All Forum Posts by: Account Closed

There is a guy here in my town that just came recently from Omaha/Council Bluffs---- the guy works his balls off every day him and his wife, and has a few $ partners and they are buying up all of the low end stuff, putting a crew together and setting up shop. It must be working the guy is pretty successful. I think scalability is the key when you get into the low end stuff. Not my cup of tea but can't argue with success!

Depends if you are wanting to retire as 30 or 60. Simply put- find a market that has higher cashflow for properties if you want to live the Suite life of Zack & Cody at 30. 

Originally posted by @Simon W.:

WOOT WOOT! Awesome post. 

One point to post out, Not all CPAs have real estate experience. CPAs won't do your daily operations accounting. Get a local or a virtual accountant to be your "in-house" accounting department.

 Yes you are correct. CPA's who are also RE Investors are gold. I also believe in having a Accountant for your personal expenses but that is a different topic as well good sir. 

Guys! 

If you are just starting out---- build your team!!!! And most importantly- hire a dang accountant! As you grow and grow BRRR or doing whatever bs strategy you are doing make sure to keep detailed and accurate accounting for your properties, depreciation schedules, expenses etc! Do not rely solely on your PM- they are not CPA's! PM's only issue cashflow reports etc, not depreciation schedules! Build to Grow!

Don't ask me how I learned this... unless you want me to kick my neighbors Cat tonight! Best, Benjamin 

@Jason S. Lord--- I pray one day I am in your shoes one day so I can come back from that S""" like the Gladiator! Partner up--- find guy or family trust with coin and credit with no expertise or time! 

Hire a PM. For a 16 unit you should be able to afford it. I would also wait until the units become vacant, and then make the necessary updates to bring them up to market rate.

Not sure I can give you any more info pal- you have it all figured out! Great job putting a plan together now go execute

#1 Great work and kudos for utilizing your resources. Just keep doing the same kind of deals until you get really familiar with the “bad” then I would shoot over to multi-family. At that point with your experience and track record, people will be throwing their money at you!

@Matt K. of course- totally agree... but BP is a place to share "exceptions" as well as norms. Just wanted to put it out there. 

@Michael Swan it may not be "pretty" but I know a guy from Council Bluffs, IA who THRIVES in F's D's C's... yes he works 60 hours a week. Yes, he only pays staff a nickel. But he is  VERY successful. One of the things I love about RE--- many ways to WIN.