February 19th Friday - Day 10
Yesterday, my wife and I had a phone meeting with our financial adviser, Scott. I just wanted to see if he had any advice four our new endeavor, and what his advice might be. Or if he would be for or against investing in real estate. If he is adamantly against it, then it may be cause to reconsider.
So we started off with some small talk regarding choosing an accountant to do my taxes, and how I am not concerned about the recent decline in the stock market, since we are in it for the long haul. Then I ran the idea of investing in real estate by him. He said investing in real estate is a great idea, and the only reason why it is not feasible for him is because he lives in Austin where property values are ridiculously high. He went on to do a quick assessment of our financials either mentally or what he had in front of him. He warned of the risks of not being able to pay the mortgage if the place is not rented. Then he said that although it is our money and we can do what we want with it, he didn't think we were in the position to proceed with buying a rental property. I said OK, and proceeded to explain to him the research I have done and why I think it is a perfect time to invest in real estate in Corpus Christi. Once Scott realized that this is not just something that I am just jumping into, he commended me on the research that I have done and said it looks like we are headed in the right direction. He even offered to put us in touch with a mortgage broker who can search and find banks willing to lend us money at the best rates possible for us. I definitely plan on using him.
Our plan is to proceed with purchasing our first rental property. I told my wife Angela to go ahead and contact her cousin, who is married to a realtor. At this point, we do not have any problems with working with a family member. That may change later on. Angela contacted her cousin, we'll call her Elsa, who said that they did not have a problem working with family members either. So we are expected to hear from Elsa's husband, we'll call him Gibo, to see if we can meet with him and hire him to be our realtor.
Please check out my website for my other side business/hobby. www.yrlenterprises.com and at facebook.com/yrlenterprises
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