All Forum Posts by: Ian Kee

How does one delete a post? I didn't intend to post this.

Investment Info:

Large multi-family (5+ units) buy & hold investment in Wauwatosa.

Purchase price: $1
Cash invested: $1

This is a furnished short term rental one bedroom apartment unit that I lease from the landlord. This unit is in a large apartment building. I used other people's money to get financing to furnish the unit, and now I operate the business by providing clean, safe and affordable housing for business and medical travelers. This space feels more like home than a hotel and people have access to fast wifi, fully stocked kitchens, king sized beds, underground parking, and all the amenities that make you feel more at home. It is located near a hospital to attract patients, medical students and traveling nurses and doctors. It's also close to businesses that would attract the traveling business people.

@Sean Kim

What everyone else has said is great advice as far as what research to do. To add to that, I would say work on personal development. It doesn't matter how much you know, if you don't believe in yourself, you'll never take action. For many people, a lot of this stems from having a low self-esteem. And it may be that some people are very successful in other areas of life, but real estate investing is a completely new area for them and so they do not have a good self image of themselves in that area.

I recommend reading "Letting Go" by David Hawkins to help with letting go of the self-limiting beliefs that you might be telling yourself unconsciously.

subject-to, seller financing, master lease, option to purchase, private loan, partnerships, heloc, credit card......

@Account Closed not hard. Ask your attorney to help you with a quit claim deed. This can cause the lender to call the note due, but is very unlikely.

@Terell Miles

I'm with you on that, being educated is paramount. But what do you want to be educated on, the rules and laws that realtors have to play by? Which big players do you want to associate with, realtors who sell millions of dollars of homes?

Just wondering if the world of realtors is where you really want to be, or if you'd rather learn investing strategies and know the big players who invest in real estate?

To be fair there are plenty of realtors who are also investors, but the vast majority of realtors aren't.

It depends on your point of view. Cash flow as a concept is the money that flows in and out of your business. Cash flow as a thing is the money leftover after all expenses are paid...which is definitely profit....aka net income.

Are you looking for someone to buy your property, and you will owner finance it? Did I understand that correctly?

I like the advice from the others above about paying for the car so your score doesn't continue to go down. And take the car.

Beyond building your credit though, there are creative strategies that can allow you to buy property without money or credit, or with very little of it. Think, subject-to, master lease, seller financing etc.

Welcome!

Question for you: why are you in classes to get your real estate license? If your goal is to create passive income from rentals, and you have a full time job, not sure what the purpose of a license is? You don't need a license to buy rentals and with a full time job, you'll likely not spend the time necessary to sell homes on the retail market. Not saying don't...just curious why?