All Forum Posts by: Dan Fowers

It just depends on how much time you want to invest and how much you want to learn. 

If you want to do a lot of the work and have a 2nd house you rent out and refinance every year or 6 months that would be smart but it takes some effort. You could also buy a turn key rental and that would be easier on you.

If you want it to be passive paychecks then i would suggest reaching out to a real estate fund, hedge fund or investing on realty mogle.com they would take it over from there. they offer 6-12% so do your research. This option is more passive and nearly guaranteed but they also don't have to tell you where your money goes and they usually can lock your money in a deal for years so if you want control is not the best option. only lend what you are prepared to lose or have out for extended periods of time.

if you are investing in someone new to real estate only give them the bare minimum and if their number changes finish that deal and don't lend to them again. Find someone competent and if you're throwing around that much you should look into commercial real estate in my opinion, but make sure they are competent or have a solid residential track record/really good team behind them that won't let them do anything stupid to mess the deal up.

I think people are investing everywhere in all honesty, don't bind yourself to one specific area but make sure to do your due diligence anywhere you invest, i think the question should be "how can I add value" and you will be paid accordingly. The answer to that will direct you to what you need to do, if that's seller financing, fix and flip or wholesaling to someone better suited to finish the job. 

I wish you great wealth!

citydata.com is a great resource for out of state investing, i use it all the time. 

make sure you do research but make sure you apply it too, no point in doing the work to not gain the reward

Multifamily is a drug, once you get a taste of it you cant go back... that being said go all in on multifamily, preferably 4 units but 2 will do.

Don't let the fear of taxes keep you from making money

just a general rule of thumb, when in doubt just ask a local realtor

Income - Expenses = NOI

NOI - Debt (Lenders, Private money ect.) = Cash Flow

Great question!

There are no dumb questions, my answer would be to interview at least 3 of each and once you decide on one, get both the CPA and the lawyer in the same room (or zoom call) at the same time with you while you go over financial plans, business structure, goals, expectations ect. so you all can be on the same page so you know exactly what to expect from them and they know exactly what to expect from you. Make sure to have regular meetings with them and update them on progress of the business and any deals you have done and or questions you have. These meetings are better done separately after the initial meeting since they likely have other clients they need to attend to. I am so happy you guys decided to consult a professional with such a serious topic! I wish you guys great wealth!