All Forum Posts by: Gregory Schwartz

Here’s a fun way to think about getting your spouse on board: focus on what not to do.

Don’t talk about REI every single day.
Too much can be overwhelming. Wait for her to bring it up.

Don’t focus only on sacrifices and future payoffs.
Highlight near-term benefits, not just “someday we’ll be rich.”

Don’t force or bribe her to attend meetups.
Invite her but dont push it

Don’t try to teach them to analyze deals.
Focus on what excites them

FYI I had to deploy before my wife got on board. She read 2 books, "Retire with Real Estate" and "Set for Life". When I returned she was ready for our first house hack. 

I did number 2 with no regrets. I used the proceeds of the primary residence I owned in NC to grow a portfolio of value add buy and hold here in College Station. If you're looking to scale it could be worth while to sell and re-distribute that equity with the help of some save leverage. 

I think you're in a great spot and are asking the right questions. My biggest recommendation is to not get caught in analysis paralysis. I overanalyzed for way too long. Run realistic numbers and be prepared for the worst. Pull the trigger and learn as you go. 

@Jack Cottrell I can relate. I made more mistakes on my first investment than I can count. Mine was also out of state, in a town I’d never visited, and I relied heavily on videos from my agent.

This sounds like a tough first deal, but it seems like you have some capital on the side, which will be useful as you face the upcoming challenges and learn from those expensive early mistakes.

Regarding the subject of this post, “help me adjust my expectations,” I’d recommend assuming that; repairs will cost twice as much as you estimate, maintenance and vacancy rates will likely double from your initial projections, there’s a very real chance you may lose money on this deal.

That said, there are ways to mitigate these risks by:
- Keep asking questions here on BP and connecting with local experts
- Stay proactive and communicative with your agent and property manager.

And remember “Inspect what you expect.”

Im not trying to discourage you but to help reset your expectations. This sounds like a challenging property, so it’s important to be prepared.

Good luck! Let us know we can help

Try not to use the word "good" when asking a question like this. It frustrates me when people say, "there are no good deals" or, "can you send me a good deal" but never define it. 

- What price point can you afford?
- What level of repairs are you willing to do?
- Who will manage it?
- What metrics do you use to measure "good"

Ex "Hi I'm looking to buy a single family home in Richmond TX in the $150-200k price range. Im willing to do cosmetic repairs up to about $20k but dont want to deal with a gut job. I will self manage and dont need a lot of cashflow. Are there any house at that price point that would rent for $1200-1500/ month with 20k worth of updating?"

You'll get better answers and less generic advice with a question like that. 

Have you considered moving those funds into a self-directed IRA (SDIRA)? This could allow you to use the full amount for purchasing real estate without needing to sell your stocks outright and incurring significant tax implications. It's worth exploring to see if it aligns with your investment strategy and timeline.

I’ve been on a journey for about eight years now, moving from a negative net worth to a modest level of wealth, with goals to keep growing indefinitely. Honestly, I don’t think my happiness or sense of contentment has measurably changed during this time. I’m just as stressed as ever (just ask my wife). While I’m more financially stable, that hasn’t translated into feeling more secure—I simply take bigger risks now.

That said, I’m incredibly proud of what I’ve accomplished. It’s the same sense of pride I felt climbing the ranks as a Marine pilot. My wife and I spend a lot of time together, we take vacations regularly, and I prioritize my health by working out 3–4 days a week and getting 7–8 hours of sleep most nights. I’m as healthy as ever, and I make sure the journey doesn’t come at the expense of my well-being or relationships.

If ultra-wealth is the goal, I think the true joy lies in looking back and appreciating the progress we’ve made along the way. That’s what drives me.

Is it worth it? Not sure, i guess check in with me in another 8 years :)  But I do know I wouldn’t be happier doing anything else.

@James Wise , I agree that engaging with petty disputes isn’t productive. However, we’ve had great success with a straightforward approach: 'talk to the lawyer.' This was our policy when I was a property manager, and nine times out of ten, it resolved the issue. Usually, there isn’t an actual lawyer, or it’s a family member who doesn’t want to get involved. In other cases, the lawyer quickly realizes there’s no case and advises the tenant to drop it. Either way, the problem tends to disappear after that. 

The most important move is to get this tenant out of your investment as soon as possible. I think we all agree to that :) 

This area is going to see tremendous growth as the city of Bryan continues to expand on its Midtown plans. You already have the Farm Patch, and Chicken Oil Company is an iconic restaurant that should be open again soon. I expect this will draw more business to this area. 

Great location!