All Forum Posts by: Franklin Curry Jr

Wow this is a great strategy. I'm glad it is working for you. I have heard the opposite about condos. I have heard that though most things are taken care of as you stated the biggest uncontrollable factor is the HOA. They could decide that they no longer want to allow owners to rent out their property or drastically increase the fees that could eat into your cash flow. But every market is different and it sounds like you have a good lock on the ones you have invested in so far. I started out reading Robert Kiyosaki with Rich Dad Poor Dad and the Cash Flow Quadrant. Then I read Dave Ramsey and even assisted in teaching one of his group classes at my church. Talk about a conflict in philosophies of becoming financially free! In the end I decided to do what you seem to be doing and merging both mindsets in a way where you are investing and minimizing your risk. Great Job!

@Jim K. very deep. I agree that there are so many unpredictable events that can happen to us and ones we can see miles ahead and refuse to allow that to be our future. I remember when I was much younger, maybe a freshman in high school, I saw a homeless man with a sign that read, "Anything helps, God Bless". I couldn't help but to think what led him to that point. Was it bad choices he made or life hitting him in ways he wasn't prepared for? We can never be 100% safe from the hardships of life. I had always feared that the man on the corner could be me one day if I didn't get my life together. More than anything I think at the time it was the fear of becoming an adult because at that point in my life starting high school was seen as the first step toward becoming a responsible adult. 

The older I got that thought never left me. I kept asking myself how can I minimize drastically his outcome as my future. I still don't have all the answers but I kind of looked at it like climbing Mt. Everest. Many people have tried and failed. Many have even died trying. What can they do to minimize their chance of death and at the same time maximize their chance of success in reaching the summit. There are things you can control as in physically training your body to prepare for the elements. Buying the needed materials to stay warm, food, navigation gear and climbing equipment. Researching from past climbers. Using their knowledge so you do not have to reinvent the wheel and lastly a trained and experienced guide like a Sherpa. I'm sure there is more that goes into it but having this as a starting point dramatically improves your chance of survival compared to someone who doesn't heed the warnings and plan. But even with all this experience and training and gear there could be a random act that you had no way of preparing for that could take you out at any moment. Failed equipment, an avalanche, heart attach etc.

My Why is similar to this example above. I don't want to climb Mt. Everest solo with no gear and hoping for the best. I want more control over that outcome. Save my money, diversify my investments, legally protect my assets and have my money work for me instead of the other way around. Like you said financial independence. With this I can reach my summit of more time with my family and friends and when the inevitable medical issues hit us we can focus on healing and quality of life with out worrying about how we will pay the bills, losing our jobs because we took way too much sick time or not getting the best treatment because we cannot afford it. 

I understand that even with all this preparation there are elements I still cant control that can stop all of my efforts. Car accident, shootings, an aggressive form of cancer etc. But I know I cant let what hasn't happened stop me from wanting and working for what is best for family. Thanks for your replay! This helped me think about other outcomes while at the same time reflecting deeper on my Why. 

Thanks again,

@Aaron Poling Yes connecting with like minded people is key. I often do not talk to friends about what I do because I see their eyes glaze over even mentioning real estate but I'm starting to rethink this approach. I hear letting everybody know what you do can lead to opportunities that you otherwise wouldn't know were there. Thanks for the response! I've never been to Maryland but driven through West Virginia. Talk about a beautiful state! Would love to extend my visit in the future. 

I like that @Nick Rutkowski! That is a good way of thinking about it. Everything can be hard but if you have a love for what you do it makes it worth it. Better to have difficulty in something you want to do than to have hardships on something you cant stand.

Hello BP Community!

As always I have been soaking up the podcast from BP every chance I get and an interesting question always comes up. It's an easy question but also missed by people starting out. That question is Why? A one word question that is so deep in meaning. There are going to be challenges, road blocks, nay sayers and skeptics. So, "Why" do any of this!? 

The more I thought about this question the more clear it became to me. My, "Why" has to do with my family. I work in IT (Information Technology) and enjoy my job most of the time but what I don't enjoy is the time it takes away from my family. I have a lot of obligations inside and outside of work and had to learn to cut back but mostly I want to be there more for my wife and kids as well as my aging parents. As they get older the health starts to decline so I don't want to trade my time for dollars at my current job. 

If done properly Real Estate can provide a lot of options that often aren't available to many people. The most important option for me is TIME! Time to spend with loved ones and time to build meaningful relations with old and new friends. With this in mind I have decided to invest in buy and holds and possible live in flips starting out. We'll see how well that goes with young high energy kids trying to do live in flips. To start we are downsizing our current house and invest in a duplex that we can bring up in value with a rehab then rent. Maybe repeat the process again for the next investment as we build our portfolio. More will become clear as we move forward but we have to start somewhere and at this stage in our lives this works great for us.

So what about you?! Do you know your why? If not I suggest you take time to figure that out. It will be hard to make the right decisions in your real estate career without knowing this but once you have it nailed down every decision you make should always be tested against your, "Why". This will be a great way to make sure you are on the right path you have envisioned. 

I wish you all well and will see you around!

Frank

Welcome @Pearly Tan! It sounds like you and your husband are off to a good start! I commend you on not giving up after your first experience. I am also starting that journey with my wife. We are looking in the Cincinnati area as well. Good luck to you and your family!

Frank

Hello @Alex Ascencio!!! Welcome to BP. There are tons of great people on this site with great insight in various aspects of investing. Good luck and will be seeing you around the site!

Hello BP Community,

I love this web site and want to thank @Joshua Dorkin, @Brandon Turner and @David Greene for the great Podcast! There are more key members apart of this podcast family that I'm sure I'm missing and I thank you as well, this includes the BP community guest. Thank you for building my confidence as well as my knowledge on real restate investing. 

A little bit about me. I'm in the beginning part of my investment career. I found Bigger Pockets by accident a year ago when looking for ways to build passive income and I've been hooked since. My, "why" is to be more available for my family instead of trading time for dollars in a office cubical. It's time to move and start taking the steps toward my goal of financial independence.  Here are 5 small tips I have learned while listening to the experts on Bigger Pockets and reading through the forums on this site that may help elevate your game in real estate investing.  

In no particular order:

1. Find time to listen to the podcast!

I used to think I didn't have time to learn about real estate but this isn't true. I listen to the podcast on my way to and from work. I often go to the gym and have traded my heart pumping music playlist for Bigger Pocket podcast. I heard it best said on one of the podcast, "Turn your car or bus into a mobile university!". Learn on the go!

2. Take Note!

Have a small notebook nearby while listening. There has been way too many podcast where I missed book suggestions, great inspirational quotes, real estate terms and general great starting steps that I wished I wrote down. Now I have a notebook so I can keep this information fresh for later research on my own. One time I had to turn off the podcast because there was so much I was missing that I knew I wouldn't remember. On the plus side I can listen to them again and maybe catch something I missed the 1st time. 

3. Get involved in the BP Community forums.

Say hello to the new members that join daily. There is nothing better than a warm welcome especially when starting out on something that can be frightening. We all have to start somewhere and who knows the hello you say today may be a partner you make tomorrow. (metaphorically speaking...you should always build relationships before trusting anybody in a deal no matter their years of expertise).

4. Search for and ask questions!

YOU ARE NOT ALONE. Chances are somebody has already asked or experienced something you are going through right now. This is a great community to bounce ideas off of and to learn from. Though many in your inner circle outside of this community may think you are wasting time, energy and money on real estate because everybody knows somebody who has tried it and failed, this site holds a great support system that will help keep you focused and look at scenarios you may not see. 

5. Continue educating yourself outside of Bigger Pockets!

Wait What!? I just spent the first four tips highlighting Bigger Pockets and its awesome community and the last tip I talk about going elsewhere for more education? YES! What I like a lot about the podcast is that often David and Brandon talk about what books they have read or are reading! Even the guest on the show do the, "Famous Four" where they are asked four questions. Two of the questions are, "What is your favorite real estate book?" and "What is your favorite business book?". There is so much great information out there. Diversify your education so you can make better informed decisions on your real estate journey.

I wish you all well and will see you around!

Thanks,

Frank

Welcome to the team Kyle! I can't wait to hear of the great stories you will have in your real estate career. 

Welcome to the team @Ben Dickstein! I'm also from the Cincinnati Area. @Tyler Weaver is correct, the Cincinnati REI ran by Joe Fairless has a good group of people from all over the Tri-State at various stages in investing that are great for making connections. Tyler I also would love to grab a coffee and hear about your experience. I'll pay!