All Forum Posts by: Dan Thomas

@Austin Haynes

If you can't do it tell the seller that. For all you know he has an offer for 314k and the offer is willing to come out of pocket. You can't blame the seller for wanting the best deal on the table. Being up front with your limitations will go along way. If it doesn't work out don't try to force it, another opportunity is around the corner.

https://www.forbes.com/sites/s...

@Joe Villeneuve

Hi Joe,

I have seen you reference this quite a bit. Mind expanding on your explanation above?

Dan

@Bruce Woodruff

I'm very new to the str space, just listed my place 2 months ago. I have constantly heard from hosts that VRBO is far and above Airbnb. My experience has been the opposite. I have found that VRBO customer service is useless, can't solve my problems and they are way more expensive (8% compared to airbnb 3%) VRBO owes me alittle over 1k in past rents and they blame the root cause that my w 9 doesn't match IRS records but no one can seem to tell me how or what field. May just be my inexperience but airbnb has gone relatively painless so far.

@Nathan G.

Very interesting topic. This is just starting to affect me personally. I am by no means a millionaire (yet) or in the 1% but I have been acquiring some investment properties over the last 2 years and being in my early thirties I am getting alot of questions from friends and family. The questions I get are not out of courteously with the intent to learn but more so out of jealousy and has strained at least one friendship. Similar to some of the posts above, I don't live a lavish life style but have started upgrading our primary residence, cars, etc because I can. My friends and family assume it is because of strong w 2 income and fail to see the years I spent learning how money works, paying down consumer debt and buying cashflowing / appreciating assets. I wish I knew the answer but talking about money with people who don't care to learn how money works seems to be a loose-loose situation and seems to only breed jealousy. I've started trying to surround myself with like minded people who push me to be better.

@Gabriel Miritello

WAY TOO HIGH. I just had a similar but smaller home completely rewired for just over 2k. The electrician had 1 helper with him amd they had it done in a day. My place is a 2/1 with crawl space and attic about 800 sq ft. I had this work done a month ago in NH for perspective. Maybe ask him for an itemized invoice so you can compare his costs to what you find them to be. I would say anything over 5k is criminal.

@Ted Ferik

1. Pick up the phone when I call you, I probably pay you well so I don't care if it is after your "business hours"

2. If you are charging me for a maintenance / repair items you better be able to tell me off the top of your head why I was charged. If you have to look into it how am I supposed to feel confident you did your due diligence before just passing through an uneeded or over inflated cost to me. I don't care about the number of clients you have, if you don't know this you don't have the right systems in place for the number of your clients.

3. Own real estate investments, how do I trust that you have my best interests in mind if you don't understand my interests? This goes for anyone that I talk to, not just the owner of the PM company. Of you are pushing me to an account Manager or cs rep I expect the same out of them.

4. Attitude- PMs that act like they are doing me a favor don't last long. They provide me a service and I pay them for it. This is a business relationship and I am the customer so I expect to be treated like it.

After re-reading this it seems like a rant but I have a really good PM and have had a couple bad ones and these are the reasons I moved my business.

@Tim ORourke

The entire buying process. From creating listing through closing and everything in between.

@Jackson Coulter

My degree didn't do much for me other than help provide me with a few connections. I eventually got my MBA and found that it supplemented the learning I was doing on my own. A business degree will give you some great perspective in your investing career. Or you can just get a degree in something your interested in and enjoy the college experience and use free tools like this to get the education you need to be successful.

@Alexis A Peinado

Has happened to me several times. You can appeal the appraisal ( not sure what the benefit would be in your situation though) so far I am 2 for 2 winning these appeals...mostly because I don't think the appraisers wanted to do any kind of work justifying their opinion.