All Forum Posts by: Todd Hensy

David,

My thought exactly. Do whatever I want, whenever I want and with whomever I want." That is my purpose. I actually wanted to write a book called the Homeless Millionaire.

You can learn a lot from a bum who is worth millions. I don't want the trappings of a car, a home, closet full of clothes, and business suits. I would rather stay in nice hotels for the rest of my life and travel if I had 10 of millions of dollars in the bank and live off the interest. No desire for stability anymore. Just get rich. Money and great health is everything in this life. Everything else is secondary.

Ok thanks Patsy. I will give it a shot.

If I could find one "great deal." I just need one great property to rent or flip.

I am not a real estate agent and don't have access to the MLS. I use mainstream sites like redfin.com, realtor.com, Zillow, craigslist to locate distressed properties...but those sites come with so many sharks. Houses on those sites are overpriced and overvalued.

It is a "sellers market" and everything is overvalued. The only people making money are those who have access to the MLS or know someone who has leads. I have scoured everywhere to find "desperate sellers" with no luck.

Where does a real investor go to find great deals? What is the best website to find great deals or distressed properties?? I will travel anywhere to find a great deal on a property.

Jennifer Lee all great posts, but I don't believe that a house is adding to my net worth even if I have equity in the house. A house is a liability. Equity is BS.

I am not interested in that and see it as worthless -- except cash flow.

My idea is if I cannot have cash in the bank in 24 hours then it is not adding to my net worth. I want cash in the bank now or within 48 hours to determine a realistic net worth.

Ismael yes. Great to hear. Hope you make a fortune $$$$.

David so far I haven't had any problems and I have moved once every two years in the last 10 years. No problems so far. 

I just want cash, cash, cash. Flip, flip, flip. 

I would buy only 3 bed 2 bath house single family homes, move into them, rehab them, get a roommate and just live in it for two years. Then re-sell it for profit. Just minor rehab repair - not gutting out kitchens. (Just paint, tile, carpet, etc.) I would probably buy Sale by Owner.

I have been living in Ohio for two years renting and it went by so fast. I can live anywhere just as long as its a low property tax state such as....Ohio, Oklahoma, Louisana, Mississippi, Indiana. I have been everywhere so moving isn't a big deal for me.

No interest in renting an apartment anymore and no interest in settling down with a home either.

I just want to flip homes and have a millionaire dollar net worth. Then retire in peace somewhere nice.

lol. david you are funny. It is true -- I will be borderline homeless. However, I am writing a book titled "The Homeless Millionaire."

 If you logically think about it.....I have nothing to tie my down, no marriage, no kids, and can get a PO office box to send my mail. My goal is to make 60k profit on each house flip. That is 60k a year---living rent free. I have done it before but it was with condos and it was fun and rewarding. 

I didn't know it was called House Hacking. I will plug it in!

Thanks fellas!

My headline sounds illogical because we all need shelter.

But truthfully, I don't want to rent(throwing money away)and I don't want to own a home either(hate paying maintenance, taxes, insurance).

Since I work from home on my laptop I am thinking of scouring the country for a smoking deal on a house to flip. I can live in it for 6 months, rehab it, and then flip it for profit. Then scan the country again find another house, buy it, move in, live in it for a 6 months, rehab it and flip it for profit. 

I will follow the money--any state, any city.

I don't want the headaches of being a landlord, a homeowner or even a renter! I just want to live in a house temporarily, while I rehab it and sell it. Then move on.

Is this a good plan? All I care about is building my net worth. Thanks.

Jered brilliant analysis. The things you pointed addressed all my questions. Even though I love real estate and its interesting to drive around, find them, fix them and rent them( at least from a book perspective)---it seems like back breaking work and a lot of headaches with tenant issues and laws.

I have heard horror stories from tenants who trash the place despite airtight rental agreements or fixing a toilet at 2am. I should start out with a house and rent out the other rooms that way I live there with the roommates and I can monitor things closely as a landlord.

Apartment complexes are WAY OVER my head, but nonetheless a great example. I am a beginner and would go nuts managing an apartment complex unless I got a property management company to do it for me -- which is another expense.  I have some handy many skills. But I get that you used the apartment complex as an illustration. This would also apply to homes, condos, townhomes, duplexes, and small fixer uppers.

In term of being a mortgage lender I find it fascinating as well to write up contracts and use my sales/customer service ability to assist others. I know its high stress, but less back breaking work and more of a mental grind which appeals to me more. I can handle tough mental tasks, better than the physical ones.  I will pursue both--buy a house, live in it and rent out the extra rooms. Then I will pursue mortgage lender.

I am new to real estate investing and bought many books on how to buy, fix, rent, or flip them. I haven't made any deals yet. I was also considering mortgage lending as a career.

My question is ....which is more profitable? Becoming a mortgage lender and getting a license or buying and flipping houses? I heard mortgage lending is a tough business and turnover is high.

If I buy houses should I go through a real estate agent? I have an appt. with a dave ramsey specialist to buy my first home.

Need some advice.

Thanks,

Jack