All Forum Posts by: Chris Boyington

@J Scott

Got a couple of your books…. Thanks for giving back, giving knowledge.

@Abigail J Steinert

Big asterisk to this, I’m still new at this... but you are turning the equity in the “paid for” property in to liquid cash you can use to go buy more property. If it’s an income generating property, you get that pesky monthly payment down under what the rent income is, and pocket the spread. Minus what your management and maintenance costs of course.

I’m looking for ideas for what to do for healthcare insurance when we get to the point where my wife and I are fully self employed by our real estate investing and other businesses. Our family has a lot of complicated health issues. I’m pretty sure we were a significant source of funds for the new wing at the children’s hospital. Where did you find coverage when you left your W2 jobs?

Thanks in advance,

Chris

@Melanie Stephens

Biggest mistake in real estate was not investing in it 20 years ago.

@Paul Brown

Why not start a staging business? You have trucks and guys that can move furniture. It’s just moving the same furniture over and over again. In one week and out the next. You may need to hire someone with interior design expertise and get some inventory of couches and tables but I think that’s a great fit for what you have already. Get your top tier employees good with hanging pictures and you are set. Chicago is a huge market so you will always have work. If you expand to Milwaukee let me know!

@Emily Beck

So here is a unique perspective. I don't have a 4 year degree. I've been "unessentialed" for the last year. My wife however is still employed with a local university. They have a free tuition program for employees and their families. A few months ago I decided to give it a shot. I submitted the paperwork. Since then, we have decided to become real estate investors, and have put in a lot of effort into our business. Kinda forgot about the college thing. Get a phone call from the university and my application is moving forward here is your course plan, you should be good to start in June. I am second guessing going back to school now because I don't want to take time and energy away from our new REI business. That's a lot to take on all at once. You don't have to have a business degree to have a business. Just make sure you pay for the best lawyers and accountants you can find. In your position, I would hold off on the bachelors degree until you get your own business established. The degree you currently have got you where you are now. If real estate is a side hustle or a full time gig, a bachelors degree isn't going to change the outcome of the effort you put into it. They don't teach those skills at a university. Once your business is where it needs to be, then go and get that cap and gown if you really want it.

Hope this helps.

Best of luck to you whatever you decide!

What kind of neighborhoods are you looking for? In a 5 minute drive through Milwaukee county you can se $50k homes and $5M homes on the lake shore... For your standard 3/2 SFH you can find a lot to n Oak Creek/Franklin area. Tons of small multi family all over. You can look in Kenosha and market to Chicago people that want to leave Illinois but not their job.

@Ciji Masser

There it's a ton of great advice on here. I wanted to let you know that you're not alone. My wife and I are in our post late thirties (sounds better than early 40's) with 3 special needs kids. Thankfully Nicole has been able to work from home, but after a long year of quarantine and me being unessential we're ready to start a new chapter in our lives. We have realized that more than my entire paycheck was going to daycare. Once the kids are back in school, we are going to turn to REI to replace my income. That way I can be there for them instead of paying someone to watch them while I work to pay someone to watch them. Meanwhile, we are learning all we can, practicing running numbers, networking and absorbing all things REI... I wish you the best of luck! Hopefully we will run into you on the outer banks someday. That was one of our favorite places to visit back before we had kids!

@Boone Tyson

Curious, how are you qualifying the properties you are mailing to? Bought a list or drive for dollars? Are you running full numbers prior to sending them out, or waiting to see what comes back. Super new at this , so thanks in advance for the info.

Chris