All Forum Posts by: Pete Perez

@Mike Reynolds

lol

@Marco G.

Is there a question by OP?

@Tom Chen

Housing construction is one of the pillars of our economy. So if that industry is slowing down I'd think that could contribute to local markets slowing down. 

@Solomon Oh

I think your best bet to find someone to partner with would be at meetups. It is kind of hard to expect experienced people to partner with a new person they haven't met personally. Attend meetups and talk to people and form those relationships. That will lead to finding your first partner.

@Rudy Manna

Congrats on the success! I am particularly happy to hear @Timothy Tooker did a great job. My wife and I are gearing up to do a flip and are going to be meeting up with him soon. I was going to ask for a testimonial but I have one right here haha

@Bill Fleener

The structure that @Tom S. commented about is an arrangement I've seen work for a lot of investors. My advice to you (also as an inexperienced investor) would be to spend more time attending local meetups and network your butt off. Meet people doing what you want to do and it seems that will lead to finding money and partnerships. That way you have both deals and financing at the same time and you've got people that can help you through the deals. 

@Jack S.

Take some money out and use it to do another deal, or leave the money in keep the cash flow at what you have projected. Which ever scenario is best for you is what you should do. 

@Bryan Murphy

I can personally tell you that Fortune Builders 3 day seminar will offer you a mentor program. The 3 day course won't have any information that isn't available on BP. 

I won't condemn the program itself though. I have 3 personal friends that have gone through their mastery program and are doing very well in REI. Their top tier program when I went about 6 months ago was $45,000 and you could split that 6 ways with "Business Partners".

It wasn't worth it to me at that time. 

@Lennox Matsinde

I think that it is important to have a few exit strategies in mind prior to making a purchase. I can't speak to your goals, but I am an examples guy so I will use ours as an example.

The MFRs that we have seen that we could house hack and would be cash flow neutral would require somewhere between $20-$40k down depending on location and number of units (we have looked in south king county and pierce county). That is almost ALL of our capital. So we could do the deal, but from our perspective tying up almost all of our capital isn't worth the 12 months it would take us to save that money back up. We'd rather invest another way.

So if you plan on holding onto that MFR for the long term then buy one!

Best of luck,

Pete

@Lennox Matsinde

It is feasible if you have the money to purchase a duplex. Whether it meets your goals is a different story. You need to clearly define your goals both short term and long term and I think that will guide you to the decision you need. You can find MFR all along Tacoma, Puyallup, Des Moines and all along South King county that could work, but does it jive with what you want to do?

My wife and I were very much considering purchasing a MFR to house hack as our first investment. We sat down and ran the numbers and evaluated our exit strategies and compared them toour long term goals. At the moment it doesn't fit with what we want to do, so we are holding off on it. We still would like to house hack to offset our monthly living expenses, but we have a personal capital goal to hit before we do that.