All Forum Posts by: Karen O.

You're not far from Philly which is a big market. You might do a search for local cash buyers near Philly that might be willing to partner with you. And check out the Investor Marketplace here at BP.  They list their areas of interest.

Michael, 

#1 If I were you I'd worry that someone on BP was an IRS agent and just saw your post.

#2 You won't know about getting a loan on your current income until you ask.  So, maybe you could start there with your local bank or credit union's loan officer.

Good luck.

Wishing you good luck.

Since he lives there, and plans to stay, maybe he'd be open to playing the role of PM?  I say that tentatively because it would be unfortunate if you and he didn't see eye to eye, but if you're dealing with similar units, he's already there, and he'd get paid for his trouble helping to feather his retirement nest.  Might be worth asking.  Worse that happens is he says no.

Marvin, can we assume your friend, whom you first approached, isn't using a PM they'd recommend?  Or they live closer and/or are self managing?

And if you take a  401k loan, make sure you factor into your budget the costs of repaying it from regular earnings.

Congratulations!  Definitely a winner.

Javon, 

You've gotten some great advice.  I want to add to it.

#1 if you go to FB/TM event, leave your checkbook and credit cards at home.  

#2 bring lunch and/or snacks and a drink.

#3 you won't meet investors. You'll meet wannabe investors and FB/TM converts. These folks are likeable, nice people. You'll want to get on the bandwagon. And you'll hear enough to wet your appetite more. Their job when they arent making oodles in REI is to get you to join their club. That means to get you to buy in. Sort of like buying into a franchise which is an analogy they use often. They are all successfully using FB/TM models and systems and for a fee so can you.

#4 find a few local REIAs and attend several meetings until you find one you feel comfortable in.

#5 Read everything you can get your hands on.  Ask questions of people you meet and here on BP. Someone will answer you and it'll be free or no more expensive than a cup of coffee.

Good luck.

Thanks Chris.  

Your insight was helpful. 

PS. There are examples all over this site with success stories of folks who have done it.  Check podcasts, forums and blogs.