All Forum Posts by: Justin B.

Yes.  No exceptions :)

In my opinion, it's all about the cash flow.  You bought this house a long time ago and can take advantages of the benefits of the low mortgage.  You may can even re-finance what you owe for a much lower payment as well.  As it stands you're looking at $500/month cash flow here.

HOWEVER, if you sell it (because you lived in it for 2 of the past 5 years), your earnings will be tax free.  Assuming you owe 80k and can sell for 150k (minus commissions) you're talking about netting at least $50k (probably more).  With $50k, you could buy several houses and cash flow well more than $500/month (at least I could).  That's what I would do, but for a LOT less effort you've already got $500/month locked in.  Your problem is a good one to have :)

All,

We have a location to meet that I was only able to publish a couple of days before the March meeting as it took that long to find one. I had 10 RSVP but due to the ice, we were only 7 strong. I've included the meeting location in my e-mail.  If you are not receiving that e-mail, then I do not have your e-mail.  Feel free to message it to me if you are interested in the meetup.

Sure, shoot me your e-mail via message.

@Anthony Vettese 

I sent out an e-mail with tonight's meeting info.  If you didn't get it for whatever reason, let me know.  Please check your e-mail :)

I want to personally thank all those who came out last Tuesday.  It was great to meet everyone.  I believe at one point I counted 13 of us.  My initial goal was only 6 or 7 so needless to say it exceeded my expectations for the first meeting.  The next scheduled date is Tuesday, March 3rd.  Location details sent via e-mail when established.

The restaurant was great for a meet and greet but with other patrons, the TV’s, the restaurant atmosphere, etc…..it’s hard for that many people to all participate in the conversation.It’s all impossible to have any kind of structure or agenda in that setting.  There were many side conversations going on.  That’s not necessarily a bad thing, but I feel like I only got to know real well those sitting directly around me.

What I’d like to do is find a place we can meet that is a little more quiet.  Even if it costs a few bucks (like $50-$100), it’s something to easily split $5-$10 between those that show up.  Perhaps someone knows of an office building that would rent a room out from 8-11pm on a Tuesday night.  Or maybe another business that’s open 24/7 that has a conference room they don’t use at night, etc.  I haven’t really done much looking yet so if you have any ideas/suggestions or know of a place that would be great, please let me know.

If we can get a quiet place, I’ll come up with a small agenda so we can have it structured a little more and have true introductions that everyone can participate in.

If you have not sent me your e-mail and would like the meeting information, that's how we disseminate it.  Just message me if you don't want to post it in the forum itself.

You're assuming you buy stuff in your name. Use an LLC or corporate entity to own your real estate and those restrictions don't apply since "you" don't own it. It's just K-1 income (or loss) at that point.

There are over 100 posts in here and I didn't read them all, but I'm sure I'm saying the same thing that has been said several times.  People like Dave Ramsey, Suze Orman, and others are great financial advisers for the 95%.  They are perfect for those that want to work a "job" for 40-50 years, fund a 401k/buy stocks, retire, and live off their retirement accounts and SS.

Let's face it, to your normal worker, real estate investing is hard.  Almost all of the people on this forum are real estate investors, so you don't see that side of it on BP much, but try striking up a conversation with random people out there and you'll see what I mean :).  That 95% just aren't built for real estate investing (and even fewer for the more complicated stuff like building business, oil, etc).  For those people, they should listen to Dave/Suze and others.  For those that aren't, while Dave/Suze and others have some solid information we should all follow, most of the things they say don't do, is exactly what you should do if you want to be successful in real estate.

This is why these people have financial shows on TV because they appeal to the broader audience.  You will never see Kyosaki (I'm using as an example so no need to get on a side conversation about him) with a TV show because he wouldn't have enough viewers.  He caters to a much smaller population base.

So the bottom line is...feel free to listen to and watch these kind of financial advisers but if you plan on following their advice to a T, then you won't be very successful at non-retirement account investing.  If you follow their advice, you need no debt (including mortgage), 8-12 months of emergency fund in cash, no car note, no debt whatsoever, THEN whatever real estate you buy, they want you to save up and buy it for cash.  That's great in a perfect world, but I'd have 0 properties instead of 9 if I went down that route :)

Now we're up to 11.  That's excellent.  It's already exceeded my expectations.  See everyone in a week on Feb 3rd :)

Less than 12 hours since I sent the e-mail and we've already got 5 of us.  Make sure to subscribe to/follow this thread as I'll update here each month as the e-mail goes out so you can make sure you got it for location info.