All Forum Posts by: Cody Campbell

Sounds like a great idea. What did you end up doing, seeing this was posted 9 years ago?

My opinion: 

Dave Ramsey: does not teach wealth building, he is primarily helping you get out of debt. You also have to realize he is not wealthy because he followed what he teaches, he became debt free from what he teaches and he became incredibly successful and wealthy by selling and teaching his techniques of getting out of debt. 

Grant Cardon: he teaches primarily of "mindset" and "taking action" which can overflow into wealth building. He teaches how to get your mind right and take action, which is needed in all aspects of life. He has made his fortune primarily in the real estate realm. He is all about the mindset needed to build wealth. 

You can not become successful like Dave Ramsey by following what he teaches, you will be debt free. You can become successful like Grant Cardone through real estate, but again Grant teaches more of mindset required to take action and if you put that action into real estate investing you can become successful like.

You can build a real estate portfolio slowly with Dave Ramsey methods (no debt). You can explode your real estate portfolio by leveraging debt and taking massive action as Cardone teaches. 

Im team Cardone all the way. 

Hey BP community, I've got a question on liability insurance that goes with each of our properties. We have 5 duplexes and 7 SFH (all between 80-150k value) our current policy has 1M liability per occurrence and 2M aggregate on each property. We are thinking of increasing to 2M per occurrence and 4M aggregate...for me this makes me feel all warm and fuzzy inside with higher liability limits, BUT is this overkill?

Anyone ever had to use there liability portion of there insurance? Wish they had higher liability insurance or is 1M a good amount and standard?

@Dustin Moore

Hope your evaluation is going well. @Andrew Johnson is spot on when it comes to being on the market for a year. I bought a 12 unit apartment and the numbers were phenomenal. We had 10 rented for 600/mo (owner paid utilities) and we bought at 259k. As soon as we bought, every tenant moved out because they were delinquent and now we had 1 paying tenant. Yeah we were in a "B" area, but really it was C- at best. Now we are in a full rehab of the entire place making this our "project" for the time being. We are going to turn the property around, BUT, we were eager too and now we are sinking time and money into the project, we will eventually come out ahead but you need to look at everything. EVERYTHING. Good luck. 

This can be tricky and a gamble. 

I have done no money down deals 2 ways

1.) Find a great deal, you have to really know the market and know what things will appraise for, get someone to hard money lend you the entire purchase price. Buy the property for cash, turn around and instantly refinance the property knowing it will appraise for 20% more than your purchase price, the bank will stroke you a check for the entire amount you bought it as and you can pay back your lender. 

Example: I bought a 3 duplexes for 160k, I got 2 people to lend me the money for 3% for 30 days, and 4% for 45 days. I got the 160 bought the property with cash, as soon as I closed on the property I called a bank to refi the property, after the appraisal, income approach (each unit rented for 425/piece or 2550/month) the properties appraised for 225k. The bank stroked me a check for 80% which was 180k I paid my investors back 160k plus 3% (4800), closing costs were around 3200 and I walked away with 3 duplexes and 12k in hand. 

2. Find a great deal and find an investor to fund the deal. Give them equity or a guaranteed interest rate and fund the deal that way. The numbers have to work with paying the investor their cut, whether its a equity share or flat interest.

They are 2 separate entities. 

I would consult a CPA for a professional answer, but LLC's are taxed separately from your personal (W-2). If things are running through your LLC your LLC takes the loss, I don't thing you can claim that on your personal side.

BeenVerified.com

You've got the land, could you add another duplex or quad? You could construction loan that project with interest only for a year and double your units. 

Yeah, Get em'...you can get them for around 5-7 bucks and it makes the place feel a little more homey and I fell that helps get renters to sign