All Forum Posts by: John Daniels

@Austin Bell I have not yet pulled the trigger but I will be going with ShinePay for my newest property. I am still 2 months out, but I will update the post when I get it installed.

@Stefan D. Sounds like a tough but valuable education! Sorry for the rough patch, but it sounds like you have a great, nearly new property that is cash flowing, is appreciating in a hot market, is able to be depreciated, and is allowing you to rebuild your cash reserves. It definitely sounds like a lot of blood sweat and tears, but I guess that is why they call it work:) 

Thanks for sharing the pain, it helps all of us to remember to always focus on the basics of making sure our numbers are solid based on real estimates, perform good inspections, and not to get pulled into a hot market buying frenzy, which is so tempting for me personally. Thanks again for sharing and looking forward to the next deal you do - it will probably be a GRAND SLAM!! 

I like @Nathan Gesner’s concept of building an automatic increase into the lease, which helps keep pace with the market, creates an automated process, and is discussed with the tenant upfront. Sounds like a great process to add to my tool box!

@Wayne Norman

Congratulations on taking the first step!

I was terrified talking to strangers and I hated talking on the phone, but I knew I needed to overcome those fears. I decided in January of last year to take a personal 30 day challenge of talking to one stranger every day. The first few days were horrible, but by the end of the first week I realized that almost everyone I talked to had a story and the were mostly just like me. They had hopes and dreams and challenges in life and mostly just wanted to connect and be noticed by others.

Now I am not afraid to talk on the phone with strangers and it has helped me grow my portfolio to 8 active doors and I have met some fantastic people along the way!!

I encourage you to take the challenge. It will help you to grow your self AND your business!!!

@Kay C.

Lots of great responses so far, so I just have one more variable to consider. What is your crystal clear criteria? For example, I was looking for small multi family units with a low entry point where I could do some light rehab to force some appreciation.

I live in the Phoenix metro area so the options were very limited. I slowly increased my search scope until I was able to find some good deals.

Not having my criteria was frustrating because nothing seemed to fit and I could not evaluate properties well because it was never an apples to apples comparison.

I recommend writing out your CCC. That might help clarify the best place to invest.

Good luck!

@Danijel Mladenovic

Many of these skills will definitely help you in your investing journey!

The other item I wish I would have started improving earlier in my career was to get my personal finances under control. I didn't realize that if I could not control my personal finance, it was going to take me longer to get into the investing game. Also, if I can't control my own money, how was I going to be responsible enough to manage business funds. 

If you cannot get started investing right away, then your primary goals are to save, learn, and network. BP, work, BP, save, BP, cut costs, BP, talk real estate, BP, repeat! - You get the idea. 

Welcome Brenden Koon!

Your primary residence is a great way to start investing in real estate! 

I was able to take out a home equity line of credit (HELOC) on my primary residence to get started. For me, I wanted to first get my crystal clear criteria ready before I spent any money. Then I started evaluating any and every property that met the criteria.

Feel free to reach out the BP community if you have any questions!

Again welcome to the fun!!!

Great questions! I think we all started out asking those same questions. I ended up going to college and getting a degree, but it has not helped my investing career other than giving me a bigger hammer to build slightly faster. If you go to college, make sure it is for something you love doing AND pays more. Then use the increased wage to super charge your investing career. As far as information, BP has some of the best resources on the web- think of them as your mentor. Either way hustle and integrity are what allow you to succeed with or without a degree.

@Jack B. What do the numbers look like on the property? Factor in the possible replacement/repair costs and if the numbers still work out, the property matches your crystal clear criteria, and it looks like it will be a strong profitable deal, then take the next step - Otherwise, let it go. Remember there is a house on every corner!

@Anissa Taylor, I am sorry for your loss.

I would recommend talking to both a local real estate/probate lawyer and a lender for options on your specific situation. Great lenders are usually more than happy to sit down and discuss your specific situation and possible underwriting challenges for free. The lawyers will cost a few hundred dollars, but the advice may save you $1000's.

Best of luck.