All Forum Posts by: Dustin Beam

I'm new to all this, but my recently acquired property has leased machines. I'm wanting to try and make my property as low maintenance as possible, so I figured I could take less profits to avoid any liability or responsibility for the on site machines. 

Interesting concept. If I remember when it's cold, I might have to try. I'll need someone to remove snow when the need arises.

 Yea, I looked on Craigslist, Zillow, and Realtor.com. You don't have to visit the property to analyze. At least I didn't. I'd look at the and essentially do a preliminary analysis. If it passed that, I would inquire about seeing it in person. Adjust your analysis from there if needed.

It's just my opinion and what I did. I believe it helped my in becoming better at recognizing better deals. My $.02 only.

Yea ok that makes sense. When I first read it, I took it that he gets his $20k for the work and then you split profits or whatever, which didn't make sense to me. But yea, he's essentially bringing $20k to the table to complete the project.

IMO, you should have good plan on how you're going to finance and that you can finance before making an offer. Otherwise, you're just wasting people's time.

If you have a solid plan how to finance, then you make the offers.

But, even though I didn't follow it rigidly, I think it helped me a lot by doing analysis often, long before I started making offers.

I'm no pro, so take it for what it's worth.

Why is Mark a partner? Honest question, not trying to say he shouldn't. Just that it seems as though his input in labor only. If that's the case, why would he get profits on top of his labor cost?

Not saying you should cut him out, only trying to understand what he brings to the table that you and your other money sources already provide. 

EDIT: I think I misread it the first time. So Mark is providing $20k in labor for "free"? If so, then I understand and please disregard my previous comments.

@DeVante Winn if your new calculations are correct, that's still like 15% cash on cash return. Everyone has different goals but that's not terrible imo

@Sada Rafi, I hope you don't think I'm trying to hijack your thread, hoping to just expand a little since I was about to start a similar thread.

How does everybody determine cost? For instance, what if the tenant leaves a bunch of junk there. Moving it does have some monetary value (maybe taking to a dump or whatever), but what about the hassle of actually moving it? Things like that I'm unsure how it should be handled. I'm new so just trying to figure out the details....the correct details on how to landlord property.

i know nothing about being a realtor, but I'd say it does NOT apply. Most businesses are built on reputation and trust. Bad publicity tears that down.

Show business is built on fame (where this saying probably originated). The only thing you want is to not be forgotten.

Generally I just went to home depot or whatever and priced an item. It's just a general cost. And you would want to bump it if you're not delivering and installing.

And I agree with the CapX % thing. I brought this up in another thread about how it doesn't make sense to me to do it that way. Two different 1500sqft homes in different areas can be wildly different in purchase price, but very similar in CapX. I figure you aim small and hit small (taken from "The Patriot" :) )