All Forum Posts by: Tim Steele

@ J Scott

I see this thread is several years old, but I had a similar question.  I've been investing in Iowa for about 8 years. In the next few years, I see myself moving down South. Currently, my sister works with me at property manager and assists with managing flip projectss. When I leave, she will be my boots on the ground. 

I am trying to think of an incentive or bonus. I thought maybe a percentage of the profits from a flip --as she will be doing more work finding and analyzing the deal. this isn't for reward or motivation as much as I'd like she to feel more ownership. Any thoughts?  Any advice is appreciated. Thank you 

I just wanted to give some feed back. I've really enjoyed @David Greene on the podcast the past few weeks. I look forward to the shows weekly release. Even more so now. I feel David provides a good balance. 

In the most recent episode, David was referred to as "Host of the Day". I wondered what, if any, future plans there may be for David as the podcast (co)host.  

I for one would like to see him around in a more permanent role. 

We are financially free. Finally! Just three weeks ago I left my W-2. My wife still works; she is in the medical field and is passionate about her work, so she'll continue to work. We're in our late 30's and were just able to break into the 200K range through two W-2 jobs, flips and rentals.

It had been like working 2 full time jobs and finally reached the point my W-2 job was keeping the real estate company from growing. 

I will continue to "work". I love real estate and am passionate about it. I don't consider it work.   I used to say I went to my W-2 job for a break.  

I have been investing in real estate flipping for about 8 years. In recent years, I fill an asset management role to grow the business. Find deals. Fund deals. Design. Forecasting. Etc. 

I would like to train my project manager to to take on some of my tasks. Finding and analyzing deals. The project manager is a trusted, family member. The intent is for them to run the business when I leave the area in a few years. 

As incentive to find good deals and feel a sense of ownership, I would like to give a bonus that is a percentage of profit from the flip. What is an appropriate rate? 

Any guidance is helpful, thank you.

I apologize for the broken message. Incoming calls are kicking me out of the app and sending the message prematurely. Lastly, while walking around, I was able to listen to podcasts and audiobooks. Tim

cont... learned about the neighborhoods. Streets I never knew existed. And I grew up in a small town of about 25,000 people. The best part, this was my version of driving for dollars. I got so many leads. Houses I knew were vacant and a lot of the history. You'll find the neighborhoods that work best with your strategy. You find the houses that are a great deal. In addition to finding properties, I was able to make phone calls while I was out walking

I worked as a mail carrier at for 2 years. The job was not my favorite. But, it was great exercise (just walking) and I learned about

Hi Andrew, I signed up last night. It was an upgrade from a Plus account. Everything seems to be working for me.

I echo Marcus. Great book. I've been managing rentals for just over 5 years. The issue you are concerned with doesn't come up a lot. Typically, we get calls from people following up on the status of the app. If we are still looking for a tenant, we let them know we are still reviewing applications. If they have something in their background that is a sticking point, ask them them about it. Example, we had an application that looked good, except for one detail. They had a large, judgement against them. It was recent, within 6 months. We asked about it. They confirmed the details and had been set up on a payment plan. Important: they had proof AND had proof they were making payments. Turned out to be good tenants. Responsible, paid on time. Just had "life" happen. So, if something in the background is a problem put it back on them to do the work. If they are responsible, they will. Most will acknowledge the issue and move on to a landlord that isn't as thorough with background checks. Congratulations on your first rental!

Hi Fahima, I enjoyed reading your story. Thank you for sharing.