All Forum Posts by: Daniel Jewell

Where I'm at currently

I'm 24 years old

I make $27,000 a year working for Nova Community College

I'm a W-2 employee.

I've worked here for about 2 years

I'm constantly learning new things about technology in robotics and in the stem field

I consistently go to expose and events where I can hone my person-to-person skills.

Where I would like to go

Get a $25 an hour job as a 1099 employee / partner /GC for a real estate investor that has 30 rentals owned free and clear and running about 20 flips right now.

Do I keep my W2 job in hopes that financing will come my way or do I put all my eggs in one basket with this real estate investor. Hes offered me this job before...

@Jeff S. I think they're absolutely fantastic especially if you buy an older home. that doesn't have ductwork. This way you can provide heat or air conditioning without having to sacrifice space or have ugly baseboards. I helped my neighbor install 3 units in his house for this reason

@Alina Trigub but I don't have enough money or credit to buy a $20,000 house then wholesale at 30. Granted I may not have to put up all the money but I'm not that great at paperwork and when I think wholesaling I think of paperwork and networking

@Victor Robinson I'm not sure if there's necessarily a right answer to this 2% is crazy does someone like me.

So with that being said I would think that your motivations would no longer necessarily be business it would be more about convenience.

Granted remembering to pay two car loans is not that big of a deal but if you could get those loans off your plate and potentially role that debt into a different lump and only have to pay on an existing loan, you no longer have to worry about that particular thing. granted you may pay a little extra but as long as that debt is being paid down by your tenant with no cost to you why worry?

@Grant Rothenburger granted if I wanted to do it by myself things would take a little bit longer being that I don't have a lot of cash. what if I found a deal and basically coordinated the buying in the rehab. I want to say something like syndication but I'm not really sure if that is syndication.

@Grant Rothenburger

speaking from minimal experience I'd like to flip until I have enough Capital to buy two homes, buy one rental and then buy another flip and repeat the process. Kind of like BRRRR but I figured long-term financing isn't always going to be an option and this way I won't have to deal with the drama of seeking financing Every Witch Way and again this is me saying this now haha

@Ethan Mastrodonato

when I bought my first deal I made an offer, they counter-offered, didn't reply I just let it sit. a week later they came back and accepted. I had the feeling that I could have offered much less.

So in order to not feel that feeling and other reasons I've started to create systems and ways not to make a deal. so that way if any potential property comes across my desk I'm looking for reasons to say NO. if I say yes then I can trust in my systems. I don't have to worry about if I overpaid, it works for me.

And if new information surfaces I just put that into my system it's simple maintenance.

So I'm 24 I have about $14,000 in the bank.

an annual pay of $27,000

Absolutely zero debt

Only one credit card but I've had it for about 4 years. (score 770)

I've Been told I'm charismatic and have a tenacity and a straightforward approach to solving problems "get it done"

I'm also kind of obsessed with audio. when I was in high school I listened to my local libraries entire book on tape selection alphabetically.

And doing something similar with BiggerPockets content I'm a little over halfway through book recommendations and podcasts.

So as you can imagine I want to put some of this exposure to use what would be somebody's recommendation for me to, move forward now

@Justin Kane come ooon guuys! Haha you think I just, signed, a contract without reading it or rereading it before asking for help?

There's almost no way that is obvious for me to get out of the contract except for health reasons big personal reasons like divorce. It's just that I don't know enough about contracts to know if there's ways (that aren't outlined) you can restructure an existing contract. I wouldn't necessarily be out of the deal but maybe shift something.

I realize in the grand scheme of things a year isn't that long to wait with it being my first deal but that year that I'm waiting is preventing me from putting a proceeds from my first deal into my second.

My only other option is to rent out the rooms for hopefully a prophet and then find an investor that will work with me in the meantime.

@Aidan Mulligan so I grew up on a farm we had over 500 sheep and we had horses and pigs and Etc " a farm" so I like to think my exposure to animals is relatively High. When I'm doing research on a breed of animal whether that be a sheep or sheep dog or a horse, people talk about certain tendencies that certain domesticated breeds have, the genetic tendency. And let me tell you, it is amazing to see animals know what to do and how to do it without any training at all in relation to specific subjects such as a Great Pyrenees or an Australian Sheepdog interacting with the Sheep. when it came to basic care we didn't have to teach the dogs anything they patrolled on their own they alerted us when danger was a foot. This is what they were bred to do this is what's in their ancestral history.

Pitbulls have a history of fighting of killing, granted if you never put them in that kind of situation those instincts will probably never surface... but if you present a situation then that dogs instincts WILL take over.