All Forum Posts by: Ryan Valdez

@James Feely 

Thank you so much.  It seems like I've been getting the same results in that no one offers any PM services there.  

@Kim Herrick & @James Feely: Any luck on finding PM's?  I'm searching for one myself but it seems that the closest ones are in Peoria and only operate there. 

@Edward Robinson BRRR is my mentality because of how passive the income stream appears to be. A mobile home park is probably my ultimate goal but I'll be happy if anything with a positive ROI right now.

How many properties have you done so far and what type of REI are you into? Springfield seems like that is where the most action will be based on population. It'd be great to network with you.

Hello All,

Looking for BRRR opportunities in the Galesburg, Peoria, and Springfield areas as I'm just starting out. I just visited these places and see a lot of potential but I'm clueless as I don't live anywhere near that area. It'd be very cool to establish a ground crew and start building up these cities. I've listened to quite a few BP podcasts and read some of the recommended RE books so it's time for me to pull the trigger and get it going. Looking forward to hearing from you!

Did you decide to go with them?  I'm also thinking about using them.

@Anthony Gayden That's fair. Appreciate it.

@Anthony Gayden How do I find these properties where nothing breaks or needs to be replaced?  Looking at my standpoint, I just bought a brand new house for 1/3 of the price.  By helping my family to get back on their feet, I didn't have to find tenants or a property manager.  Thankfully I can afford to be a little riskier with this "investment" right now with my current job that I just started, and I don't plan on quitting anytime soon. 

@Thomas S. I think my plan of action will be to use the money on other investments rather than paying down the mortgage. 

@Patrick Daniel I don't have any equity in the property because I just bought it.  Seller financed deals would be optimal but hard to come by in my areas of investing interest.  My $10k goal is going to be roughly a 15 year plan.

@Jennifer T. This mortgage is the only debt I have so I see it as a win-win as I personally don't have to pay as much on the mortgage and my family isn't living in a crowded space with rude neighbors. 

@John Thedford The family discount is at the very bottom of the FMV for that area and confirmed that with my CPA.

@Patrick Daniel My bad, I suppose I should have mentioned my goals with REI. I'd like to reach a $10k monthly passive income doing buy and holds for small multi-family and SFRs. Since this is my first 'deal', I realize that I'm going in the opposite direction but the opportunity and ability to help family trumps my personal ambitions. Plus, I'll be building equity so it's not that much of a loss. I do plan on having my family living there long term so I was thinking I could pay off the mortgage quickly and get a HELOC for other investments. If I did that, I wouldn't have a negative cash flow but all my money is spent on one property. So, should I take the negative cash flow stigma but have other properties to minimize it?