All Forum Posts by: Eric Turner

The only reason we do not want to house hack is it would be a step down from where we are right now. Right now we rent a good sized SFR for about $1k below market rates. Which is why we haven't bought, that and house prices just keep going up up up at ridiculous rates here (15% a year).

The mortgage on our rental house if we bought it would be something like $1k/month more as well. Which is fine if it was our dream home. But it isn't, it is just cheap and works. I only make $27k on paper, that isn't how much I draw from my business, that is just what a lender will take as my income. This year I expect my "take home after taxes pay" to be about $60k and my taxes will probably only show me making $40k or something like that because of all the write offs. I don't know exactly what it will be but my accountant handles all the tax stuff.

 I have considered getting my real estate license. Thanks

@Eric Turner

I can't edit. But I forgot to mention the $50k liquid assets that are in crypto and stocks.

I am curious where I should start. I have been studying and going in and out of interest in real estate investing for literally 19 years without ever doing a deal or taking the next step.

This is going to be long. My goal is to cash flow $4k/month. Thats the amount of money with vacations but without extras like summer camp for our kid that we need to live a happy frugal life. That's the amount I want to cash flow. I would like to eventually have double that, as that is what we currently bring in pretax (sort of). I would also love to flip one home and wholesale one home because I like to do things to find out if they are for me.

I decided a few years ago, that I would get my finances in order. Have zero personal debt ($42k at the time, cars, credit cards) and wait for a housing market crash or stabilization (lesson learned). Now 100% debt free. A 6 month nest egg. And we save $4k/every month after our spending budget. We have 50k in cash and we could if needed pull another $50k from LOC or very low (8.9% apr cash advance from our credit cards, no fees).

Some issues. I am self employed my income is low $27k on taxes for 2020 I expect more in 2021, maybe a lot more. She is w2 $59k 2020. Biggest issue we live in a suburb of Seattle (snohomish county). Median home price is 540k. We rent. We can't afford to even buy a decent home here with our income. So we rent and save.

Option #1) I am looking at pulling the trigger on a direct marketing campaign over 6 months that will cost me about $12k. No idea what my roi would be, it would be a complete gamble. I have a couple experienced people willing to guide me through, but no guarantees and they want a 20-30% cut. Goal is to wholesale a deal or two. Flip a deal or two. And make a finders few on a few referrals for agents.

Option #2) There is also a local coaching class that seems to be decent. It is $2k no upsell, good contacts and the teacher says another $5k to find the first deal (money back guarantee on the $2k). So $5k on this avenue.

Option #3) And the last idea is just investing out of state. Without even off market deal. Just the MLS still produces cash flowing properties. Sure way more risk, but way more reward.

I prefer to stay local. But buying a cash flowing mobile home park in the desert for $200k with a cap rate of 20% is interesting. Or a triplex in the Midwest with a cap rate of 13%. Or an sfr with with an 8% cap in a b+ neighborhood with a steady tenant and no deferred maintenance. I can afford the down payments on all of these. But which should I choose?

Thoughts? Seriously appreciate any and all input. If you are local, down to meet and talk JV

@Robert DiFranco

The last time everyone was talking about bitcoin like this was 2017. It crashed from 19k to 4k pretty rapidly.

I would be pretty shocked if we don't see a similar sell off very soon.

I have been in bitcoin since 2016. I like it, but not for any reasons anyone else does. To me, 1btc is going to be a michael jordan rookie card someday.

It will never in my lifetime be a payment system. It will never in my lifetime be a store of value. But it will be a collectible. Because of the limited supply.

In my area, I believe one company buys 98% of all auctioned homes.

Nice! Could you give a rough breakdown of where that $65k went?

Hello BP! 

I am currently a member of a real estate investing mastermind group that I started here on BP. We are looking to add a couple additional people with varying levels of experience and skill sets to our mastermind.

If you are unfamiliar with what a mastermind group is, it is basically a place where a group of like minded investors get together once or twice a week to discuss strategies and ideas. It is also to form a tight knit group of colleagues you can rely on for motivation and help you solve problems that inevitable arise.

Current members are @Caleb Heimsoth, @Quentin Taborn, @Johnny Kang, myself and a couple other less active people. We meet once per week via Video Chat on Wednesdays at 7pm EST and you should be available to meet every week at this time. We also keep in touch via Facebook messenger throughout the week.

This is a free group and always will be. The only rules are to keep the discussions real estate based. And no soliciting products or services. We are only looking to add a couple additional members so if you are interested please message me or reply below with any questions.

Thanks!

We may have a couple additional spots every Wednesday 4pm PST. If you are interested reply here or message me and I will send further details.

Can you send me more info. Thanks

 I use a spread sheet and combine them manually. I think Trulia actually does the best at combining all of the info, but their listings are outdated and their search function is annoying. So I use several tools instead.