[quote]drunkpig wrote:
I started with the free lessons. DL’d and am going through lesson 1 right now.
I have hit a wall in step 2. I searched for REI groups in my area, but the closest one is 120 miles away, and I’m not too sure I want to waste the drive to attend his meeting.
I would like to join lifestyles unlimited, but I don’t live in the Dallas-San Antone-Houston triangle. Is there still mentoring available for someone who lives in West Texas?
[/quote]
Real estate there is way expensive now. I represent a company that is literally putting people in tent camps because there is no place to put workers.
[quote]666Rich wrote:
Great thread. I am interested in pursuing this as well. Currently I am working and doing my MBA part time, ideally my higher income post graduation will allow me to finance RE investments (takes money to make money, right), while still living frugally. I really appreciate the advice dmaddox gives, as it can be a field with so much information (and scams) unless you personally know someone who has done it.
Like the OP, my goal is to retire from the real world at 35 (giving me 8 years from now) and then use RE money to dabble in other ventures like buying businesses, more RE, and a mixture of bond/equities.[/quote]
Just be careful when you do start getting a high income job, especially at a young age. Living frugal is easier said that done when you get alot of disposable income. Im just glad to have made the majority of my mistakes early and I know i still have alot more to make.
[quote]drunkpig wrote:
I started with the free lessons. DL’d and am going through lesson 1 right now.
I have hit a wall in step 2. I searched for REI groups in my area, but the closest one is 120 miles away, and I’m not too sure I want to waste the drive to attend his meeting.
I would like to join lifestyles unlimited, but I don’t live in the Dallas-San Antone-Houston triangle. Is there still mentoring available for someone who lives in West Texas?
[/quote]
Real estate there is way expensive now. I represent a company that is literally putting people in tent camps because there is no place to put workers.[/quote]
That’s probably true in the Midland-Odessa area, but I’m about 250 miles north of the oil fields. Up in the Panhandle.
[quote]666Rich wrote:
Great thread. I am interested in pursuing this as well. Currently I am working and doing my MBA part time, ideally my higher income post graduation will allow me to finance RE investments (takes money to make money, right), while still living frugally. I really appreciate the advice dmaddox gives, as it can be a field with so much information (and scams) unless you personally know someone who has done it.
Like the OP, my goal is to retire from the real world at 35 (giving me 8 years from now) and then use RE money to dabble in other ventures like buying businesses, more RE, and a mixture of bond/equities.[/quote]
Just be careful when you do start getting a high income job, especially at a young age. Living frugal is easier said that done when you get alot of disposable income. Im just glad to have made the majority of my mistakes early and I know i still have alot more to make. [/quote]
It’s really easy to say you will live frugally when you start making money. It’s even easier to live frugally when you don’t have the money for niceties. We went from making 25-30K per year to almost 10X that much over a span of two years.
All the boasting I did about how I would never live high on the hog if I made it ‘big’, was proved wrong. It took a couple of years after that to finally get a grip and start saving a little for the future.
[quote]drunkpig wrote:
I started with the free lessons. DL’d and am going through lesson 1 right now.
I have hit a wall in step 2. I searched for REI groups in my area, but the closest one is 120 miles away, and I’m not too sure I want to waste the drive to attend his meeting.
I would like to join lifestyles unlimited, but I don’t live in the Dallas-San Antone-Houston triangle. Is there still mentoring available for someone who lives in West Texas?
[/quote]
Yes. I mentor people all over the US and some international. There is a lady in El Paso that calls a lot.
Like the OP, my goal is to retire from the real world at 35 (giving me 8 years from now) and then use RE money to dabble in other ventures like buying businesses, more RE, and a mixture of bond/equities.[/quote]
I am doing this. I have put $15k in a trucking company and $25k in a private bank. That bank will probably be bought out in the next year or two and my $25k will become $100-125k.
[quote]drunkpig wrote:
I started with the free lessons. DL’d and am going through lesson 1 right now.
I have hit a wall in step 2. I searched for REI groups in my area, but the closest one is 120 miles away, and I’m not too sure I want to waste the drive to attend his meeting.
I would like to join lifestyles unlimited, but I don’t live in the Dallas-San Antone-Houston triangle. Is there still mentoring available for someone who lives in West Texas?
[/quote]
Yes. I mentor people all over the US and some international. There is a lady in El Paso that calls a lot.[/quote]
How exactly does the mentor process work and do you mind if I ask how old you are?
[quote]drunkpig wrote:
I started with the free lessons. DL’d and am going through lesson 1 right now.
I have hit a wall in step 2. I searched for REI groups in my area, but the closest one is 120 miles away, and I’m not too sure I want to waste the drive to attend his meeting.
I would like to join lifestyles unlimited, but I don’t live in the Dallas-San Antone-Houston triangle. Is there still mentoring available for someone who lives in West Texas?
[/quote]
Yes. I mentor people all over the US and some international. There is a lady in El Paso that calls a lot.[/quote]
How exactly does the mentor process work and do you mind if I ask how old you are? [/quote]
Basically if you call with a real estate question we try and help you out. If the person that answers the phone does not know we will get the answer for you (We have a huge brain trust up here). Just so you know if you work at Lifestyles Unlimited you must own rental real estate, whether it is SF homes or MF apartment complexes. If it is a legal question we are going to steer you toward a lawyer. A lawyer needs to be apart of your team. Same with an Accountant, GC (Unless you want to do that), and all the subs needed to fix things. If you want to fix something yourself by all means go for it, but remember time is money. I might want to paint a house, but it will take me 3-4 days to do it, but a professional will be able to do it in 2 days with his crew.
I am 36 with an MBA and a lot of experience in Finance, Investmenst, and Insurance. Real Estate was a natural fit, but people think it is Rocket Science or Accounting (thats for you Lanky). It really is not that hard once you know what you are doing. A mentor really helps you stay away from mistakes. We really are not good at fixing mistakes, but keeping you from them that is what we do. I am really bad a flips so I do not mentor on them, and try to steer people from them. That has too much risk. The monthly cash flow you get on rentals covers up a lot of mistakes given enough time.
dmaddox - just wanted to let you know your openness and candor in this thread is much appreciated.
I bought a duplex with my brother a few years ago and have been living in the top half, I’ll be moving out into a single home within the next year or so and plan on renting my half of the building, so all of this is very helpful. My brother plans on doing the same thing, although it will probably take him a few extra years to move out.
[quote]LankyMofo wrote:
dmaddox - just wanted to let you know your openness and candor in this thread is much appreciated.
I bought a duplex with my brother a few years ago and have been living in the top half, I’ll be moving out into a single home within the next year or so and plan on renting my half of the building, so all of this is very helpful. My brother plans on doing the same thing, although it will probably take him a few extra years to move out.
[quote]LankyMofo wrote:
dmaddox - just wanted to let you know your openness and candor in this thread is much appreciated.
I bought a duplex with my brother a few years ago and have been living in the top half, I’ll be moving out into a single home within the next year or so and plan on renting my half of the building, so all of this is very helpful. My brother plans on doing the same thing, although it will probably take him a few extra years to move out.
[/quote]
Go for it. If I was single, I would buy a house as an owner occupier then rent it out and move on to the next property. You get a .5 to 1% cut on your interest rate as an owner occupier than an investment property, and get to buy the house at 80% LTV instead of 75%.
[quote]LankyMofo wrote:
dmaddox - just wanted to let you know your openness and candor in this thread is much appreciated.
I bought a duplex with my brother a few years ago and have been living in the top half, I’ll be moving out into a single home within the next year or so and plan on renting my half of the building, so all of this is very helpful. My brother plans on doing the same thing, although it will probably take him a few extra years to move out.
[/quote]
X2, really wanted to say thanks again Dmaddox [/quote]
I appreciate it guys. I need to go on a T-Nation world wide tour and meet a lot of you guys. I actually like it here on T-Nation. One of my coworkers asks if I am looking at muscle men with speedos again. I am on here all the time while at work.
[quote]LankyMofo wrote:
dmaddox - just wanted to let you know your openness and candor in this thread is much appreciated.
I bought a duplex with my brother a few years ago and have been living in the top half, I’ll be moving out into a single home within the next year or so and plan on renting my half of the building, so all of this is very helpful. My brother plans on doing the same thing, although it will probably take him a few extra years to move out.
[/quote]
X2, really wanted to say thanks again Dmaddox [/quote]
I appreciate it guys. I need to go on a T-Nation world wide tour and meet a lot of you guys. I actually like it here on T-Nation. One of my coworkers asks if I am looking at muscle men with speedos again. I am on here all the time while at work.[/quote]
I would love to meet with you and learn the basics of real estate. Thanks for all the insight on the matter.
Also, you should look at the figure athlete photos more often.
So my first 4 books got in last night, about halfway through with the WSJ investing in real estate guide. Pretty much a perfect introduction type book.
Also looking into getting a real estate liscense. Figure it couldnt hurt and i can get access to all of the local listing, meet some lenders and network etc.
[quote]Waittz wrote:
So my first 4 books got in last night, about halfway through with the WSJ investing in real estate guide. Pretty much a perfect introduction type book.
Also looking into getting a real estate liscense. Figure it couldnt hurt and i can get access to all of the local listing, meet some lenders and network etc. [/quote]
I’m considering getting a real estate licence also.
[quote]Waittz wrote:
So my first 4 books got in last night, about halfway through with the WSJ investing in real estate guide. Pretty much a perfect introduction type book.
Also looking into getting a real estate liscense. Figure it couldnt hurt and i can get access to all of the local listing, meet some lenders and network etc. [/quote]
I’m considering getting a real estate licence also.
I find this thread very interesting.
[/quote]
I was hesitant to start it but I am so glad that alot of other people are interested as well and that ddmadox has been so kind to share his knowledge and exprience with us.
I am embaressed by my own admission, but this is something i have wanted to do for years but lack of capital from ‘young and first time seeing money’ spending habbits coupled with fear and doubt by listening to those who will tell you it wont work(because they never did it or failed themselves) put enough fear in me to keep it on the back burner.
Making this thread kind of forced me back into it with some accountability.
[quote]Waittz wrote:
So my first 4 books got in last night, about halfway through with the WSJ investing in real estate guide. Pretty much a perfect introduction type book.
Also looking into getting a real estate liscense. Figure it couldnt hurt and i can get access to all of the local listing, meet some lenders and network etc. [/quote]
I’m considering getting a real estate licence also.
I find this thread very interesting.
[/quote]
I was hesitant to start it but I am so glad that alot of other people are interested as well and that ddmadox has been so kind to share his knowledge and exprience with us.
I am embaressed by my own admission, but this is something i have wanted to do for years but lack of capital from ‘young and first time seeing money’ spending habbits coupled with fear and doubt by listening to those who will tell you it wont work(because they never did it or failed themselves) put enough fear in me to keep it on the back burner.
Making this thread kind of forced me back into it with some accountability. [/quote]
Man, I know those people who are chronically negative about business, love, and life. I can’t get away from them quick enough.
I have several older friends 60+ who have made it from rags to riches in this world. When they talk about money. I listen. I think it’s normal to avoid or fear the unknown.
You’re right, some times you just have to nut up and take the bull by the horns and be accountable.
[quote]Waittz wrote:
So my first 4 books got in last night, about halfway through with the WSJ investing in real estate guide. Pretty much a perfect introduction type book.
Also looking into getting a real estate liscense. Figure it couldnt hurt and i can get access to all of the local listing, meet some lenders and network etc. [/quote]
Not a bad idea at all. Just choose wisely which broker to put your license with. They can take a huge chunk of your commission.
I was wondering if you involved any of your properties with the HUD rental assistance programs. I’m looking at a lot of properties online, and most all of them in my price range are lower-middle class type homes. So I figured a lot of the renters in that market would be on some form of rental assistance.
I’m not sure if I should look to buy fewer, more expensive rental properties - or a bunch of 30-50K homes that would have a higher monthly cash over cash return.
We are attending a seminar as soon as possible - hopefully right after Father’s Day.
I was wondering if you involved any of your properties with the HUD rental assistance programs. I’m looking at a lot of properties online, and most all of them in my price range are lower-middle class type homes. So I figured a lot of the renters in that market would be on some form of rental assistance.
I’m not sure if I should look to buy fewer, more expensive rental properties - or a bunch of 30-50K homes that would have a higher monthly cash over cash return.
We are attending a seminar as soon as possible - hopefully right after Father’s Day. [/quote]
I personally am not a big fan of Section 8 Housing. There are many reasons, but it is the tenets that make it bad. There are good and bad renters at all income levels. Just do the Criminal and Credit Background Check.
On another note I am about to buy an apartment complex. Should return 15-20% annually. This is the natural progression. Single Family then Multi Family.