All Forum Posts by: Evan W. Jones

House hacking is a great way to start. I did it and didn’t even realize I was doing it until years later when I learned the term. It allowed me to free myself of a mortgage quickly. I like the idea of a multi-family house hack. I would have done that if I had known better! My current living arrangement precludes me from Doug so or I would be doing so now. Don’t study too long. Get going or you end up like many of us...on the proverbial learning treadmill. Take action! Web

Let me ask a very novice question here....how do you check the titles to the homes on auction.com and what are you looking for when you do?

Thank you for the information.  I will research syndication and after getting a bit of education, be back with more questions!

@Joel Owens I am with you that simpler is better.  I believe that complex systems will inherently fail at some point.  It is the elegantly simple ideas and solutions that win in the end. 

I am interested in using my W-2 job salary to invest in multifamily apartment complexes.  I would like to start out by being a passive investor in a few deals to learn the process.  I would welcome your suggestions on how to find and become involved in this process.

Also, it is my understanding that returns from these deals end up being tax free as a result of depreciation on the property.  True if done correctly?  

Thoughts? Advice?

Best Regards,

Webster

@Matt Dowell, Where is the meet up in Houston? I am interested in attending. I'm new to BP and relatively new to REI. I have one property now and I am looking to branch out into additional properties.

Evan

Speaking from my single property experience, I found that by marginally increasing my rent kept my tenant for another year at increased rent versus trying to go to the top of the market and potentially taking a net loss by having to re-tenant the property.  I guess that means I am a bird-in-hand kind of guy.

Web

Hi, My name is Web and I am new to BiggerPockets.com. I got into the real estate investment market space by accident and I am ready to be here intentionally now. I owned a townhouse that I moved out of in 2009. The market was down so I decided to keep it and rent it out versus sell it. Today, I still have the property and it is paid off and cash flowing.

I am married with a 9-year old son. My wife is a stay-at-home mother who has time to assist with our venture into real estate. We plan to embark on this adventure together. We will use my income as capital to begin our investing and her time to review properties and work on the business.

Currently, I work as an operations manager for an offshore drilling contractor. My plan is to use real estate to supplement my income and advance my potential retirement date. I’m not ready to retire; only to have the security of knowing that I can. My goal is to expand my portfolio beyond the one accidental investment property (I don’t count my residence as an investment property for obvious reasons).

One of my newbie questions is if I need to start in SFH or if I can move into MF straight away? I have some experience in real estate from the townhouse I own and lease out plus I have business operations experience from my present job.

Another newbie question is why go lead on a deal? Why not just get passively involved? What are the advantages to taking the lead on your own deal?

Best Regards,

Web

I believe that both philosophies are crucial to the beginning investor.  Rich Dad talks about the power of leverage and how to use debt in your favor.  Dave Ramsey talks about getting out of debt.  I think Dave Ramsey's philosophies can be applied to bad debt.  When one is going to start investing and taking on good debt, it is good not to have a pile of bad debt.  I am debt free having loosely followed Ramsey's program for motivation more than anything.  Now, I am preparing to take on some debt for RE investment.  I feel much more comfortable doing this knowing my personal finances are in order.  If nothing else, I sleep better at night and can spend more time thinking about investment opportunities as I am not wasting time worrying and keeping the bill collector away.

Web

Two excellent books are:

Think and Grow Rich by Napoleon Hill 

Millionaire Next Door by Thomas J. Stanley

Think and Grow Rich is a foundation book for anyone who wants to a system and process to become successful at anything.  Millionaire Next Door is good to teach one about how people with money really live.  Most of the people that look like they have money probably do not.

Web