All Forum Posts by: Craig Sloan

@Jake Ratner congrats on starting your journey.  If you pursue this opportunity I would make sure you and your brother are on the same page.  It's one thing to talk about something but another to make a major financial commitment.  Does he have reliable people lined up to help pay the rent?  How will you finance it?  Will it be in your name, his name, jointly?  How long will you guys hold it?  How will you divide any profits and expenses?  Which one of you will manage?  It could be a great opportunity I would just make sure that you have considered every angle and are both equally committed. 

@Lawrence Cersosimo congrats on getting started.  Learn everything you can about real estate investing, business and personal finance.  If you haven't already read Robert Kiyosaki's Rich Dad Poor Dad and also Cashflow Quadrant.  Follow that up with The Millionaire Next Door and The E-Myth revisited.  Starting at your age can be a great advantage.  Happy learning and house hunting. 

@Daniel Sager I'm in Northeast Indiana, not exactly Kalamazoo but in a nearby state.  I have been investing in MHP for about a decade.  I'd be happy to chat with you and share my experiences.  Good luck.

@Bianca Kwon I think the house hack is the way to go in your market.  I grew up outside of London, ON and I have family in the GTA so I know how crazy your market is.  I would try to invest in an income generating property asap.  Start generating some additional income and use that for a down payment on a personal residence when the time is right.  My concern for you is that if you purchase a personal residence and wait to buy an investment property the market in the GTA will continue to appreciate faster than your ability to save for a down payment and it will always be just out of reach.  Best wishes and happy house hunting. 

@Jaden George good for you for thinking about things like this at your age.  Real estate investing and Roth's both have pros and cons.  The Roth would certainly be more passive.  @Joshua Hanning suggestion may be the best of both worlds but it can also be complicated.  I'd be tempted to say start the Roth now, continue to learn about real estate and look for great opportunities.  You can always take the principal invested out of the Roth and use it for a down payment if a great property comes along.  In the meantime you could at least be growing the Roth while waiting for your first investment property. 

@Sarina Payne congrats on making the decision to become a real estate investor!  That 20% can be a challenge.  I'd suggest the following:

• Seek properties with seller financing

• Borrow from friends or family

• Take on a partner

• See if the seller will carry a 2nd mortgage (If the bank will allow it
• Seek an FHA loan that will require a smaller down payment.

Best wishes on your investments.

@Nate Hayes you've gotten some good advice but don't under-estimate the hustle.  You have to want it more than others.  You have to be willing to do what others aren't willing to.  You can get there but you have to hustle, network, be creative and be determined!  Keep working and keep dreaming.  You'll get there. 

@Todd Pieper I'd be patient.  You don't know what might open up in the next few months.  While you're waiting start targeting properties as @Jaysen Medhurst suggested.  Good luck!

An agreement might be okay but I would check with your insurance agent first. Seek their advice on the situation. I would also ask an attorney about the liability.

Congrats on paying off the debt and making the decision to invest in real estate!  It sounds like you've got a great plan and you just need to find the right property.  Just a suggestion but be open to other deals as well. If you came across a good deal on a small multifamily that might help you accomplish your goals as well.