All Forum Posts by: Tod R.

Happy CMAD Jon!

This is truly a special site and I agree that Mr. Holdman is an incredible asset to BP. Not only does he do a great job at hearding us cats, but he is clearly one of the most inteligent posters on this site. And he can do both at one time! I recentl read a reply from him that while he was given one of his well thought out, and written replies, he warned potential abusers that their "posts would be deleted WITHOUT NOTICE!"

Molly, welcome to the BP site. You are correct that you will not get unbiased responses to your questions. But you will get honest answers, pros and cons. It's interesting that you and your husband work together on your REI but have different levels of risk. That is the beauty of a good marriage. You balance each other out. I am in the same position with my wife. I want to be more aggressive with our investments while my wife wants us to be more conservative. We've been married long enough to see that when we discuss our decisions with each other, we usually make wiser decisions.

I too am the only RE investor in my social circles. Most people I know are not open minded enough to see the opportunities or have the drive to learn.

I see you list yourself as a property manager. Between this and your REI experience, you and your husband are set to be successful in your REI journey, as long as the two of you agree and work together.

Ha! I was just playing along. I assume the only way you wouldn't be there is if there was the year's first really good snow and you had to make sure your skis were still in good working condition.

Julio vs Mark...

Is it realistic to say that Julio can by a $50K SFR and make a profit of $20K after purch+financie+rehab+carry costs? Unless I misunderstood, I don't think Julio could find 5-8 deals a year like this.

I do think if Julio works hard and smart enough, he could build wealth quicker than Mark. But Jon Klaus makes a good point. If this is Julio's full time job, he will have to cover his cost of living to cover before building wealth.

Josh, I thought you were going to be hosting the Summit? Everyone will be disappointed if you're not there to meet you in person...

:)

I was thinking the same thing Aaron McGinnis. However, I would work through the numbers on the rehab to compare to new construction. If a rehab will cost you $70K ($30K purch + $40K rehab) and you sell for $100K (wild guess), you'll net $30K in 3-6 months?

Say you build new home and could sell for $300K. It will cost $30K purch+$15K(guesstimate) teardown. you're construction cost would have to be $225K to equal the profit on a fix and flip.

Maybe easier/quicker to do the fix and flip. But it may be more profitable to build new home. You will have to work through the numbers that work for your market.

Welcome Andrew. Join and registered for the Summit the same week? Now that's commitment to BP! Look forward to meeting you in Denver.

I know Bryan Hancock is in Austin and am sure he can help you out.

Hopefully, it's old debt and you're not still adding to it. Jason S. is right. It is a symptom, not the problem. Make sure you've resolved the issue that's caused the debt.

I believe you should payoff quickly, reducing you cost of living. Possibly, picking up a part-time job to increase income. After you have paid it off, with the same intensity, continue to put the money that was going to the debt, into building your savings.

I agree Bryan. "Mentor", or "coach" , does sometimes carry a negative connotation but I think you have to have a trusted expert that you can talk to, and learn from. I also think you can learn from historic/public figures that were successful as well.

Education-I don't mean a college degree, but learn your craft as complete as you can.
Goals-Decide what you want to acheive.ON PAPER!
Mentor-Find someone who is/was successful that you can learn from and emulate.
Stategy-Determine your path to your goals. How/What are you going to do to realize your goals. ON PAPER!
Discipline-Don't get distracted, tired, or down. Stay focused.

Or, another way to answer the question of "can you still get Rich?"...Ask Mrs Rich Weese ! :)