All Forum Posts by: Dalton Foote

@William Nguyen Dont forget that theres a lot of ways to make money and get started in real estate. As a former gc and someone that is a project manager in construction, dont underestimate the power of the trades. I have met more blue collar business owner millionaires than real estate millionaires (of course many of them invest in real estate after they made their money) Getting a license in a trade and starting your own company offers unlimited earning potential especially with the decline in tradesman. Many blue collar businesses and service companies are highly sought after right now for high rollers with alot of money. You could also just work for someone else and work up to a pm or super making 100k-300k a year etc if you are willing to move for the right opportunity which will allow you to make and save so much money to invest into real estate. Of course alot of people get caught up in "no money, or other people's money" real estate investing and "getting rich quick" but setting yourself up financially first is something alot of people do not mention on here. It makes things 1000% easier. The average millionaire in the US is 56-61 years old. Reality is something I dont see much on alot of forums or social media etc. The internet makes it seem like everyone has money and everyone is successful and its so easy. Statistics say otherwise. You got plenty of time and so many years to fail until you make it. Good luck with your future endeavors!

@David Niles That is good to hear! It seems as if you are doing the same type of work as I was doing in Indiana. DeLand area seemed like a nice area with all of the nature areas and country close to it. I'll be near winter haven for my job initially so alot more "city" than I'd like but sometimes you have to go for the opportunities. Being midway between tampa and orlando poses alot of opportunities if I happen to create the same type of company as I had here in Indiana. We shall see whats in store for us. Feel free to reach out if you ever need any help or would like to connect further especially considering our similar lines of business.

@Bill Cole Wow, congrats! We actually get in next week. I'll be working in winter haven and traveling from tampa to orlando every now and then. Staying near davenport on a month to month short term rental for the time being until we get a lay of the land. Im sure it'll be a huge change in the winter, for us the last few years there's been ice more than anything in Indiana. Feel free to reach out if I can ever be of any help or you would like to connect further. Thanks! 

wow.... very insightful Collin! Love educational posts like these 

@Jules Aton Agreed. I've been in the property management space doing turnovers and flips for investors in Indiana for the past 6 years. It's amazing how many still want carpet but I understand the appeal in the bedrooms if they want to spend the extra money carpet cleaning and replacing carpet more often. Tiled showers are definitely less common but I have worked with a few like I mentioned that try to put more money into their properties. 

If you are active enough investing into a crm system that integrates with quick books is a very good option to simplify all of this. You can assign contractors logins to work in it for documentation purposes as well. Jobber is a platform I have personally liked and can do all of what you had mentioned and keep it in one place and can even upload it into your drive or the cloud to backup data as well to save offline.

Depends on the landlord you want to be...

The most common options I see in my experience with working with pm groups and investors on rentals:

Flooring- lvp for the main areas, (some choose to leave carpet in the bedrooms) Stay away from any rolled vinyl. 

Countertops- nicer new laminate/formica such as the natural stone look 

Shower- panels are common. 

If you want to provide nicer options there's absolutely nothing wrong with that especially considering the area, the house, and the tenants you will try to attract. Initial costs to select quartz for the countertops are higher but its obviously a more "luxury" and nicer looking countertop opposed to laminate. There is nothing wrong with tiling the shower walls either but like you eluded to there's higher costs for this both up front and maintenance wise. Most investors are all about the bottom line and penny pinch on these costs and just go with the cheapest options claiming tenants will just tear it all up. The thing is alot of those investors dont necessarily invest in the best of areas. I've known investors that have been very successful in providing nicer options in their homes to stand out to tenants leading to higher quality tenants and longer retention rates. Of course its not all guaranteed though. If you are tight on money or cashflow on the property just go with the cheapest options. Thats just my opinion. Best of luck!

Very informative. Thanks @Luis Bedoya

The Storage industry fascinates me (as someone from the outside with only residential/small multi experience). Has anyone been successful buying land and developing these RECENTLY? I have done a decent amount of "boots on the ground" scouting and have gathered pricing from multiple businesses through tours and am more intrigued than ever on this investing strategy. The boating and rv spaces specifically seem to have long waitlists and have crazy revenue potential. I am more interested on learning the pitfalls and the "negatives" to this side and learn from experienced people that have gone through it, specifically on the land/development side along with loans. Would love to connect with individuals and pick their brains on this investment strategy! 

@Drew Sygit Thats awesome. More groups should follow and implement a similar map for their own territories.