All Forum Posts by: Jeffery Waicak

I have a friend who self manages I think 120 units. He has a tenant that handles the calls and sets up work orders, showings etc.

He has 2 guys that are full time handymen. Anything they don't do the other guy farms out.  He said he uses some good software. I'm sure he's spending less in house than if he went 3rd party. I'm also sure he can scale it up.

  I still think you should factor for management, just as an extra buffer. If a deal won't pass with management in the mix, pass on the deal.  I say this as a person with more deals than funds. 

  Definitely food for thought, and I agree you can do it for less money and probably better. Just easier to vet a company and pay than to build a whole team. 

It all depends on goals and age, etc.

My goal is to be financially able to walk away from work at 40 years old(omg less than 4 months!!) The company I work for has a 401k with a match but,  I can't withdraw till 59.5, so an extra million in there, while nice, won't help me hit my goals very well. I am also blessed to live in one of the best cash flowing areas in the country. To me, company match or not,I'm better off in the re game. I also love the game, worst part of my job is missing Wednesday reia breakfasts. Lol.  

  Your parents,  family, friends mean well. I usually tell those people 2 things. 1, the 401k is great and 90% of people should be contributing if they went 20% they'll retire with dignity.  I however invest far more than 20% of my w2 income into re. #2. A 401k? What's That? The world's longest race?

it sounds like you want to start with a house back, live in one of the 4 units? That sounds like a good strategy to me. Yes you have to be responsible for the common areas and lawn care, but right now you're responsible for your own lawn care anyway. It can be hired out, as can property management. My friend who manages over 600 units said some of his best clients only have 1 or 2.  

  I could be wrong,but you seem to not really need the money all that much, but want the adventure of business.  That, my friend is awesome, I say go for It! You don't have a w2, but you have cash, time, and a lot of business experience. If I had to guess, you're going to do well.

It is stressful, especially at first. no different than any other challenge in life, except if investing goes bad,it can be really bad!  

  Like others have said even after doing a few properties I still miss stuff. I always tell my tenants before signing a new to me house, that they will probably find something not right. When they do, we fix it asap. I feel I have an incredible team and agree they make my investing much better. But they (including me) miss stuff we probably always will. 

  I'm not sure what your goals are, but if they are to own more than one sfr, your problems will probably change. You will look at this like I look at getting dumped in jr high. 

you asked the city and they highly recommended you pull a permit.  So it's optional? I wouldn't pull it then. 

I wouldn't want to admit that my wife was better than me at anything other than cleaning or laundry either. Lol

I would agree. Offer as you normally would, add a contingency that when offer is accepted, you have 3 days to view the unit and if all is acceptable,  put up earnest money.

  That's a better plan for the seller. If you have his property tied up for months, then back out on a contingency you I think, get your earnest money back

My son is turning 13 and I'm giving him this to read.  I think it's the right thing to do. I think that if your child's grades suffer,  they would only be using the book as an excuse to be lazy(unless they were putting serious effort into becoming an entrepreneur) and should be corrected.  

just because  you have an fha  loan doesn't mean you'd be in a bind when starting  a family. I'm pretty sure your other half can get an fha loan too

if it's a brand new dryer, it should have a warranty. I would ask them to Check on that. If it doesn't and you think the wiring did it law or not, you should pay. It sucks but to me it is an integrity thing. 

 If they are problem tenants that is a separate matter,  but i personally feel that since you can't boot them easily anyway,  you may as well try to make it work.