All Forum Posts by: Jeff Ronningen

I know nothing about the unlimited funding program. Just based on the name I’m skeptical. In fact I’m skeptical of all paid REI coaching programs. There’s no substitute for learning yourself, and some things can’t be properly learned until you experience them. This is a challenging time to invest. It’s a seller’s market and valuations are high, but opportunities exist. You need to develop your own business model based on your situation. You need to factor in your time, resources, risk tolerance, investment goals, etc. Once you’ve defined your business it will determine your selection criteria for properties. All the info you need to start is available gratis on BP.

What about when they ask for 2 years W2’s? What about when they notice the company issuing her W2 and the company he owns on his tax return are one and the same? Play by the rules and you won’t get burned playing the game.

Andrew, just realized you do manage an out of state rental in MA. But I think the core of my post still applies.

Just because you inherited it and there’s no mortgage is not a good reason to jump into the rental business. Managing it long distance, especially if you haven’t done it before, makes it more risky. First determine what you could sell it for and calculate the net proceeds. Engage a realtor if needed. Let’s say net proceeds are $100K. Then ask yourself “If I had $100K would I invest it in this out of state rental property in a neighborhood which I know nothing about?” Which is essentially your situation. I’m guessing the smart answer is no.

Yes, it’s important. A bad investment today doesn’t just turn into a good investment over time.

7-8 is attainable. If I see 10 it’s almost a red flag. You can buy properties at 10+ but generally in this market those properties don’t meet my criteria. I stay C+ and higher.

You’ve already received good advice in the previous posts. Stated simply: 1) become an expert 2) go Dave Ramsey, spend less, earn more, build up funds to invest Starting by house hacking using an FHA loan is a good goal. Doesn’t require huge investment. If you don’t know what that means, get busy studying up. It’s all here on BP for free.

Chris Sellers gave you good advice. This is too major of a rehab for you while you still have your training wheels on. If it was that easy everyone would be doing this and getting rich. Huge numbers of people are looking at those auctions. It’s not like you found a special deal that no one knows about. There’s a good reason it’s only $13K and people who know more than you set the price. Start small, do a limited rehab, be happy with a small return. As you gain knowledge and experience you can bite off more. An old golf pro told me ‘lessons ain’t cheap”. Don’t set yourself up for a big expensive lesson that will knock you out of the game.

As a golfer, being called a hacker is not a good thing. But I like the term “house hacking” because it’s simple and most everyone knows what you mean. Among my least favorite words are “athleticism” (how about athletic ability instead) and “actually”. Did you actually go to the show or did you go to the show? It’s like people feel the need to add it when they really mean it, as opposed to when they don’t mean it or are being dishonest. As someone said, first world problem. On to something that’s actually important like reading about yesterday’s demonstrations of athleticism in the NCAA tourney.

You haven’t defined your business model, therefore you don’t know how to decide to buy a property or not. It’s a math equation.