All Forum Posts by: Dave Nay

@Elizabeth  Colegrove

Thank you for that encouragement :)

I would love to hear how you  pulled  those first few deals together?

Have  a  good  one  

Dave  

@Joe Pickett

Thanks for  that insight!

Going  owner  financed might be a great strategy  for  me. I also  like rhe idea  of holding the  mortgage and not having any maintenance headaches :)

I am guessing these are  single family  correct?

Have a  good  one  

Dave  

@John Matthews  

Thanks for that quick tip ;)

Since i have a HELOC in my name already most banks will only allow you to have one home as primary at a time.

You are correct about the one year to satisfy the o/o requirements.

Thanks again 

Dave 

@ John Matthews 

Thank you  for  that thoughtful response.

The  owner occupy is a great strategy ,however, since i own a property already I would have  to  transfer  it into someone else's name  and incur a 2% transfer  tax.(thanks  PA) even with that tax it may still be a viable option.

I do spend about 50 to 60 hours a week  behind the  wheel  ,so yes,  i get alot of listening  time in :)

@ Kevin Delaney

i can get a single family move in ready 3 br 2 bath on 1/4 to 1/2 acre  stainless  appliances  for  $120k. In a desirable location to boot!

In Morrisville  if i found something for that price i would need to sink another 30k to make it livable and still not be in the most desirable location.

You point about being closer is taken for sure.

Have  a  good  one  

Dave  

Hi Folks,

Josh,Brandon and everyone else THANK YOU!!!!

What an awesome site you guys, and gals, are crushing it! Everyone I see that is even remotely related to Real Estate I rave about this place 9 times out of 10 they get pen and paper and write down the address.

Ok,

About me, I am a 49 year old truck driver who's pension, for various reasons, is going down the toilet! My current gross income is about $70k per year.

I decided after reading Rich Dad Poor Dad....I know it gets mentioned a lot around here...lol

I knew I needed to take control of my finances.So After listening to all 109 pod casts, some several times, and reading/listening to audio books I decided to start a Real Estate investment Co.I like the idea of passive income from a buy and hold strategy.

I have $25k in cash from a HELOC and about $10k in credit cards that are all paid off.

My goal is to be able to stop driving in 10 years and manage my properties.

My immediate goal for this year is to purchase my first multi family and have it rented by years end.

I really like the Charlotte NC area since you can get so much more for your money.

I currently live 30 miles NE of Philadelphia Pa and prices are a bit high around here.

Brandon has said several times that you should be able to find something affordable within a two hour drive from any market.

I guess what I am looking for is some feed back, as to, weather or not my 10 year goal is to lofty, and also, what should my next move be?

Since, I only have $25k in cash what price range should i be looking at in order to have a modest cash flow from the start?

Thanks again for everything,

Dave