All Forum Posts by: Alex Franks

Alex Franks has started 2 posts and replied 1311 times.

@Alex Craig unless you own them already and live close by. I still cant help myself but dont sell D class but buy and hold if you under stand them.

Alex

Originally posted by @Alex Craig:

Don't buy in Class D areas

0 Votes

@Miranda Simon

This should be a long post so bare with me. Where to start. Not all just real estate related sometimes whats just on my mind.
Don't buy on emotion
Never make the numbers work they either do or don't
Don't trust other folks not saying they lie but check things out your self. ( I would crawl under houses knowing most folks would not)
Numbers don't lie people do.
Don't own rentals until you have the capital reserves needed.
Don't start another project until the project your doing is finished.
Don't underestimate rehab by looking at profit first then make numbers try to fit
Be honest and build better teams around you. don't do it all your self.
Don't step over a dollar to pick up a nickel
Don't skimp on rehab do it right the first time.
Don't miss a meeting if you say you will be there be there.
Don't take on to much we have all be there the numbers look so good we take on to much.

Don't be greedy ....
Don't sell something you would not keep it your self.

Don't sell to just make money make sure it has value for the next person

Don't undervalue your rehabs ( real numbers folks )
Don't rehab without pulling proper permits
International folks or USA investors DONT buy without actually flying out and checking out the properties. I don't care how far away it is. Losing $5k over $100k much easier. @Marisa R. wish more internation folks would listen to that last one
Don't take wholesalers or turn key folks numbers without doing research on those areas. ( not saying all deals are bad ) just do research
Do not work with folks you have not vetted or checked out background search.
Don't overbuy and try to make things work or over commit on deals.
Don't come to my house and not work in the garden( haha making sure you still reading)
Don't ask for $100k on a property when you never rehabbed a property.
Don't expect a mentor to be a babysitter.
Don't expect folks who worked their *** of to just give you everything on a silver platter.
Don't be lazy not in this business. You get skipped right by.
Don't be afraid to get out and make thing happen.
Don't be afraid to stand in the room and talk to 5 new people a day
Don't be afraid to live life to the fullest whatever that is for you
Don't take your self to serious sometimes we forget to laugh
Don't be afraid to walk out in the rain as kids it was fun we forget sometimes.
Don't be afraid of this business I am the dumbest person in the room each time. Yet I am making it happen so, can you?@Mindy Jensen I am advertising about being the dumbest person in the room hope you see my humor now?
Don't forget to network so important.
Don't forget that you are going to do great things.
Don't take your self to serious ( smiling is okay)
Don't worry about failures it can be a great teacher
Don't punch idiots in the face you get in trouble ( trust me on that one )
Don't argue with know it all folks in this business you won't win and waste time and energy
Don't start without a solid game plan
Don't tell me you don't have time for goals.
Don't skip the gym or exercise without health what do we have.@Jay Hinrichs excersise has done wonders for you my friend
Don't forget family is more important than making money.
Don't miss out on life because you have to be a super investor( that was my biggest regret)
Don't be on your phone or social media every minute of the day.So that is my two cents but so much more. I want to make this a blog the dos and don't of life and real estate as they work together sometimes we just forget this.

Not sure how to add photos. Yet real estate wise picked up 4 more rentals yesterday. Then picked red potatoes, egg plants, butter nut squash, jalopenoes, haberneros and red chillies from the garden.

My point for that is dont take your self to serious sometimes we get so wrapped up in this business we forget about life.

Alex

Originally posted by @Miranda Simon:

@Alex Franks here you go. Do share when time permits.

3 Votes

@Alina Trigub

Sounds like a plan.

I am hoping to wind down and try to slow things up for next 45 days. Sounds like a plan.

Alex

Originally posted by @Alina Trigub:

@Alex Franks

I will take you up on and bring Jon along with me.

0 Votes

Tag me in that post @Miranda Simon I jump in the am on it.

Originally posted by @Miranda Simon:

Originally posted by @Alex Franks:

Originally posted by @Miranda Simon:

@Alex Franks ohhh that’s a great question! “What NOT to do in real estate investing.” This I need to KNOW. Has someone posted that question already Alex? If not, shall I provide the opportunity?

@Miranda Simon, I have been working on trying to figure out how to do blogs.

So a lot of what I want to talk and teach is about is mistakes we made through the years as well as other investors mistakes I see or saw.

Alex

Okay, I’m not sure how to do a blog here, but you are welcome to share and teach concerning some of those mistakes under the question you posed previously. I made a thread for it in the “starting out” category entitle “what NOT to do in real estate investing” it was a great question.

1 Vote

Originally posted by @Miranda Simon:

@Miranda Simon, I have been working on trying to figure out how to do blogs.

So a lot of what I want to talk and teach is about is mistakes we made through the years as well as other investors mistakes I see or saw.

Alex

1 Vote

Originally posted by @Brian Orr:

@Alex Franks let me know if you confirm it

@Brian Orr I always took price in being barefoot jeans and t-shirt guy. Rather be playing in my garden than chasing dollars. I just told a good friend the other day. I was taking dec off most of the month. When I first got started in this business many moons ago. It was not about just making money. I was so mad that we had to race to NY and see my family and then race back to SC for my wife's family for the holidays. I also hated putting on a suit tie and even shoes most of the time. I told my wife one day I am going to start a company where we can take the month of dec off and go see family. ( @Jay Hinrichs ) Jay, I was serious when I told you that on the phone Sunday. My wife has always truly enjoyed the holidays. I hated being rushed so we take December or try to take most of Dec off. I can take most of the month to get tax stuff done and not rushed on projects or meeting.

Which gets back into hosting or attending the meeting. I rather take 5 or 6 folks kayaking or in a vehicle when I am out doing inspections. So we can talk shop than sitting inside. If you noticed my energy level that's 24/7. So need to be on the go and moving most of the time. That is why the meeting things do not work for me most of the time.

Alex

I got over 300 peppers to pick one day this week. If you want to come by and talk shop. I need to be Gaffney, Shelby, Gastonia weds.

0 Votes

@Ed Emmons correct working with the city inspectors at a local inspectors will bring you more clout than the folks that try to get away with Shady stuff.

Recently recently brought a duplex in an area of Rock Hill South Carolina. first thing we did was replace the plumbing from under the house to the road which I found out was backing up four years before we purchased. Get pulled the permit had it done the right way. From the city guys coming out the guys doing the work for me. picked up two more opportunities in the same neighborhood as they felt I should make offers on the houses because the owners are being fined but not pulling permits and doing Shady work.

II had an ex partner I used to tell him he'd step over a dollar to pick up a nickel busy try to cut corners. in this business it's very easy to do the right thing pull a permit do the right correct work and it'll pay off in the long run. in this situation before I would close on the unit the gentleman mentioned above I would call the city inspectors and get their opinions on things now it might even help you be able to lower the purchase price. Show me that you'll have to go in and do some work to make it code efficient.

Sincerely

Alex
riginally posted by @Ed Emmons:

It is definitely a concern. A lot depends on the local code officer. You have a couple choices. 1. Don’t say anything but be prepared to tear it all out if requested. This is providing all egress and safety codes were met. If not and there is a fire, you may have just ended your career. 2. Which is what I would recommend. Talk to the code officer ahead of time and explain what you are doing and you want to do everything right. You don’t necessarily have to give the address at this point. Gage his demeanor. See if you can apply for permits and have it inspected for a CO. That way you are covered and you will earn a lot of respect. That respect with the code officer may lead to other good deals. If he says no to this project you can ask if there are any he knows about or any properties where he would like to see a change of ownership in. Being a friend of the code officer is a great asset.

0 Votes

Alright let's start first with building new construction Turn Key Rentals. We had a contract from a company in Utah at first it started at 150 and it went to 300 Doors Five Hundred Doors then a ridiculous contract that my ex partner signed for 3,000 doors in multiple States( fell apart by 450 doors ). Now keep in mind these are brand new construction rental or Turn Key Rentals. From day one the numbers never made sense to me. We were using track builder so we had the cost down to about $76 a square foot our Market is about $100 a square foot to build. We built 36 and the 52 most of the southern states we could not match that number . We were located on SC just on Charlotte NC border.Some market we could keep building cost close to it as we were dealing with big builders. Yet our normal Builders could not touch those numbers. Now a multitude of the projects in the Carolinas in and around Charlotte. Some as far as 60 miles outside of Charlotte. We had to go just to find land that would potentially zoned for duplex or multifamily projects. We built one project in Salisbury North Carolina it was one of the last projects(52) I was with the ex partners of mine. Again I'm a numbers guy and I did not agree with the numbers. We were the builders though not the sellers. Still the numbers never made sense to me. Getting back to the building the city of Salisbury which is a very small town. About 45 minutes outside of Charlotte. The city would not allow duplexs built. So we had to build a duplex style townhomes on each lot but separate units. Another project I was actually involved with these guys was a 97 unit project off Graham Street in Charlotte. We tried for almost 2 years. To get the zoning change keep in mind this was late 2015 ealry 16. I left and created my own company after that project.That project they still own land and trying to sell condo project. I recently found a piece of land that we're building 6 plexes on.@mindy Jensen. Mindy I'm not advertising please do not delete this post I'm just trying to explain to this gentleman risk and trouble he faces.

It took me two and a half years to find that piece of land zoned to build this. We have multiple agents searching . We've done multiple projects. So it's just not something that comes available much. It's a great concept unfortunately the numbers just usually don't make sense or add up. Finding land with this zoning extremely hard.

So for somebody new or somebody without the contacts. Lacking the experience it's definitely not the Avenue I would go.

Please if I can ever help ask away.

Sincerely

Alex

Again bare with spelling and grammar typing this from my phone which makes it a bit difficult. I think it's time for the eyeglasses. Besides sitting in sonar at the gym

0 Votes

OMG...my agents are worth there weight in gold( kidding ) but so valuable. I've used one agent for years on my lower end properties and rehab's purchases. I use one agent specifically for the new construction homes. Yet he has a team of 60 folks under him. I explain to some new partners of mine. I don't mind paying 6,7 even 8%. With the speed efficiency and his team this agent has built. I consider him part of my team. Again the concept of building a team around my projects. An agent sometimes multiple agents are very important part of my team. Have I sold houses without agents absolutely. Have I purchased houses without agents absolutely. As somebody mentioned before there's so many different forms and things that you need to know or do. That having an agent in your corner is very helpful. Please bare with spelling and grammar I'm typing this from my phone.

Alex

1 Vote

@Alina Trigub

Some many projects going on this helps me stay mentally focused when I make it part of my moring ritual

Instead of a phone call I would invite you down for day

Any time

Alex

Originally posted by @Alina Trigub

0 Votes

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All Forum Posts by: Alex Franks

Alex Franks has started 2 posts and replied 1311 times.

Post: What NOT to do in Real Estate Investing

Post: What NOT to do in Real Estate Investing

Post: Asset Management Questions for Experienced Apartment Investors

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