All Forum Posts by: John Morgan

RE isn’t rocket science. Anyone can do it. Find out what excites you and stick with it. Give yourself 5-10 years investing/leveraging in RE and you’ll be set for life. Patience is key. And “base hits” are ok. Almost all 29 of mine are base hits and I’m doing just fine.

I wouldn’t get one for just one property. Once I got 7 or 8 properties I finally got a separate business account to make it easier to keep track of.

They all do this. lol

The power of leverage will make you very wealthy in a much shorter time period with RE. I’m a fan of the SM, but tax free leveraged investing with RE is clearly much better over time.

@Ben Stanley

I have 29 SFR and self manage them while working full time. It's not that hard. Almost all my communication is through texts. I've done 8 or 9 rehabs which gets a little busier. But I still communicate through texts to my contractor. Not a big deal.

@Deal H.

I've done several of both. Turnkey is what I recommend and doing from now on. And I have 29 SFR.

Some housing authorities don’t pay you market rent. So I can see why some do side deals. But most pay at least market rent so no need to ask for $ on the side. I’ve got two houses with sec 8 in AR that won’t pay me market rent. I may have to kick them out so I can at least get market rent. It’s frustrating, but I understand they have low funding.

I’m 0-1 offering cash for keys. lol. But I’m 2-2 getting them out on my own for free. I don’t recommend doing what I did to my awful dead beat tenants. But I dumped out the last person’s stuff on the front porch and changed the locks after I evicted her in court and she refused to leave. And on another house, I had someone go in and do “whatever it took” to get them out. I didn’t know he would go in at gun point, but he got them all out swiftly, dumped all their things on the front lawn and changed the locks. I know I can be sued, but these people were awful to me in several ways. I was worth the risk for me at the time. I don’t have patience for people who try to take advantage of landlords.

@Dan N.

My attorney told me he gets one million in liability for each of his rentals. It’s extremely rare for a lawsuit to go over that. He also puts all his rentals in his personal name and says LLCs are worthless. He says they are very easy to pierce and show you’re behind it, so don’t waste your time with that.

I agree. People act like LLCs are bullet proof. Any attorney can easily pierce them and show you're behind it. Studies show people are more likely to sue a corporation vs a mom n pop operator. Just get extra liability and call it good. I do have an LLC to buy some properties with commercial or DSCR loans since I tapped out with 10 conventional loans a while ago. But I do all my leases in my personal name in case I ever have to go to court and evict. If the lease is in your LLC, you have to hire an attorney to represent you. But, if you have partnership (other than your spouse) then get an LLC.