All Forum Posts by: William Goodrich

Thanks again all.

@Steve Vaughan, I know that's the smartest most conservative approach which is probably right, but I'm just anxious to "get started" when we seem to have some relatively accessible wealth in our equity.  ...and enough income to pay down the debt simultaneously.

@Chris Lopez, we've talked to three lenders and all three have not gotten very creative at all.  The same story: come back and talk to us in a year or so.  Our personal and 3 business accounts are at First Bank so I'll go in there to speak to someone for sure.

@Omar Khan, Boulder is definitely holding us back.  We'd love to keep our condo for the long term, which is a hindrance to moving forward, but we love the idea of coming back here in 30 years.  One option for us is to move to Louisville, KY where my wife's family is.

Thanks @Terry Lao.  Something to consider for sure.

Hi everyone,

Bill here, from Boulder, Colorado.  I'm an entrepreneur/engineer/consultant with a real estate agent wife who works in the Boulder/Louisville/Lafayette/Longmont/Superior markets here in Colorado.

I just finished reading Set For Life and, while we've always talked about wanting rental property and getting (deeper) into real estate, I'm more amped up about it after reading the book.  We have a decent amount of equity in a condo in Boulder and want to explore options to potentially leverage that equity to buy our next property.

I have a related post asking for advice on the Personal Finance forum, here.  ...in case you're in an advice-giving mood.

Beyond that, my wife Jen and I would love to connect with the local BP community in our area and I expect to be on here a fair bit so here I am introducing myself.

Cheers,

Bill

@Mindy Jensen she does a lot of her work in Longmont already actually and we're considering a duplex option out there, but they seem few and far between.  Will keep an eye out though.

Our biggest issue is qualifying for a conventional loan right now.  We both have self employment income only and, as an example, had 9 different income streams last year.  So far we've been told we won't qualify until at least after 2018 taxes are submitted.  So, I guess we'll have to wait regardless.

@Terry Lao, thanks for the tactics.  I will look into those options to get ahead a little sooner.  I think, as I mentioned, our main issue is being stuck without W-2 income for now.

Or... maybe I should be looking for a private money lender?  It seems so unfortunate we can't tap into our equity to really get rolling, but that's what we've been told so far from conventional lenders.

Thanks @Scott Trench.  I just posted there.

https://www.biggerpockets.com/forums/519/topics/57...

Great book.  Thanks for it.

Hi all,

Just getting started here.  I recently finished reading Set For Life by @Scott Trench and wanted to get some feedback on some good approaches to take, from that perspective, for someone starting later in life with some equity but negligible liquid cash.

Here's some stats on where my wife and I are right now financially:

• My wife and I are in our late 30s, no kids at the moment, but that is likely changing very soon.
• ~$250k in equity in our small condo in Boulder, CO (worth about $530k right now) - we owe about $280k for 12 more years of a 15 year refi
• Emergency fund worth of cash (a bit low) and some insignificant retirement accounts ($10k and $30k, respectively)
• "Good" self-employment income, around $150k for both of us (it's all relative and that feels like pennies in Boulder)
• About $20k in credit card debt which should get paid off in a matter of a few months (we had some extraneous expenses in the recent past; long story; "won't happen again")
• About $16k car loan on my wife's Real Estate Mobile (she is a RE agent here in Boulder)

I feel like we're the "Sam" character in Chapter 12 of the book - classically calculating our net worth looks OK, but calculating our "Real Net Worth" comes out depressingly negative.

We really want to get started in REI, but of course we need to pay off our credit card debt and probably the car loan and save up $X first.

Right?

Or, since we have equity, can we jump ahead in the schema somehow?  Would it be stupid to get a rental property in the near term before we save up, say, $100k?  We don't want to leave our condo for at least 2 more years, but would love to get started before then.

My main question: How would you recommend I view our scenario through the lens of Set For Life?

(I'm sure I'm forgetting some detail that might help the math, so please ask questions.)

Thanks in advance!

Hi all,

I'm about halfway through Set For Life and I'm itching to get feedback on my current situation through the lens of folks who ascribe to what @Scott Trench preaches in the book.  Does anyone know of a specific place in the BP forums to post a story and ask for feedback from that perspective?  Or, is the place to start just the "Starting Out" forum?

Thanks in advance.

Cheers,

Bill