All Forum Posts by: David Klem

Hello everyone,

For the time being, I'm still stuck as an 18 wheel prisoner of the highway. Sooner or later I will be ready to change to a job that is not so time demanding. I'm trying to give some thought as to which direction I want to go when I'm ready. I listen to some BP podcasts going down the road. I especially like the Newbie podcast. What would you recommend for someone that doesn't have a lot of capital to get started? Working with other investors, BRRRR, hard money, private money, FHA. My current home is FHA. I know hard money works if you can get crews to refab quickly and then get the property sold...I think. I hear a lot but you know how it was when you were new. You're at a 5-way intersection and want to choose wisely. I know I can do this and I feel very optimistic. Just trying to acquire a little wisdom.

I've also read Brandon's book "How To Invest In Real Estate With Little Or No Money Down."

Thank you in advance

P.S. Sometimes with my current job status it takes me time to respond to feedback.

Thank you for the feedback everyone. My response is a little slow right now. I've been a truck driver/auto transporter for many years. I'm newly married to a woman from the Philippines. She is now working and as soon as her 2 kids are working full time, I'm planning on changing jobs so I can devote more time to moving forward with REI. So far it's been all about getting educated. There is an investor here where I live in Vermilion, Oh who is a member at Bigger Pockets. I really want to sit down and speak with Investors before I choose a direction to go that is within my means. I live about a block from the lakeshore properties. They are beautiful homes.

Thank you for all your feedback and I really look forward to speaking with some of you.

I live in Vermilion, Ohio. I understand that some states are landlord friendly and some are more tenant friendly. I'm brand new and have yet to buy my first real estate investment property. I would probably like to work with other investors to get started. Is it recommended that you move into the state that you want to invest in or are there other options for investing in your first property and other properties afterward?

Thanks, John

I have a question. With all the knowledge that I've been acquiring in all areas of real estate investment, I've been trying to change the way I think. I think that idea of changing the way you think came from reading the book Rich Dad Poor Dad. I haven't bought my first investment property just yet and I haven't added a tax man to my team just yet but I have owned my first home for almost 2 years now.

If I were to start a business entity depending on which direction I choose to go in real estate investment and then signed my personal home over to that business entity, now paying rent to that business entity that would now own the home, would my new entity benefit financially with tax breaks that I wouldn't have otherwise gotten?

@Joe Splitrock I started becoming teachable very late in life. At this stage of the game I don't see retirement from a W-2 job much earlier than maybe 68. I probably won't ever retire completely unless I'm forced into it for health reasons. I think we should always keep working and retirement is a bad concept. The trick is doing work that you love to do and we're born to do.

I grew up in 44105 back in the '60s and early '70s. It was a way different area back then. I would venture to say that 44110 along I-90 is not much different and probably worse. If you click on the map link below-looking SW of that area where it's marked Cleveland Clinic, That whole area (Carnegie, Euclid, and Chester) used to be a bad welfare district. Cleveland Clinic grew and I don't know if was them or some other investors that bought up those properties but many have long since been torn down and new ones have gone up. So pay attention to where the neighborhood is going. It's a matter of timing. When the jobs go, so goes the neighborhood.

https://www.google.com/maps/place/Cleveland,+OH+44110/@41.5669982,-81.600688,13z/data=!3m1!4b1!4m5!3m4!1s0x8830fc53d8055d95:0xd20266c7320881de!8m2!3d41.5563382!4d-81.5760945

Thank you, everyone, for your advice. I'm still studying all opportunities so I haven't decided which REI path to take just yet. Before I do, I will consult with a tax pro who specializes in that area.

@Curtis Robbins I don't have any investment properties yet but I do own a primary residence. I got my mortgage through Freedom Mortgage 1/2019.

Mine was just refinanced 6/2020 at 3.1%. They waved the closing costs, charged me only the

escrow for the 1st 2 months. The next payment isn't due until August.

@Jamie Bateman

Thanks Jamie