Who Needs a Reboot? I know I do! It starts at 5 AM!

Question

I've been doing this for 15+ years. Im 40 years old. This is what I do. Its all I know at this point. I also know that because of BP I have a lot to learn. Im a buy/hold conservative investor. I dont have an LLC. My tenants know where I live. They have my phone number. Im ok with all that. Im ready for more. I dont know about hard money. I dont know about master leases. I dont know about wrap around mortgages. Im going to find out though. Thanks to Bigger Pockets Im starting tomorrow morning at 5:00 AM and Im going to take it to the next level. I will be looking for others to connect with in Massachusetts. Im looking to get creative. Im looking to Reboot. Who else needs a reboot?

Franklin Romine · Answer

@Rob Beland

Go to bed with you shoes on and wake up listening to the Grant Cardone.

Frank

Steve Kachniewicz · Answer

Really to be honest, Finding solid buy/hold propeties and building a portfolio is probably the best strategy you can have. I mean there are alot of fancy ways to finance and crazy marketing and creative methods but the bottom line and the safest way is to do what you are doing. Find good properties with even better prices and buy them, fix them up and rent them. Its not a complicated formula. You can make it complicated if you want but wouldn't you rather sleep at night??

Mark Reardon · Answer

congratulations on your reboot. There's  definately way to much to know. The fact that you have already begun your investing is great. But remember you won't ever really know everything. so just keep learning everyday. I'm also in MA Let me know if I can help you out thanks.

Andrew Auger · Answer

Reboot? Dont talk about a reboot! You kidding me?!?! Reboot! I just hope to buy a single multi! (Jim Mora)

On a serious note, I wish the best of luck getting into your next level Landlording! I can't offer much in terms of creative idea's or discussion on hard money, but I am certainly learning up a storm.

From someone who is local with you, any tips on getting in the game? We have put a couple offers in on properties, one most recently last week, were the high bid and still lost. Cash offers keep beating us. We're trying to use a FHA/Mass Housing or 203k construction loans on these properties with little luck so far.

Good luck in the reboot!

Andrew

Rob Beland · Answer

Ha. I do enjoy sleeping Steve Kachniewicz. Of course Im up at midnight. I feel its time to mix in some flips or wholesaling or rehab projects into my business plan. Thank you Steve.

Mike Hurney · Answer

@Rob Beland I think you're kickin' where you are!

I'd cull the heard, by establishing a life cycle of each property and make sure it's at it's highest and best use. When one is maxed out or fully depreciated, get it on the market and sell it as the owner. Skip that Broker listing stuff, you seem more knowledgeable than most Brokers I've met.

Rob Beland · Answer

Thank you @Mark ReardonI may just take you up on that.

@Andrew Auger my best advice is pretty simple. Work harder than you think you can. Have a strong support system as well as a strong team. I dont know about yellow letters, driving for dollars, or bandit signs. I know to find solid buy/hold properties and build a portfolio. I make lots of mistakes But I keep moving forward. I dont knock those practices I mentioned I just haven't found the right time to add them to my efforts.

I dont know. It might be time to get creative...

Marcela Correa · Answer

Call it "the next level." Congratulations on all you've learned and accomplished thus far. Congratulations on wanting to take it to the next level and knowing how to start. Best of luck on getting there. It sounds like growth, not a reboot!

Who Needs a Reboot? I know I do! It starts at 5 AM!

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