All Forum Posts by: Craig Wilcox

Great job @Eric Williams.  It sounds like you were able to combine several strategies with the value add deal, low down payment 203k loan, and a house hack.  After four years of low personal expenses and likely some appreciation, are you scouting out your next deal?

I would be interested in hearing how the 203k rehab loan worked out for you.

@Moshe Katzir, I don't think the area/zip code makes any difference in the calculation.  Since there are no items that are automatically filled in with the address (like taxes or cap rate), I believe it is for reference only.  I hope that helps.

Excellent!, Nice job @Will Fraser

@Po Chan, It doesnt hurt to try.  Renting is a great plan B.  Good luck!

@Karyn L., 

I have sat through the pitch in the past and came away with the impression that it would be helpful in two situations, although there could be more.  1) If I already had a significant amount of money to not only purchase the course but also to purchase investments.  I think there would be good information to make sure someone invest their funds prudently.  2) If I wanted to be part of a multilevel marketing business to produce income.  There are a lot of people in MM companies that make a good income but it takes time and effort, like anything.

If you do not fit into one of those two situations or it does not make sense for your own situation then I believe you already have your answer. There is so much free (BP) and inexpensive (books) REI information available now that you do not need to spend a lot on education and a degree is not needed. However, there is a huge benefit to having a mentor but I would be careful of paying for a guru mentorship.

I would suggest that you start out going through the free guides and course here on BP. If those don't resonate with you, find a book with a REI strategy that makes sense to you. Some good ones are right here on BP like "The Book on Rental Property Investing", "BRRRR", and "Set for Life". But there are many more out there like "The Millionaire Real Estate Investor", "Landlording on Autopilot", "The ABC's of Real Estate Investing", "Financial Freedom with Real Estate Investing" etc. I believe the key is to find a strategy that makes sense to you for your situation, follow that strategy and do not stray from it until you are generating enough income that you can take on a second strategy.

Never, never, never give up!

Hi @Matt Quock, I think you will get lots of suggestions for this one.  I would recommend The law Offices of Brette Freedle or Christopher Dodson of Dodson Law Office.

Never give up!

@Matt Quock for residential, I would recommend Jessica Rielly at First Northern Credit Union.  for commercial, try Rockford Bank and Trust or Union Savings Bank. 

 I need some friends like that!

In that case, I would probably start with the 50k to prove my trustworthiness and care of my friends funds. Then I would look for bigger deals to use the 100k.

@Landon Thompson,

I live and invest in Northern IL.  There are some downsides to investing here (high taxes as one) but the demand for rentals is very good.

My opinion is that everyone should start out house hacking unless you have lots of funds to invest passively. House hacking will reduce your living expenses so you can build your savings for more investing. Owner occupied financing is some of the best you can get. Plus, you will gain a lot of REI experience by managing your own property for awhile.

I hope that helps, Craig

@Matt Vogt,

@Justin R. is right, with those numbers it you refi at 75% LTV you will leave $20k in the deal. That may be acceptable to you but the less cash you leave in the deal, the more you can recycle your cash into the next one.