All Forum Posts by: David J Warrick Jr

@James Wise Thank You! Much Appreciated!

@Alex Evans Wow man, I wish I had your knowledge base when I was your age. Sounds like a great plan and looks like you're well on your way. I'd say jump in back home asap with the 4plex househack idea. Sooner you get started sooner you can be on your way. Best of luck!

@Josh Thompson Not sure about the legal issues, however if you're single and not adverse to room mates they could stay and pay the mortgage allowing you to gain more savings for your next property. Good luck!

@Ali Zantout Thats very cool. I hope to get there. I should clarify, I'm not adverse to a remodel if it adds value to a property I'm holding, the brrr method does interest me. I think I'd prefer that to buying turnkey and paying the premium. However that may be a good option I hadn't considered for my first one or 2 to save me some time. I appreciate the advice. Best of luck and keep up the momentum!

@Jorge Patino Cool man, seems like we are in thr right place to learn and grow! Best of luck!

So as the title stated I'm Dave, David J. Warrick, Jr. to be specific. I’m an above average guy standing at 6’9” tall. I enjoy spending time with my family, and taking day trips to local favorites like the boardwalk and beach.

I'm in the beginning stages of starting my investing career. I have been interested in real estate since I was in my very early 20's, I just didn't know what it was or what I was doing. I attempted to buy several properties over the course of a year or so and whenever an issue stopped me, rather than persevere and move on I gave up. Today I look back at the "deals" I missed out on and kick myself. Flash forward to a little over a year and a half ago, I am married have a "good" full time job as a police officer and have started a family. However I'm not satisfied with what I have in life. So I start looking for a solution. I started on YouTube, watching "get rich quick" videos. Each one would lead me to another and down a path until I found videos about books.

Looking back, it’s kind of silly but the first book I read that got me started was, you guessed it, Rich Dad Poor Dad, that same week I also read The Richest Man in Babylon (which I think was mentioned in Rich Dad). This lit a fire in me only a few months before my 30th Birthday. Within 8 months or so My Father and I purchased our first flip. It was a hectic time in my life and I feel like I didn't do it right, things were missed and it wasn't what I expected. We did most of the work ourselves (my father taking the lead and doing 80% of it). Within 8 months the flip was bought, rehabbed and resold for a profit (taxes yet to be determined). Now that was 4 months ago. Since then, I have done a ton of reading and listening to BP podcasts. I have seemed to come to a tipping point.

I don’t want to flip houses, it wasn’t what I expected it to be, and there are too many moving parts for my taste at this time. I do however want rentals. I want to buy and hold multifamily homes. So, that being said I’m in a savings and learning phase. I need to develop my knowledge base, learn how to evaluate deals and make quality offers. My goal is cash flow with a bigger purpose in mind, fulfilling a lifelong dream of building my own home on a small farm preferably in my hometown of Hamilton. I am hopeful that I can make that dream come true within the next five years, and I think with the right moves it should be possible, only time will tell.

So I guess that covers the basics with some extra details and poor grammar thrown in for good measure. So Now that I’ve been a BP member for about a year (I think) I’m finally introduced. Feel free to ask questions, and/or give me any pointers or advice.

I hope to be a BP Success story once day! 

i do understand what you are saying, and appreciate the advise. i have a few REIT stocks i have looked at and although i can't say i understand the businesses i'm not looking to hold these stocks long-term. i'm looking for companies that are currently paying dividends and should continue to do so into the immediate future while staying stable or giving me some growth. I Was looking at this as my first stable cash-flow before i go to the next level. Maybe their is a better option i'm missing?

So long term I want to buy and hold multi family homes. Short term I'm working on squaring up my credit, paying down debt and getting my credit score up. As well as learning as much as I can. Meanwhile I want to save in a way that will get me better returns than the .75% my savings pays. So I after some (lots) of reading and bp podcasts I think some real estate investment trusts on the stock market would be the way to go. I just don't know which ones are better than others, and what might be the best. Any suggestions would be greatly appreciated!