All Forum Posts by: Mike G.

@Joey Newton

Everything you say makes total sense. If the shoe was on the other foot, I would be the last guy to give you advice on making purchases in Las Vegas. All in know about Las Vegas is I am always hung over when the sun comes up. lol. My question/ issue was going over the numbers. If the numbers sounded right. St. Louis has a spectrum of real estate that range from exceptionally wealthy to war zones. my end is to know the differences. I just lack the time in the saddle to analyze this deal.

Just like in Las Vegas I will take all of the luck that you can give me. He is selling because he is older,. and wants to retire down in Florida. He is not motivated to sell at all, believe it or not. He will not drop his price .01. There is some deferred maintenance, but nothing that I am scared of. I have not checked the crime rates, that is a great idea. Lastly, he will not release the rent roll or leases until he accepts a contract.

This all helps, I hope you have a great day.

k im not the most experienced on BP by any means but here is what i think based on what you told me here Joey. this is real deal holy-field. . .   i would not waste one more second on this property and or seller. 

Here's why: Big red flag is that he wants a contract before he is willing to show a potential buyer the financials of the property. So I see that as he wants a blind offer so he is basically looking for an out of state investor (ie: California all cash buyer)  hungry to get a slice of the St. Louis market that dont care about overpaying for a run of the mill 4 plex.  That is a major red flag to me and i would walk away fast. Also he is not at all flexible on price so he isn't motivated, all he is doing is he tossed his fish net into the ocean and he is sitting around waiting to see if it accidentally snags a large fish.  

Ill take a big Phat PASS and you should too!!

@Kimberly Nguyen great contribution and all 4 of those are great. If you have all 4 of those going for you which it sounds like you do that is really a great path to a cash flowing retirement and wealth. Great to hear  and of those which do you like the best? whats your "go to"?

@Robert Mundras sure do. . . . .

the obvious ones that every one says like

rich dad poor dad

think and grow rich

the richest man in Babylon

the millionaire real estate investor

sell or be sold

the ABCs of real estate investing 

that should start you off on a good foot.. . ..

@Account Closed

@Kenneth LaVoie  

- we were fortunate enough to have a sizeable nest egg with which to make the down payments. I wish we could say we did something "fancy and creative" but honestly, we were blessed and were able to do it simply. I did do some creative things in terms of using some state funded programs to upgrade the weatherization and heating systems. We were reimbursed as much as 60% of our outlay for these upgrades over the course of the last 10 years. ANY time, please don't hesitate to contact me. I love sharing the little bit I've managed to glean.

No, I don't work a W2 job any more. I do have a small web hosting firm which is kind of like an "electronic apartment building" except my building is a web server and my tenants are websites! And they even pay me to maintain them instead of the other way around, haha!

No one said that how you got there had to be sexy at all, that's great that you had a sizable nest egg to pull from to make it happen. I will have to get creative and use debt leverage and sweat equity to achieve mine.  I like the web hosting metaphor that its like an electronic apartment building lol

@Gerald Peters very nice system you have going on down there in Texas !! By Lease the property i assume you are renting it out? All in all that works and its simple  thanks for sharing Gerald!! Keep up the good work

@Andrew Syrios thank you Andrew best of luck to you as well with your investing. Im going to go back and take a listen to you and your brothers podcast.  

@Quito Keutla

I'm currently using direct mail, which has been ok as the leads I've been getting is more retail so I ended up listing a couple of those (Paid for the 5 months of direct mail). However my sphere is what's been getting me the most leads right now. I know that having a system to automate lead generation is the key so I am exploring social media and will focus on those strategies for the next 6 months.

that is awesome and there is a lot of content out there for social media lead generation as well. yes systems are very vital to consistent lead generation and that part remains unchanged regardless of what strategy or game plan you have for real estate investing.  Best of luck with that let me know what you do as well ok :)

@Steve Oswald 

I started in 2009, without any real knowledge of how to invest in real estate. Wish I had the knowledge at the time to understand the time we were in! Over the first three years I used personal funds I had in mutual funds and savings to get my first 4 properties. Then used 401K loans to get my next couple. Took a year and a half away from real estate, and have combined refinancing, 401K loans and personal funds to get my next 4 or 5. I was buying 1 a year, basically. But the last couple years I've bought 2 - 3/yr, even though prices are higher than they were...mostly through refinancing and pulling money out.

That's an excellent way or using leverage and recycling your funding so to speak. Its good to have a 401k that you can draw from to have the flexibility to buy real estate. 

@Doug Pintarch 

Mike - Coming from a 1-STR-so-far total newb I second your sentiment. Do one thing and get as good at it as you can. Picked buy and hold because the 4 of us all have good steady incomes and we're investing for our retirement in 15-20 years. We're long-term thinkers and would ideally like to end up with 6-8 STR condos or single family homes at the beach...then split them up and sell them when the time comes. ...Or maybe keep one. :)

thank you, yes the goal is to become really good and effective at the BRRRR so that i can build equity and cash flow my retirement. Sounds like you will be doing the same with your STRs so 6-8 should get the job done for you. Excellent plan man. . . .