Re: this gives me hope - Posted by lil_joy
Posted by lil_joy on May 14, 2003 at 23:08:47:
thanks we’ll check it out. An interesting twist of events is going on here. Looks like we are going to do some traveling. I’m looking for some 8 to 13 week contracts for my job. This could be a wonderful opertunity for us to see the country and check out different markets. I’m wondering if it would be better to flip than to rent being as we will be relocating often
Re: Twice a year, wow. - Posted by Andrew B
Posted by Andrew B on May 13, 2003 at 11:27:00:
I agree there’s no law that says you have to work hard to get very wealthy! I will file that quote away in my brain for future reference.
Questions: Do you only buy through tax sales in other parts of the country, e.g. OK? Do you stick around long enough to get the properties rented out, or get someone local to do that? And, for maintenance issues, you must have someone local to do that, right?
response - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on May 13, 2003 at 12:29:04:
Andrew B------------
Actually that is a nice quote. However, what I really meant to say was that you don’t have to get very wealthy so you don’t have to work real hard if you don’t want to do so. I wonder about people who accumulate so much more wealth than they need for living and financial purposes. There must be some psychological needs that they are trying to supply by doing so.
I have properties that I keep here in CA. Recently I have only acquired properties in OK at the tax resale auctions. I’m not a big-time player with lots of loose money around to invest out. I buy what I can. I am close to financial independence throught the rental income. Once I do my buying trip this year, I will concentrate on getting all my properties rented out and fixed up. I will not have to work for anybody else unless I choose to do so.
I don’t stick around. I have some property managers in OK to help me out.
Good InvestingRon Starr**
Re: response - Posted by Berni
Posted by Berni on May 14, 2003 at 14:57:04:
Hello, I am new to REI and I am doing some research online and alot of reading before I make my initial move, I have a question or two for Ron, what do you think about buying properties through auctions, for example, through Bid4assets? I bought the CS program and I am not finish with the program yet. I am a housewife and would like to help my husband bring in cash for the family. With three kids still at home with us, I do not think I could travel anywhere to look at properties. Do you think I can make it in REI?
thanks for your help.
Re: response - Posted by Barry (GA)
Posted by Barry (GA) on May 13, 2003 at 15:19:41:
Ron,
The last time I asked you about this you mentioned that you were trying to manage the OK houses from a distance as the guy you were using retired. Did you stop trying the long distance managing and hire local people? Just wondering how this has worked out for you.
Thanks,
Barry
Re: response - Posted by Andrew B
Posted by Andrew B on May 13, 2003 at 13:06:43:
Ron, I totally agree about people who try to gain much more money/income than is really necessary for a good standard of living. I no longer desire money for psychological validation, but just enough that I can be with my family most of the time instead of working for a corporation in an office 40 hours a week. I can take or leave big luxurious houses and cars. To me, a luxury car is one that both runs and is paid for! But, enough of that.
Your posts about OKC have really got me thinking. The financial independence you describe is what I aspire to, and I admire you for being close to achieving your goal. I no longer envy people ahead of me in the game (which is almost everybody!) but learn from them. You contribute so much to this forum, and I bet everybody here has learned from you. Thank you.
Re: response - Posted by Earl
Posted by Earl on May 16, 2003 at 20:39:48:
Berni,
I admire you for your effort. I’ve been doing REI for about 6 years now and the primary purpose is so I can be a stay at home dad to my 2 boys, instead of having to work at a JOB. The REI has done very well for me. A couple of suggestions for newbies:
2). On Sheets’ course, pay some attention to his ‘measuring the value of a property’, especially his cash flow analysis (In Chapter 9 I believe of his course). That part of his course, especially his cash flow analysis to estimate revenue and expenses of potential buys, will give you a feel of whether properties in your area will be good rentals or not. I’m convinced the Sheets program works well in some areas, not so well in others. Whether it works for you or not will depend partly on where you live.
But remember, in any area, Sheets’ techniques will show you that most properties will NOT be good rentals - Sheets says that in his course. You need to develop the ability to search for the few that WILL, by using his tools to measure the value of a property.
you might consider other approaches to REI when starting out depending on your pluses and minuses that you bring to REI. For example, another type of REI Sheets doesn’t talk about is wholesaling, which is a way for newbies to generate small amounts of cash on a regular basis. You can look up articles and posts on this website on wholesaling.
think of your individual strong points and weak points. Do you have good business sense? Are you handy where you could do a lot of repairs on houses? Do you have the time, energy and handyman smarts to rehab houses? Do you have ways to get contacts and meet people in real estate? (for example through your husband’s job?) Those types of things will help give you a feel of the specific type of investing you may want to do.
I hope some of this helps a little. Good luck -
Re: response - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on May 13, 2003 at 16:09:17:
Barry------
I have properties in three different counties in OK. I have property managers in two counties. I have more properties in the third county, where my property manager retired. I am trying to manage from a distance still. It is frustrating. I am considering hiring a property manager there. I have a vacancy that has gone on over two months.
Good InvestingRon Starr
Re: response - Posted by K MCDONALD
Posted by K MCDONALD on May 13, 2003 at 13:47:58:
Ron how do you find out about the OKC tax sales
everytime i try to obtain info about them
i seem to be getting the run around