All Forum Posts by: Dr. Scott Benjamin

Written as a journal by Florida Tech professor Scott Benjamin, Riding the Bubble follows one real estate investor's journey building a real estate investment company.  Follow Scott as he buys his first house flip, invests in rentals, tax sales, land subdivision and creates real estate wealth.

Click Here to purchase the book through Amazon (paperback or e-book), or learn more at www.ridingthebubble.com

Greetings from Central Florida.  I too am looking at a deal in Cape Canaveral.  I'd be curious to see how your meetings go with the banks.  I am working on new construction of 4 lots in Melbourne and it took 3 different banks to find one that was willing to play ball with me.  They are doing 70% of lot purchase and construction costs (which I found to be pretty fair).  

Interesting concept.  As you mentioned, purchasing at current market value "should not" increase buying power and thus does not create wealth over the long term.  I have found that true value creation relies on purchasing market value real estate at a discount or injecting value through rehabilitation or repositioning the asset.  This resembles the active actions of a job more than an investment.

I'm not sure that we have enough facts to write up any advice on this.  Why were you even speaking to "the prison boyfriend"?  This is an issue between you and your tenant.  He shouldn't be promising to pay anything and you shouldn't be relying on his promise.  Was there a civil lawsuit between you and the boyfriend?  Not sure how he is even legally included in this situation.  It is relatively simple - you leased the house, the tenant destroyed the house - upon move out/check out - you deduct damages from the security deposit.  

That being said, I'm not an attorney nor do I play one on TV - talk to an attorney, give them the complete set of facts and get good advice!

Good Luck.

Welcome aboard Walter.  I made a living in Baltimore and Anne Arundel County.  See you around the forums!!

Scott

Welcome fellow Floridian.  Your timing is great - the market is just heating up around here and you will find Bigger Pockets a great place to learn and earn.  

Happy Investing

Diversification is also good.  I keep some rentals for long term appreciation and some cash flow. I am building new construction homes and flipping houses for some instant hits and I am involved in some longer term development projects that should be homeruns 2 years down the road.

Plan out your business on what you want to achieve, how many units, how much capital and then have that "Make It Happen" attitude. 

Welcome Aboard!!!!!!!

I just self-published a book called Riding the Bubble.  It is my diary including notes from finding my first flip, raising capital, buying tax certs, growing to buying an office building, college rentals, land subdivision, vacation rentals and development of 193 unit apartment complex.  It is not a how to get rich but a how to accumulate wealthy over 5-10 years.  I'm completely forthcoming with my financial net worth statements throughout the book.  I'll tell you what - if it doesn't give you the $10 (kindle price on Amazon) of information for the book - I'll personally send you a check. Look for it on Amazon - you can read the first few chapters for free.

I worked Maryland for 10 years. While we had the best success in Baltimore City and Baltimore County, we found great deals in PG, Anne Arundel and Howard Counties.  If you want deals - begin to poke around the auction websites.  

www.alexcooper.com

www.ajbillig.com

www.hwestauctions.com

www.tidewaterauctions.com

Great way to find discounted properties.  If you have any questions at all about investing in foreclosures or the process of buying at foreclosure in Maryland - email me anytime.  [email protected]

The Maryland market was very good to me.

How I wish that I could go back in time to when I was 16 to begin my investing career - Oh, The Places I Would Go (bad Dr. Seuss reference).  You have the incredible power of compounding on your side!  You have more time for your investments to make more money.  At this point, be like a sponge.  Read every forum on Bigger Pockets.  Read books (try to keep to legitimate books and not get rich quick ones).

Attend the REI meetings. As Carson said, older investors love to see young blood at these meetings. You may actually find some really great folks willing to help out. It would be nice to connect with someone locally to give you the insiders look at the business.

I applaud you for jumping in!