All Forum Posts by: Eric H.

@Garfield Thompson Great morning and Welcome to BP!

Check the File Place. I would recommend that you have any contracts you find there reviewed by a local attorney.

I wish you the best!!

@Alex Cifelli Great morning,

You can not do anything until you close on the property. As of today, you are not the owner so you can not do anything.

@Alonzo Moreland Great morning and Welcome to BP.

I'm not sure what kind of feedback you are looking for but I like my COC return to be around 15%. For 5%, I don't think the deal is worth it. I see you are in Baltimore County. I live about 5 minutes from Parkville. If you need further assistance feel free to reach out.

@Scott Garrels Greetings and welcome to BP!

The most valuable skill for finding deals is understanding your target market so you can quickly identify a deal when you see one. Additionally, you will not waste time on properties that are clearly not deals.

I wish you the best!

@Gerard Basil Stripling Greetings,

I would recommend more formal. A closing company/title company is not going to accept napkin style. Check the File Place for a sample contract and have it reviewed by an attorney in your area.

I wish you the best!

@Matthew Schneider can you follow too many?

That question is relative to you and how much time you have.

I think connecting is more formal whereas a follow may be informal. When I choose to connect with someone I will also send them a message with the request just introducing myself or thanking that person for a vote or thanking that person for the content he or she has shared in the forums.

@Matthew Schneider Greetings,

I would first enter your question in the search bar. If you can not find your answer there then start a new thread. Also if the information you find is dated, lets say older than 4 years, you may want to start a new thread because markets, economies, trends, and laws all change over time.

Don't be afraid to ask questions. You don't know what you don't know. No matter how 'great' the experienced investor looks now, he or she was once inexperienced and had the same questions as you.

Definitely set up your keyword alerts so you can be notified when a topic or area you are interested in is mentioned in the forums.

Finally, all the reading in the world never beats real life experience. Start taking some action as soon as you feel comfortable. Also consider connecting with local investors via REIAs and meetups.

I wish you the best!! 

@Maxwell Emerson Great morning,

Your house is not an asset now because of the simple definition that you mentioned. I would not call it an asset until you can flip it around and make some positive cash flow.

I'm avoiding debt at all cost right now. Im in extreme debt paydown mode for at least the next two years. Why? I tried to BRRRR a property only to be unable to do the refinance because my DTI was screwed. I was able to sell the property so it was essentially a flip. I'm increasing my income by acquiring as many associated licenses that go with my profession to increase my marketability and continuing to master my craft. Within the next two years, I will increase my income 25-50k/year.

When I jump back in to purchase more properties I will be in a better cash position and a better credit position. I invest in SFH but I'm interested in multi-units as well. Also in my portfolio will be low cost index funds. For more on that subject I highly recommend Simple Path to Wealth by JL Collins. Another great book is Scott Trench's Set for Life.

I wish you the best!!

@Keenan Wilkins Great morning,

TAKE ACTION!!!!