All Forum Posts by: William Joel Idleman

This is a great question.  If you take a part time job then you'll have a security blanket.  Sometimes this can prevent you from making that additional call or going to that extra meet up that is necessary for success as a real estate agent.  I would ask myself two things, "Can I eat without my part time job?"  If yes, then go all in all real estate.  Second, "If I take a part time job will it give me too much security and I won't do the things I need to do?"  If yes, then really contemplate on whether or not you should get a part time job.

Jerry, pay the money and have an attorney from your state review and revise your lease agreement.  You may find an attorney on here that responds but most likely not.  They get paid for the very advice you are asking them to provide.  Second, advice from anyone else other than an attorney in your state is worth as about as much as you'll pay for it.  Will a BP forum member show up in court to defend you if they gave you bad advice?  No, but a good attorney who reviewed the lease should stand by their work.  Personally, this is one area I don't mess with and I always hire the best.

From what my attorney friends have told me, it is the landlord's responsibility.  Also, if mold appears you can be held liable for any health issues that arise.  (Again, I'm not an attorney and you should have a legal professional answer your question.)

Hey Adam, maybe you should try vacationing to different areas you interested in investing.  If you do it right, those "vacations" can be a tax write off any way.  I bought property where I wanted to live.  I like San Antonio, and the beach is only two hours away.  I bought in San Antonio.  My next purchase will probably be a beach house because I want to vacation there.

Start by reading real estate and business books.  Try and get a job with a local property management company as soon as you can drive.  It doesn't matter what you do for them, you'll learn a lot just by working there.  Start saving now and do what Nathan said!

 So you're saying FF will place your listing higher just for better quality photos uploaded?

San Antonio is an extremely hot market. It took me 2 months to find one deal that cash flowed. Granted, I was using a VA loan but even if I wasn't, the returns were trash for the capital employed. The market is currently cooling there. Check out new construction because builders will often credit you closing costs and only require 1% earnest money to hold the deal. In my opinion rents are behind and haven't increased with the price of housing. Historically, rents will pop and catch up with the market. Right now, what you're finding is what I'm finding. My advice is to keep looking and keep it simple.

I look for properties that; 

1.) have a positive cash flow
2.) are in a great neighborhood
3.) are less than 10 years old and I prefer new build

You can dig into the technical all day long.  If you buy it and the AC goes out a week later then your technical analysis doesn't really matter because your profit is gone for a couple of years.  What I'm saying is, whatever you buy is going to be a risk and an even higher risk in a hot market.  I'd recommend house hacking your first deal and just trying to live for free.  This will teach you how to collect rents, how to deal with tenants, how to find and screen tenants, and everything else that comes with being a landlord.  The nice this is, you're on site and can respond quickly.  Not sure if this helps but it's what I'm doing.

I get what you're saying.  It's creative for sure.  I don't really understand how the credit card company would go along with it.  They aren't making money.  I can't speak for Chris, but my understanding is that a loan is considered unsecured if it's not backed by a physical asset.  So, the secondary lender by definition would still consider the loan unsecured because the credit card is not considered an asset.  It's considered a liability.  Then again, maybe I'm way off and you'll be super successful and one day write a book about it.  Best of luck!

 I'm with Chris on this one.  It will be considered unsecured so the interest rate will still be high.  Using credits cards without paying off the monthly balance exponentially increases the risk of total failure.  Keep thinking.  You'll come up with something that will work!

I'm not a fan of variable interest rates in a rising interest rate environment. So, a HELOC would not be my choice. Way too high risk. A HELOC puts the government in more control of your property.

Option 3: Talk with your spouse about what comforts are necessary.  If your spouse isn't happy at home, then your level of success won't matter.  It won't be fun.  It'll be miserable.  Sell your home and spend a little money updating the family-owned home to bring the living standard to a more comfortable level for your spouse.  Yes, it's a loss but consider it the rent you aren't having to pay.  Also, if you update it enough maybe you can talk your spouse into staying there longer and really ramping up your strategy.  Comfort vs. sacrifice is a sliding scale and everyone's tipping point is different.  Take the rest of the cash and put it into your real estate strategy.  It's also extremely important that you set a goal as to when your family will go back to the previous comfort level.  A spouse may be willing to make the sacrifice but will need to know that there is a time it will be over.

Hey Jason, I've got 16 years in the Guard and spent 4 years AGR.  I'm a financial and tax planner.  You're exactly who I help.  I'll send you a message to connect.  Congrats on getting to retirement!