly impressed by the on-boarding process here which I believe is new since I joined last year. The way the site guides you right along the newbie path is absolutely wonderful! Kudos to the masterminds behind this, it's like nothing I've seen anywhere before. So, I stumbled recently on a BP podcast that pointed me to a Real Estate book that I began (listening to) and soon realized, It was way ahead of my knowledge and I just couldn't comprehend it. I stopped listening to that book to search for the "Bare bones, I'm a dummy, what the he** are they talking about" version of how to begin to learn about REI. I have to say for the first time, now I feel like I'm in the right place. I am looking so forward to diving in and choosing the type of deals that work for me and my situation. I am ready to work hard towards that lofty but reachable, holy grail of Newbiedom, My First Deal! I am super excited to be in this group and I hope to make new friends and perhaps some new business relationships. TIA for listening, WB