All Forum Posts by: Mark Sewell

Is this New Western?

You don't have to use Jet or Noble or anybody in particular, but please find a good LOCAL HM lender.  Somebody that knows what is going on in all these various areas of town, somebody that can help steer you right.  

Sometimes you need somebody that isn't afraid to call your baby ugly, and that is what your HM lender is there for - they are putting their money into your deal, so they will be tactful but they will be straightforward if they think your ARV or renovation numbers are a little off.

I have seen them, actually, with existing units right over the garage.  It was in a subdivision right near where I live....

And what do ya know -- here's another one right in that same subdivision.

https://www.realtor.com/reales...

I got real mixed feelings with this guy.  I would say that I subscribe to a modified version of his seven steps.  I think probably the first 3 steps are sound, maybe 4.  That fourth one, save 15% of your income toward retirement, could be modified in any number of ways.  To hell with step 5 - my kids can go join the damn Navy if they want college funds.  Maybe I'll help with books and car insurance (maybe).  And well, Step 6... we've already covered that here, haven't we?

But the concept of reducing your personal financial footprint is big.  It is a lot easy to hit FI when you aren't needing to cover a bunch of stupid consumer debt each month.  I mean, it's just math.

What I do like about Dave is that it forces people (like me) to look critically at their own bad money habits.  Trying to be an investor when you don't have personal finance discipline is like going to a cross fit gym when you drink beer and eat fried garbage every night.  You probably think that is an obvious statement, but if I am totally honest here, I must admit that I didn't get that for a long time.  But I damn sure get it now.

Not heard of any physical meet ups just yet. I liked attending events over at Quest Trust Co on the west side of town. There are (were) plenty others all around the city. My current employer used to host the largest REI meet up each month, but right now that's online - our old venue went out of business so we are looking for a new home for the event when we reopen.

I'd like to second the comment @Vijaianand Thirunageswaram made about buying in Bear Creek area near BC Park.  That area floods over and over - it is not just during Harvey.  I've lived near there for 12 years now and it has flooded 4 times that I can remember during that period.

Look up Dan Barrett at AdWords Nerd.  He's up in CT but he works with investors nationwide.

@Josh McRay hey man I have heard you on Danny's podcast.  Is this your first post on BP?  That's great to see a familiar face/name here.

This thread is money.

You'll be fine.

I think you will find there is no right answer - but I think most of us would agree that there are some wrong answers:  

• Don't over leverage (borrow too much)
• Also don't totally ignore the power of leverage (your return on invested capital)
• And make sure you keep some cash in reserve, liquid.  Also get some credit lines opened in parallel.

I realize none of this probably very helpful, but the message is simply to try to find a reasonable balance.  Do what you can handle, borrow some without overextending yourself, but also be mindful of the fact that you CAN run out of cash if you try to do it all on your own.