All Forum Posts by: Account Closed

@Eddie T.

It is much easier to pay just my property taxes than my property taxes and a mortgage.  If I have multiple properties leveraged, it makes it just that much harder if something happens.  However, I did not say "own free and clear" and everyone knows that we still have to pay property taxes.

I was referring to being able to make a house my actual home in that I can paint, redecorate, etc. to my taste instead of keeping things generic like I expect my renters to keep my houses.  If any house can feel like your home, kudos to you!  

Are you working towards paying any of your mortgages down?  If so, why?  See, I want to go into retirement with everything paid off and I believe ultimately, that is the goal of most investors as they near their 60's and 70's, even if they "retired" from their day job much earlier.

If that isn't true, it is just because we have a differing worldview on debt.  I stand by my original statement that Grant doesn't "own" anything.  I am not impressed by these kinds of "headlines" because they don't do the average investor any good and could actually do harm.  Show me some stories about the common investor that I could actually duplicate and that would speak many more volumes to me.

I seriously doubt that Grand Cardone "owns" anything, let alone $600 million worth of real estate, BP.  It's all leveraged.  If the market tanks, so might he and all his investors!  That would  be a risk I would never be willing to take.

Trying to build a business that would sustain your family so that you can quit the 9-5 is not a get-rich-quick scheme.  Get your own finances under control first and then begin to purchase real estate.  The lessons you learn as you do that will be priceless to you.

I, like you Daniel, am not out to build an empire.  I don't have the energy to build it or sustain it even if someone else manages it.  You still have to manage the manager.  I like owning my own house too.  It's mine to make my own HOME.  You've heard the saying "There's no place like home", right??  So true!

Yes, you definitely mitigate costs the more houses that you own, no escaping that fact.  

For some people, caution is better.  You have to know your own risk tolerance.  It's not the same as anyone else's and certainly not someone like Grant Cardone.  

Wish you the best as you get started!!  

@Jay Redding is very experienced with this.  Jay?

I got a response from the main library and they said that they would have to charge a rental fee for our group since it is not a non-profit or government group.  The fees range from $40 per hour for theater style for 70 people and up from there.

I can contact several of the local branches as well and see what they say.

Agree, Drew, much needed!  Don't do food and my preference would be a Monday, Tuesday or Wednesday evening.  If anyone's subdivision has a clubhouse, that could work.  Some grocery stores even have small meeting rooms or the library. Keep me in the loop.

We all started out just as uninformed about this subject.  Bigger Pockets is a great starting place that a lot of us didn't have when we began.

The first thing I would do is be sure to be on a budget, living as tightly as you can, and then possibly house hack right where you are living.  If it seems too high there, could you move out a little further or possibly into Indiana?

Let me know if you need contacts in the area!

Do you want to have an established LLC in Indiana? If so, then you need to register with the Secretary of State by picking a name for your business and paying the fee. I think it's around $85 at this time. Also you need to register for an EIN.

As Creig mentioned above, you can also send in information to the assessor's office to have your property taxes lowered to the rental house rate which is helpful.  

The Fort Wayne market is on fire at this time, the hottest market in Indiana.  There are definitely not deals to be had unless you go off market or are from out of town and think our prices are cheap compared to where you live.  A house I bought a few years ago for around $15,000 just sold for $22,000 in what I consider the hood.

I'm also in Fort Wayne and own 20 rental houses.  One thing you might try is to see if the owner would do seller financing for the properties you are considering purchasing next.