All Forum Posts by: JaMarcus Joseph

I'm not sure if yall addressed the emotional and psychological wears of stereotypical upbringing concerning the world of female breadwinners. But this interview seemed to hit on some good points that may help your situation. 

From an outside perspective, his need to protect is being threatened. Not only are you bringing more money in than he is, you've unintentionally cut him out of the investment process. You have history with your team and don't necessarily need his input or approval. On some level, you may even have to address you ignoring his approval because of your own skill. And you should be proud of them. 

Balancing business and family life as they grow is a skill I'm working on. Jim Rohn talks about not sacrificing too much and knowing the future non-financial costs of your decisions today. My wife and I try to read books together and will likely read "His Needs/Her Needs" by Dr Willard F. Harley, Jr. I do like the sound of this book that was reviewed on YouTube. 

His Needs/Her Needs Book Review

Superior Wife Syndrome Book Review

Rules for the Female Breadwinner - YouTube

"When She Makes More" YouTube search

What are your goals in connecting with an agent? Are you looking to purchase soon or sometime in the future? Keep in mind that the agent only gets paid if you close on something. I've encountered a few newbies who use the realtors as a free service without any intention of making offers through them. 

I see you're a new accountant headed to law school. I've been actively investing for about 20 months. I believe coffee would be mutually beneficial. If you're interested, send me a pm. 

Address his fears through education. Don't belittle his fears. Build up his confidence. Make him feel included. Don't let an emotional situation hurt your lasting relationship. Remember what's important. Read or listen to "How to Win and Influence Friends" by Dale Carnegie. YouTube has many free viable options to learn Carnegie's friendship philosophy. 

Personally, I think your better option would be to become a bird dog for an active investor. Have an agreement that they will give you a set price for the lead if they close. In exchange, they should teach how and why they make decisions on properties. Since you already know how to track down absentee owners, you would get a better fee. 

As for comps, I use a combination of Zillow, Trulia, Redfin, Realtor, and the median sales for the zip. The median gives you a good idea of "your" home and neighborhood in comparison with the average home sold. 

Here is a link to the current spreadsheet to a property I own. You can make a copy and make it your own. I still have some fine tuning to make it smoother, but it's a good start to help you understand value. If you have any questions, don't hesitate to ask. 

Property Valuator

$100,000 and I want the DSCR to stay above 1.5

I'm looking to refinance these properties into longer term financing. I'd like to pull out some cash to buy out a business partner and complete the remaining rehab on the 12 unit and duplex. I'm also open to equity play. Don't hesistate to ask any questions or make suggestions about this spreadsheet even if you're not interested in lending or forming a partnership. Thanks. 

Just giving this a bump. Hope to see some new faces sharing or presenting a deal. If you want to make a practice pitch or presentation to the group, just let me know.

Pedro

Welcome to BP. You've come to the right place for quality experience-based education to supplement your institutional education. With your current skillset, obligations, and long-term desire for rentals, I suggest you look into house hacking and gaining control of property via either lease with option or rent to own. Remember this, understanding how to control real estate rather than simply focusing on ways to own it can be as valuable and open many overlooked doors through creative financing. At the time of my REI awaking, as a graduate student, I had participated in around $40k in rent payments with my roommates over 4.5 years. Oh how I wish I had used a refund check to gain control of a lease-option, filled the rooms, and got paid to sleep on the couch. I slept there many nights anyways.

At any rate, lease-options can be a good way to get your foot in the door with some landlording and creative financing experience without much overhead risk. You could gain control with a 5-10% option fee and sublease it for your money back or more plus the whatever lease payment difference. This niche would also set you up for your own mortgage brokerage if that route interests you.

Whatever you do, if you enjoy it, don't give up or stop educating yourself. 

@Brad Norman Do you mind elaborating on what happened with the situation in Arkansas?

@Liliana Lopez I've never been in this situation, but I have been face 2 face with the local police chief a couple of times over abandoned property at a rental property. I'd start with the abandoned property statutes. Was the property vacant at purchase?

For my team, 2016 was a successful, educational year. The latter part of the year was surprisingly rough, but we endured. We added of 6 new properties (via deeds) to the portfolio of 2. Unfortunately, we had to make the tough decision of giving up a deed in lieu of foreclosure. (Return of the investor's principal is ALWAYS more important than the borrower's gains or losses.) A key managing partner succumbed to the pressures of entrepreneurship and abruptly changed the direction of his life. Fortunately, it was a smooth negotiation. Anyways, I am thankful to the Hot Springs group for helping us push through the rough times. The appropriate relationships and communication are necessary to get through the tough times of investing and entrepreneurship. I look forward to the accountability of the relationships I have and will develop as I strive towards my goals in this upcoming year. 

Mark your calendars with our upcoming networking events through MeetUps for the year:

January 21st
February 18th
March 18th
April 15th
May 20th
June 17th
July 15th
August 19th
September 16th
October 21st
November 18th
December 16th

The Hot Springs Investor's MeetUp group is made up of mostly seasoned investors with my team's year having the least experience. The collective group has experience in flipping, contractor work, landlording, lending, trusts, contract and real estate tax law, land commissioner sales, EQ meetings for lowering taxes, residential and commercial development to include mobile home park development.

If you want to good fellowship with "investor-minded" people, join us Saturday, January 21st at Smokin N Style, 2278 Albert Pike, Hot Springs, Arkansas at 6:00. We meet here every 3rd Saturday of the month. Your food is your only fee.

Here is the link to the MeetUp group to be informed of upcoming meetings as soon as they are announced. MeetUp Link to Hot Springs Investors