All Forum Posts by: Chauncy Gray

You are welcome, Dylan. I wish you the best!

V/R,

Chauncy

You are welcome, @Cara Kennedy

Hello @Dylan Roberts,

I have heard of how detailed and meticulous it is purchasing tax liens. I would continue networking, find the tax-lien experts, and learn as much as I can from them before making any investments. It's always beneficial to build your team, then start going after what you want. 

Very Respectfully,

Chauncy

Hello @Cara Kennedy

It depends on what your numbers are. Is the monthly cashflow and cash-on-cash ROI within your goals, below, or above?

I feel it would also to approach a deal with multiple exit strategies.

Very Respectfully,

Chauncy Gray

Hello @Toan Le

I discovered Turbo Tenant, which allows for the owner/tenants to make payments online. 

V/R,

Chauncy

@Misty Evans

Hello Misty, 

May I ask as to what your numbers would be? It would help to determine how much passive income you are seeking to earn per month or per year, and determine the number of flips that must be done in order to achieve that goal. It helps to know how much cash-on-cash return on investment you want, along with how much cashflow you want to make per unit (multi-family units). 

I have read that it is good to have multiple exit strategies when looking at a deal, in case the deal does not work out as planned. 

Commercial real estate is also another option on the table. 

Putting some money in a self-directed IRA account would be benificial. This is only my opinion. Using an SDIRA for funding deals is great from what I have read, and the profits earned using SDIRAs to fund deals are 100% tax-free. The only thing is that the profits earned must go back into the SDIRA account, but the money can be used over and over again as it grows in the account.

Very Respectfully,

Chauncy Gray

@Alexander Velez

Hello Alexander, 

I found it very beneficial going out and meeting people. For the past two to three weeks, I have attended local real estate investor meetings, and I have picked up a lot. I went on my first property tour, and I saw what a finished (I'd say about 85-90% finished) fix and flip looks like. The husband and wife who gave the tour of their property were amazingly kind and were very genuine. They collaborated with other successful real estate investors and they wrote a book, discussing their experiences investing in real estate: both successes and failures. 

The husband actually gave me a free hardcopy and I have been reading it daily. I'm learning from others' mistakes, as well as re-learning the basic concepts of real estate investing (terminology, strategies, etc.). Again, this all happened only because I got out there and I started meeting people. 

I am still in the works of doing this, but the best thing that I can say is continue getting outside exposure, take lots of notes, write down what your financial goals are, and develop your own plan of action. Ask yourself what kind of returns you want to make, and build your strategies around making that mark.

 More importantly, build your own team. Find people who want to help you. You can do all of this while investing in your first multi-family home. 

Very Respectfully,

Chauncy

@Ben Zimmerman, I appreciate your advice. Thank-you!

@Joe Splitrock, thank-you. I have learned a lot of things here along the way. 

V/R,

Chauncy

@Tim S., thank-you very much!!

Very Respectfully,

Chauncy