All Forum Posts by: Patience Echem

I am saddened by David and Rob’s departure from hosting the BP podcast. I have learned so much from them, and did find them to be pretty knowledgeable about the information they shared. David. speaks broadly and looks at issues from different perspectives. Not sure who will fill his shoes. Listening to the podcasts this last month has felt like a travel through the wilderness. We sure already miss him. I was hoping the 1000 episode is a celebration instead it felt like death.

what is great about this group is that they are candid about what to expect with real estate investing. While the advice may sound pessimistic or harsh it is often because we are looking out for each other. It is rare to find a group that can provide unbiased and useful advice like the one in biggerpockets. The varied opinions means that you can sort through and select the ones that suits you best. 

I am very new to RE, like this year new. The real reason I got in is to diversify my portfolio. I was getting increasingly nervous about what may happen to the stock market in the short term: mind you the short term is where I fall because I have just a decade left to work. 
If I believed in all the high percentages money people are supposed to make CoC, ROI, ROE I will still be waiting because nothing out there matches what I hear, but just this month I closed on a SFR because it is a tangible asset. It helps me sleep better. It provides the buffer I need to stay the course in the market. For me it is not about which is better. Both makes a complete package.

I believe your taxes are based on your profits not loan. So whatever you sell your house minus what you paid for it.
Example:

purchase price $100k

Sell price 240k

Taxed 140k minus expenses. 
your cash out refinance is not a consideration for taxes and neither your loan amount as far as taxes go

Bob, how do I go about finding seller financing? I imagine that requires skill and experience. Also, if the rate is as high as the CL then it may not be worth the sweat. I am open to learning more.

Bob, how do I go about finding seller financing? I imagine that requires skill and experience. Also, if the rate is as high as the CL then it may not be worth the sweat. I am open to learning more.

Joe, 

Thanks for your wealth of knowledge and willingness to share. It finally made sense that the goal is to spend as little personal money as possible while letting the tenant cover the costs of the investment property. 

Zeke and Patrick,

Getting more than one property with what I have will definitely get me closer to my goals. Leverage is a new word in my life. I have always prided myself as one who owes nobody, but if I am going to succeed in real estate, I have to get comfortable with leverage.

Allan,

Allan a lot has changed in 10 years. The first time I had no knowledge, no experience, nobody I knew who was investing in real estate. Fast forward, I am more educated, I have read some books, found biggerpockets and have friends doing well with their investments. I hope that is enough to get me through the hump. Thanks for making me think.

In all I am learning that finance is better than refinance. So, using my seed money for more properties is better than using it for one property, and perhaps, using a little bit to start with one property to gain experience learn and then increase from there is a better way to go. Thanks to all who contributed.