All Forum Posts by: Dave Merica

Thank you

Thank you. Yes using google to find section 8 listing sites also

Hi everyone. Wondering if anyone can help. I have a friend who is looking to move to the area to be closer to a friend. She has 4 children, 3 at home. Finalizing a bit of an ugly divorce from an emotionally abusive ex, would like to be within an hours drive of water, hiking, outdoors activities.
She has been a stay at home mom, and he has begun cutting off financial support. I got her to swallow her pride to seek assistance while she regroups. Would need to move within the next few weeks if possible.

The catch, she would need to find someone willing to accept Section 8. Please let me know if you are interested or can offer advice. She prefers not to be in a multifamily right now so she can focus on the children.

Thank you!

Cheers to a prosperous 2016!

Jeff Staples is a member here, in Farmington. I have not worked with him but have heard good things.  Company is Mertensa.com

Absolutely! I am in a good place mentally, it is the rest that is the challenge up front. 

I am taking in knowledge, and trying to figure out one of my biggest deficits to make this happen....time

Thank you. Yes, I am certain I will be fine. I have always been a work harder kind of person, and now pairing it with working smarter...who knows where the possibilities will go. 

The only real frustrations I face right now are the big empty hole of hours spent on the time clock when I could be doing something much more productive!

I have made a ton of connections in the past month, and continue to do so. The local REIA group has some really great, helpful people in it.

Don't worry, I won't hold any properties until I have my LLC set up. Thats part of a bigger plan I have which is why I will likely continue to network, learn and analyze properties until after the first of the year. I would like to get a couple of wholesale deals in if possible. I am taking my classes and doing my homework!

Thanks everyone!

I have soooo many books and such to read etc. I am currently reading The Tax & Legal Playbook by Mark Kohler, who from most I have read is a creative genius being a CPA and Attorney. Best $14 I have spent thus far! 

I have been running on about 4 hours sleep per day since I decided to start making this move. Weekends are like marathons in between time with my daughter to try to take in all this knowledge. I wish I was in a position to let my job go so that I could put all of my energy into this. It is something I have been interested in for many years and never had any idea how to even get started. I have been looking for a year or two for a different path from the management position I hold. I just kept coming back to real estate. And since I have started attending seminars and my first REIA meeting the other night, I have finally found people that think the same way that I have for years but was always led to believe I was wrong. (Which is also where I found out about this group)

As for the past 2 houses, yes I put 401k direct into them from withdrawals and took the hits. The first one made more sense since I built, and was able to negotiate a lot of deals with cash and in not paying 2-300% back on a 30 year mortgage. At least that was the intention, and was able to get a low interest HELOC to finish it with sweat equity after we moved in. Anyhow, started divorce in 2007 and sold house in 2008...enough said! Sold house for $60k less than appraised value and she kept the profits. The current house was a little different because we were renting, and the landlord sold the house before we had saved enough money up. So I took the hit again because I did not want to keep moving with the kids (have a 7 year old step son).

Anyhow, with all that said there is some money left in the 401k but not a staggering amount. I am starting to look into rolling it into an LLC 401k/IRA to help me get started. It is with Hartford, so the way it is structured is there are only 5-7 specifics events in which you can withdraw money. So that I am planning to do just after the first of the year so that I have time to make up for the tax consequences at the end of the year.

Long story short is I am going to turn 40 next month, and I am starting all over for the third and final time! I am wrapping up the details in the basement of this house (finished), gathering my things for the move at the end of the month, and studying and taking classes every spare second I can stay awake! I have made my web page and squeeze pages, designed my logo and just ordered business cards. I still need to structure my business but am holding off until I am closer to ready to doing a deal. It seems I will likely only get a few wholesales deals in by the end of the year if I am lucky, so my thoughts were to just file Sole Prop. I do have to find and talk to a local CPA to make sure this is a wise idea and also about the start up costs I have already put out.

I absolutely welcome suggestions and feedback, as I am trying to start as quickly yet as cautiously as I can!

Dave

For time and money....I have a 5 year old daughter I want to be able to watch grow up instead of working 70 hours a week. I have spent 20 years at a job I can't wait to get away from, I am going through my second divorce and losing the second house I have put a good chunk of my 401k into, and I want to start doing what I enjoy and have Freedom to choose what I do!