All Forum Posts by: Adam Scheetz

Caleb Heimsoth Hey Caleb! I'm living in California at the moment but soon to be moving elsewhere. I've got no interest in this market. I'm looking at Jacksonville, FL and Central NC. I may be getting stationed in Jacksonville towards the end of the year and used to live in Raleigh. That's why those locations are on my radar.

DJ Cummins Thanks for the response. Glad to hear cash flowing. I'd love to talk with you about your experience and get some insight. Thanks, Adam

Greetings All, My name is Adam Scheetz and I'm new to BP. I decided to include my Real Estate plan for public critique. Enjoy and Thank You. Mission Statement: I'm 30 years old and have been Active-Duty Military for the last 11 years. I'll retire from military service at 40 years old. At that time, I'd like to own a business that doesn't need me. A self-sustaining, functional, and community improving entity that allows me to not have a NEED to work. Meaning, I'll no longer be burdened by the need to work a salary job to provide for my family. I want to build long-term, passive income that allows me to provide for my family and those on my team. I love the idea of creating jobs for people and allowing them to earn a living. My goal is to create an enterprise that spans real estate and business able to support and grow my team and better my community. A journey of a thousand miles begins with a single step, I believe Real Estate investing is that step. Short Term (1-3 years) - Goal:  1. Begin to generate $500/month net passive income with Buy & Hold investing. -How to Get There: 1. Invest in Single-Family or Multi-Family (preferred) properties with a minimum of 10-12% ROI w/ no more than 20% Down-Payment and a target income of $150 per door @ 100% financing (used for conservative calculations). 2. Use personal bank loans, mortgage lenders, or private equity investors to finance deals. 3. Consider Flipping as a means to generate capital needed to acquire properties. Look for a minimum of $20,000 profit per flip. Partner with experienced House Flipper and if needed take less % in exchange for more deals and experience. Long Term Goals (10 -12 years) -Goal: 1. Have a sustained monthly passive cash flow of $5,000 through multiple Buy & Hold properties with an average ROI from each property of at least 10% of initial investment. 2. Consolidate investment capital into mostly Multi-Family units and Apartments. 3. Diversify portfolio with investment in Self-Storage facilities. (Ultimate Goal) Goals will change and adjust based on circumstance and perhaps it's wishful thinking, but I'd like to start with the end goal -both short and long term- already in mind and formulate the plan to get there. Let me know what you think or where I might improve by thinking to get to where I want to be.  Much Appreciated, Adam

Time and time again they say to write your goals down and achieving them will be that much easier. Well I did that and now I'd like your help to polish them so they are realistic and attainable. Please offer your thoughts on the timeline, methods, or amount of/lack of thoroughness. 

Mission Statement: I'm 30 years old and have been Active-Duty Military for the last 11 years. I'll retire from military service at 40 years old. At that time, I'd like to own a business that doesn't need me. A self-sustaining, functional, and community improving entity that allows me to not have a NEED to work. Meaning, I'll no longer be burdened by the need to work a salary job to provide for my family. I want to build long-term, passive income that allows me to provide for my family and those on my team. I love the idea of creating jobs for people and allowing them to earn a living. My goal is to create an enterprise that spans real estate and business able to support and grow my team and better my community. A journey of a thousand miles begins with a single step, I believe Real Estate investing is that step.

Short Term (1-3 years)

- Goal: 

1. Begin to generate $500/month net passive income with Buy & Hold investing.

-How to Get There:

1. Invest in Single-Family or Multi-Family (preferred) properties with a minimum of 10-12% ROI w/ no more than 20% Down-Payment and a target income of $150 per door @ 100% financing (used for conservative calculations).

2. Use personal bank loans, mortgage lenders, or private equity investors to finance deals.

3. Consider Flipping as a means to generate capital needed to acquire properties. Look for a minimum of $20,000 profit per flip. Partner with experienced House Flipper and if needed take less % in exchange for more deals and experience.

Long Term Goals (10 -12 years)

-Goal:

1. Have a sustained monthly passive cash flow of $5,000 through multiple Buy & Hold properties with an average ROI from each property of at least 10% of initial investment.

2. Consolidate investment capital into mostly Multi-Family units and Apartments.

3. Diversify portfolio with investment in Self-Storage facilities. (Ultimate Goal)

Goals will change and adjust based on circumstance and perhaps it's wishful thinking, but I'd like to start with the end goal -both short and long term- already in mind and formulate the plan to get there. Let me know what you think or where I might improve by thinking to get to where I want to be. 

Thanks,

Adam Scheetz

Greetings, I'd love to talk to experienced investors in the Sacramento area, specifically Flippers, wholesale, and investors experienced with tax liens/foreclosures. I'm not looking to make money or take money, only talk to and get some wisdom and insight from an experienced person over the phone or coffee. Much Appreciated, Adam

@WayneBrooks, the property is in J-Ville and I'm seeing a lot of similar instances. I know it's normal for a tax value to be less than an asking price or even comparable value but that much of a difference is intriguing. Should I assume the tax appraisal is flawed or the suggested sale price is flawed...or both.

I'm currently assessing a 1940 Renovated Quadruplex that's sale price is listed at $175,000. However, in the course of my research, I found the county appraisers total assessed value at $114,000. It said that the valuation method is CAMA, which is the Computer Assisted Mass Appraisal. Given this disparity between the "Assessed Value" and "List-Price", I question how trust-worthy a CAMA valuation is on potential sale price. All things being equal and assuming the numbers worked, based on this CAMA valuation, I'd certainly be inclined to offer much lower for this property than the listed price. You thoughts are appreciated.

*Additional Info: It's owned by an Investment LLC, 2017 assessed Tax value was $47,000, and last recorded sale price was $126,000 in 2017.

Thank You,

Adam

I'm curious as to what are the advantages and disadvantages to having rental units paid off versus mortgaged? For example, spend $50k to pay off your remaining loan or use that money to acquire more assets? My thinking is that paid off [especially sooner] seems smarter so you have no debt and 100% cash flow. But the money spent on that could help acquire more cash flow in the short term. Thank you, Adam

I'm curious as to what are the advantages and disadvantages to having rental units paid off versus mortgaged? For example, spend $50k to pay off your remaining loan or use that money to acquire more assets? My thinking is that paid off [especially sooner] seems smarter so you have no debt and 100% cash flow. But the money spent on that could help acquire more cash flow in the short term. Thank you, Adam

Michael Dang thanks for the feedback. Do you recommend any resources- short of working for an underwriter- that I could use or read to aid in that process?