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    #16
    Originally posted by bjl584 View Post

    To add to this, get to know someone locally who is already investing in real estate. Pick their brain for info and contacts such as lawyers, contractors, etc. Assuming this is really something you want to pursue of course. I would caution against renting to friends however.

    Thatís the thing, I know plenty of contractors, and tradesmen in every field needed. The only people I donít know yet are real estate investors or stock market investors.

    My cousin is a new-ish real estate agent so Iíve been in contact with him a lot but he isnít at the level yet where he actually invests or properties. Heís the closest person i know personally who has some form of real estate knowledge

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      #17
      I wouldn't change advice of anyone here. I will offer some alternative thoughts.

      1) Have you looked into the COSTS of the real estate transaction? It's one thing to tell yourself you can afford a $1000/mo mortgage. It could take $20k-80K (or more) to close on that property.

      2) Have you put a time on any goals? I read a broad set of actions (mulltiple accounts) for a broad set of goals (buy a house, early retirement, rent out rooms) and did not see a timetable for those.
      2a) I would suggest putting a COST of time and money on each goal
      2b) I would suggest putting a plan together which gets the house "sooner". Meaning if you have to lower the contributions short term to get house in 1-2 years, I think you will see cash flow improve over 5 years because of rental goals.

      3) Have you looked at school districts. My experience is that 3 BR rentals in good school districts are rare in Detroit, Cincinnati and Denver areas where I have looked.

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        #18
        Well, I just put a the initial deposit down on my first house, next is inspections and what not. 3 bedroom 2.5 bath.. finished basement.. has space if I want to make additional bed room(s). Itís a little larger house for just me but I got for decent price from knowing the seller. I also know some friends willing to move in if need be.


        Youre right about having to hold off and put slightly less contributions into my other accounts now that Iím in the house buying process..

        I have not really put any time frames on goals.. I probably should start doing that as well.

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          #19
          Originally posted by Mouse View Post
          Well, I just put a the initial deposit down on my first house, next is inspections and what not. 3 bedroom 2.5 bath.. finished basement.. has space if I want to make additional bed room(s). Itís a little larger house for just me but I got for decent price from knowing the seller. I also know some friends willing to move in if need be.


          Youre right about having to hold off and put slightly less contributions into my other accounts now that Iím in the house buying process..

          I have not really put any time frames on goals.. I probably should start doing that as well.
          Thank you for the update. Good luck with your new venture!

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