All Forum Posts by: Dalton Foote

@James Wise Everyone wants to be so professional that they can't just be realists and call it how it is. What you said is basic common sense! As someone with plenty of years dealing with property management turnovers this is the biggest thing that boggles me. Sure, the rental income projections looks good on paper but do you even know WHERE you are buying? Many OOS investors will buy the cheapest house in the worst area of town because on paper it cash flows... Then a few years later they are frantically trying to sell because they can't afford turnover costs when they get tenants that constantly trash the place and of course can't pay for the damages. 

@Drew Sygit Man why does more people not talk about this??? So many investments look good on paper but they have no idea what class property it is and the quality of tenants they will get. This is hands down some of the best advice I have seen on here when it comes to rentals. Coming from someone with property management/general contracting experience doing tenant turnovers and flips for years, it has always baffled me the amount of investors that buy these rentals with "a tight budget" in terrible neighborhoods where tenants 8 out of 10 times destroy the place and can never pay for the damages upon moveout.. Agents are just at fault on this dealing with OOS investors who do not know the area. I've also dealt with many "investor agents" that have referred me to a property saying it was a great steal in a great up in coming neighborhood which in reality was a terrible neighborhood with maybe 2 nice gentrified houses on the street, yet homeless still walking around all times of day, houses being squat in, homes being broken into during rehabs, etc. At the end of the day if this is the class you specialize in and you can make money in it, great for you. But first learn the differences between classes and the pros/cons on each. Know where and what you are buying!!!

Hey David, 

Actually relocating to the area next month from Indiana. I have a mix of experience in and around the real estate industry, property management industry and construction industry coming from owning my own company here. Feel free to reach out if youd ever like to chat. Interested to hear about your time in the tech space, what you are doing now, and your short term/long term goals!

I made a previous post that had mentioned relocating to Florida but we have found out that we will need to reside within 45 minutes of winter haven. Any suggestions or recommendations for the safest, nicest areas that fits that commute? We will be staying in short term rentals for a bit so it doesn't have to be the best buying area at the moment. We are staying in loughman for the first month and have a month to month short term house booked but have heard just north near intercession city is a pretty bad area and davenport also isn't necessarily the best.. (Third hand information so no idea other than reddit posts and Google which confirms those two statements) Any recommendations from locals would be much appreciated!

I have been around some very successful people. Im talking people with 100m plus networths... One thing I have encountered first hand and also see on biggerpockets and other meetups is the lack of giving. Let me clarify... 

The most successful people in the world COLLABORATE and look for ways to grow TOGETHER. Ever heard of the saying "Your network is your networth?". I mean isn't this the point in sites like this? The super wealthy doesn't where they are without others helping them and without others also getting wealthy. What I see too much is people that want to take take take and never give. Far too often individuals will brush someone off because they can't be of immediate help in some way. Or they take advantage of someone helping them out and doing them a favor to only ghost them after or never repay that favor. 

I am who I am. If anyone ever needs help or advice in any way I give. I do not expect anything in return from the society we live in these days. I am a servant type of person. I believe the more you give the more you receive. However I have seen too many times how selfish and arrogant people can be going through life taking advantage of everyone they come into contact with. Thinking they are superior or want to try to keep 100% of the pie for themselves. I am telling you right now that is not the mindset of the ultra elite. Everyone around them rise as well. Why do you think Dubai is such a sought out place for the wealthy right now? They all collaborate and make money together there... There isn't selfishness or people out to "get you" or take advantage of you. It's just a bunch of likeminded people that want to all get rich together. 

Moral of the story? Give people the time of day. Quit taking and being leaches to people. Start giving. You will grow 10X quicker with partners and collaborations than you ever will by yourself. 

Not the most professional put together post but these are raw thoughts coming from someone with a decent amount of experience in both start ups/the business world, as well as the real estate world. I have gave so much in this industry to rarely ever get anything in return. And that's okay. But I see someone make a post for advice or help and hardly anyone will actually help or reply or collaborate. I've seen posts saying I have X amount of money and ready to buy and suddenly the inboxes get flooded by leaches... I've personally done this before HA! 

There's a quote that recently went viral from an engineering student saying "If I want an answer to a super hard engineering question I post the wrong answer on reddit. People don't care about helping but they are quick to tell you that you are wrong and correct you.". That quote couldn't be more true. Its sadly the culture that has been bred here in the US. Don't be that person. You will get much further in both life and In real estate by building connections and helping eachother instead of being selfish. Anyways, rant over. Off topic but needs to be said. Especially with the posts I've seen in here lately. Provide value. 

@Tyler Gibson Sounds great! I will definitely reach out when I'm down there. I sent you a connection request. Thanks! 

@Jr Miller Sounds great. I'll go ahead and send you a connection and if I land in the area I'll reach out. Thanks! 

@Emily Blizzard I have heard some horror stories about the insurance side in places like Florida! I will have to reach out when the time comes to discuss in more detail as I know it is a nightmare there sometimes and have 0 knowledge in it being an "outsider". I'll go ahead and send you a connection request. Feel free to reach out if you ever need anything! 

@David Niles That sounds awesome! There are plenty of avenues when it comes to potential revenue once you get the pm company off the ground running if you do it in house such as new home onboarding renovations, turns, flips and maintenance as you eluded you are experienced in. My business partner here in Indiana was a property manager and it makes growing the construction side so much easier with guaranteed work with 0 marketing needed. Feel free to reach out if you ever need anything or would like to discuss my experience here if it helps you in any way. I'll go ahead and shoot you a connection request. 

@Gina Robertson We loved that stretch of area south of ft myers to marco island (naples was probably our favorite). Just depends where I can land a role :) That is awesome to hear. I'm not personally interested in worrying about multiple SFH rentals either and am more interested in multifamily aside from flips although the condo space seems interesting for Florida with str or even for ltr. I'll add you, feel free to reach out if you ever need anything as well! Thanks