All Forum Posts by: Liam Goble

@Account Closed , Welcome.  I started investing in 2012 with no money (literally).  I found a property and approached a few friends for a loan.  With that first property, I was able to work up to an additional two properties for a total of five units.  

I've found that I just have to take a deep breath before I go to a meeting with friends to say "This is what I've found, this is how much I need, here are my proposed terms, does that work for you?"

Good luck.  BP is an awesome community.

@Nico Fricchione , I'm a contractor in State College and just today started to consider modular vs site built for a lot we own.  I used to do ENERGY STAR inspections for Avis America in Lock Haven, but that contract ended when they closed.  I'm interested in some rough numbers for cost on a mod.  Would you have time for a call later this week?  

Thanks.
Liam

I would like to add another one to two properties to my portfolio to bring my total unit count to 10.  With the additional units, I am aiming for $1,100/month cash flow.

Hey everybody, Just a quick update from the car crash:

- The driver of the vehicle put in a guilty plea for the crash.  He received 6mos jail time.

- My building is repaired.  One of the tenants moved out while the other really wanted to come back.  I was actually happy to have the tenants leave because there had been issues with them all along (I had 'inherited' them when I purchased the building).  

- While I'm out a little bit of cash during the down time while I'm repairing the unit that was vacated, the improved unit should bring in much more cash than the past tenants were paying.  

Here is a picture of the accident.  The post in the center of the picture is plumb.  The wall is 16" thick brick.  The driver suffered two broken legs and supposedly a broken back (not paralyzed).  He told the cops he could walk to the ambulance (he didn't).  I don't have finished pics yet, but will post when I do have them:

An awesome post.  My wife and I have been driving towards this same ends (family time) for the past two years.  We gave ourselves a five year window to 'work insanely hard' with the goal of hitting cruise after those five years.  We're two years into it and about 25% the way there.  While maybe a little behind, I'm confident we're on the right track. 

Good luck on your path.  

My Realtor did work with me on some creative financing (90% owner financing for 2 years).  The Realtor got some cold feet when the seller's attorney informed us that the actual 'sale' would take place in 2 years, so my Realtor would receive her money at that point.  She advised me against the deal at that point.  

I ended up not purchasing that property for other reasons, but as hind sight is 20/20, I probably should have purchased the property, only because my personal situation changed and this specific property would have been a good addition to my portfolio.  

Helly @Tarrin Lilly , Welcome to BP.  There are a bunch of local Baltimore investors on BP you can tap into.  Good luck!

@Chanté Owens Thanks for your thoughts on this matter.  Only yesterday did I start to get the 'cost creep' with the city telling me they plan to bill for engineer's time.  I now suspect I'll receive a bill from Search and Rescue for shoring up the building.  

I plan to not sign anything until I've at least spoken with my attorney.  

Awesome.  Sounds like I've done OK so far (filing w/ insurance companies), but before I accept anything from anyone, I would run any offers by my attorney.  The limits in my coverage will cover a worst case scenario in which the building needs to come down (pay off mortgage and have cash to tear building down; unsure if or how much would be left over from that).  

The engineer tackling the problem won't return a scope of work until at least mid-week next week, after I've spoken with my attorney, so I'm thinking I should be OK.  I trust my attorney, however he can be 'gentle', but he's a totally straight shooter.  Does anyone see a need for an 'aggressive' attorney?

Thanks.

Liam

@Account Closed Ive been working with the code office to ensure my tenants have temporary access to pull clothing, etc from the property.  I've also worked with code to reach out to the local housing authority to see if there are any temporary housing solutions available.  I've provided the insurance info for the driver to the tenants and walked them through the claims process.  I'm 100% full at this time, so I don't have any flexibility in that dimension and I'm out of cash to make an out-right purchase. 

Do you have any other suggestions?