All Forum Posts by: Devin Olson

 Fantastic breakdown Dan! Thank you. 

I am leaning towards buying a cash flowing business around me, and honestly would love the hands on work needed. It sounds fun to me and gives further life purpose.

 Caleb...Thank you for taking the time to respond! 🤝 I appreciate your insight and comparisons. 

Further elaborating, The next home purchased would likely be an improvement to my current home. And would be bought as a primary, that could be house hacked. Currently planning to house hack/upgrade every 2 years. 

Ideally, I would be buying a company that I would be involved in. The thought of running and managing a company excites me. Long term, I'd like to be less involved and find a good work/family life balance. But starting out am prepared to fully commit. 

I do not see real estate or owning a business as a passive income plan, I want to be involved. I enjoy the mental stimulation and challenges.

Curious about your reasoning behind less risk in starting a company, My current logic just comes from reviewing data comparing the percentage of businesses failing with buying vs starting out.

again, thank you for the response! 🤜🤛

I'm at a crossroads, torn between two exciting options: buying a business or investing in real estate. While I dream of pursuing both, I need to decide which one to tackle first.

My current income as a Customer Service Manager isn't exactly groundbreaking (around $60,000), but I've been diligent in saving and investing. I've diversified my portfolio across individual accounts, 401(k)s, a Roth IRA, and even ventured into cryptocurrency. Peering into the cash flow potential of businesses on the market, it seems a $10,000 to $20,000 down payment on an SBA style loan could potentially surpass my current salary.

Beyond the financial aspect, I yearn for the independence and fulfillment of being my own boss.

I'm convinced that this path could accelerate my financial progress, paving the way for real estate investments in the near future. 

Would you agree or disagree? Open to all tips/advice. 🤜🤛

-Dev

 Wow, hitting the ground running in your investment career! 

wish I started this plan as a student, Good luck on your journey. 🙌

Searching for both online and in-person REI meet up type groups! Currently living in St.Paul, Mn.

any good suggestions? 

By listening to the BP podcasts, I understand to succeed I need systems, and a team behind me.

Would love to connect with some local agents who feel they could help achieve the following goals:

•Provide useful contacts from contractors to Loan officers and CPAs. 

•Help me determine a course of action for preparing to sell my current home for maximum value. 

•Has experience helping newer investors and are willing to educate.

•A seasoned investor whos willing to work with me to craft a future RE investment plan. 

currently living on the East side of Saint paul, purchaed less than a year ago. Homes have appreciated rather quickly around me. Utilizing Fannie Maes new 5% down for multi-family I'd like to prepare to sell my SFH and house hack a multi-family.

Thank You,

Dev 

Quote from @James Hamling:

Quote from @Devin Olson:

Quote from @James Hamling:

Quote from @Devin Olson:

I may not have much to offer...but I have bad jokes and a positive attitude. 

 Hey bud! Why did the real estate investor bring a ladder to the open house?

Because they heard the property had high potential!

🤣 Had to ask Chatgpt for a quick joke. 

When Einstein got to heaven, he asked the first person he saw, “Excuse me? What’s your IQ?” They reply, “280.” Einstein says, “Great! We can talk about astrophysics!” 

Einstein asks the next person he runs into the same question. They reply, “My IQ is 150.” “Wonderful,” he says, “we can talk about events of the day!” 

He than comes across a third person and, again, asks their IQ. They answer "45". Einstein says, “OK! So, where do you think the real estate market is headed?”

 Oohhhh, ouch. 🤣 That one stings a bit. 

you win this round. Where did you hear that one?

 At least you have an excuse for dad jokes...I don't even have rugrats, yet. 🤣

what pulled you to this community?

Quote from @James Hamling:

Quote from @Devin Olson:

I may not have much to offer...but I have bad jokes and a positive attitude. 

 Hey bud! Why did the real estate investor bring a ladder to the open house?

Because they heard the property had high potential!

🤣 Had to ask Chatgpt for a quick joke.