All Forum Posts by: Will Hanner

As most of us are seeing, inventories are either increasing or steady, while sale prices are softening. 

1. How does a softenibg market affect potential investor financing?

2. How can I benefit in a sliding market? 

simply put, if you're a flipper, the need to be even more lazer sharp on both buy and sell side is obvious. For long term rental investors, the skill of negociating a better purchase price (don't overspend) is vital. I remember countless novice flippers who walked away from multiple properties during the last RE slide after that $335K buy with 30K rehab wouldnt list for $315K.

Having worked for Bear Stearns I can attest to the toxic nature of corporate America. I know I'll sound like a Millennial Socialist but after 25+ years of seeing it, the singular focus on profits & butt kissing at the expense of employee well being is a case study in toxicity. 

My direct deposit I won't give up intil I'm 'seperated from the mother ship and fortunately Biggerpockets inspires us fleeing dysfunctional work environments.

The power of RE is clearly seen long term. I was never in to 'investing' until I saw Biggerpockets and ran numbers;

Of the 2 condos I'd bought in 2009 BEFORE I saw this as a business had combined 200K equity. I sell them, put 30% down on 5 properties that immidiately cash flow a combined $2,100. By paying an additional $2,100 per month on 1 of them, within 5 years, 3 properties are without mortgage, putting $3,000 in my pocket every month AND I've got cash flow on two others that bring the total to $3,900 ($47,500 anual) with BIG tax writeoffs.

This represents a $71,000 salary on a net/net basis. So, to your point, RE truly IS overrated for those not willing to invest the 5-8 years it takes to replace $71,000 jobs. 

I feel your pain in every description. I found the more we grow in both age & knowledge, the clearer & more apparent the toxicity is visible. I'm getting forced to the curb due to the number 55 in the age column. 

When I ran math on swapping 401K funds for a down payment on a easy to rent home it clicked. Now I have a clear understanding why the guy in my favorite coffee place is in his mid 50s, retired, and doesn't have a massive 401K or pention. His math is: 

No primary mortgage +

$7,400 cash flow =

financial freedom.

I'm currently weening myself off that '401K scheme' I'd bought into. I'm also working in a corporate culture that is a case study in Dysfunction. I'd like to here from those attempting to escape the corporate world and enjoy financial freedom. 

This group (Biggerpockets) is like therapy for us corporate drones fighting to get our lives back.

MY STRATEGIC PLAN:

Understanding 7 homes w/no mortgages will return $1,400 rent ($1,050 cash flow), my plan is to aquire 14 properties by 2021. At the same time I'm 'HELOCing' my personal home to $0.00 mortgage by 2023.

Then, in 2025, sell 7 properties and utilize the proceeds to help pay off 4 loans. I'll then have a great balance between financial freedom & tax write-offs from the 3 remaining loans. Roughly $5,100 in cash coupled with no home mortgage. In the end I'll have 7 rental incomes cash-flowing over $7,000 per month. 

That's my 8 year plan; it allows me Financial Freedom and will allow me to leave the abject dysfunction that is Korporate AmeriKa...

Thank you for inspiring me ! !

I'll be there...

I got into real estate investing by accident and based on the reality of being mid-level management @ age 54, I'm on the coroprate chopping block. I've got 80K & 100K equity and looking to get started. Bigger Pockets is by far the most dialed-in, pragmatic platform for people looking for financial freedom. I'd relish guidance, and tips on my upcoming 'ride'

I live near Palm Beach and would like to focus on 90K-130K rentals in Port St. Lucie. I thank you all in advance...