All Forum Posts by: Chris Pasternak

Let's review... You have no idea how to invest in real estate but you have $100,000 you want to invest in real estate.  

Rule 1: Don't invest in anything you don't understand.

Best of luck.

Case in point why local elections are extremely important.  Research, interview and vote!

I like newer buildings for the same reasons Joe mentioned above.  My biggest concern is the inherited tenants.  Gain some intel on how they were screened and get your hands on any supporting documentation if you lock the deal up.

Few things to consider: 

1. If you're financing these things and you need to sell the property does the solar company allow for someone to take over payments or will you need to cut into your bottom line to sell the property? 

2. When replacing or repairing the roof how does that affect the labor from the roofer with the panels in the way?

3. This is a depreciating asset that you're sticking on top of your otherwise appreciating asset.

4. Ask an appraiser what value they give to these systems.  You might be surprised at their answer.

5. How much does it cost to maintain them/replace parts?

I don't do partnerships (they're the only ships that always sink) so I'm biased but this is a horrible idea.  

How old are you?  Your "friends" will change.  All of a sudden you have a non-paying "friend" because smoking weed and going to bars is more important. Now what?

Your "friend" gets a girlfriend and she hates the idea of living in a multifamily and she thinks you're taking advantage of him. Now what?

Your "friend" wants to get out and sell it because he hates his neighbors and doesn't like being a landlord.  Now what?

Your "friend" dies and your new partner is his mom.  Now what?

Partnerships, great in theory until they don't work in reality then they're horrible.

@Bill Ledebuhr @Laura MacDonald  check out PEDCO: www.pedco.org.  They were established to find and retain employers.

*Our first daughter was born in February.

*Selected as 1 of 7 members of the city planning and zoning commission.

*Teaching personal finance to a class of 17 home school children.

*Selling my first rental for a nice profit.

16 posts in someone finally calls him on lying to the tenant meanwhile he whined about the tenant lying to him.  Love these forums.

We're suggesting a 21 year old that lives with his parents with 0 deals done be a private money lender?  Huh?

First, find a place to rent.  Yea I said it.  Rent a place.  You'll make great strides personally by living on your own.  Paying your own bills, getting your own food, living on your own budget.  Don't reply and say you pay rent to your parents it's not the same thing.  

Next, you need to work on your income.  Why isn't the real estate agent working out?  You did the hardest part which is start and get one deal done.  Of course there are other opportunities out there to make money. The restaurant business you're in is a stepping stone.  What's your associates degree in?  Why did you get it?  Why don't you get a bachelor's?  The best real estate investors are patient.  Focus on moving out, living on a budget and tripling your income.  

The best investment you can make is in YOU.  Stay in school and finish debt free and you're ahead of 80% of graduates that drag Sallie Mae around with them for half their lives.