All Forum Posts by: Account Closed

@Hunter Wiernasz

Starting with a flip is a great way to go broke. Why? Because you’ll likely pay too much to buy. Renovate the dumb way. Pay to much for the dumb renovation. Then price it way too high for market because you screwed up your initial arv estimate. Then sit on it for 4 months watching your bank account turn red. Then get motivated to sell and drop the price. Then get insulted when someone offers you actual market value keeping in mind they have to fix the dumb renovation to actually live in it/ resell it. Then a month or two later you’ll sell it at a substantial loss and hang your head in shame for a while.

Remember all the things you screwed up with your first girlfriend / boyfriend? Those were free (aside from the therapy in 20 years). Real estate mistakes aren’t free.

@Allan Ringler

This is a simple math problem. 2% of property value @ 4:1 leverage is a 10% return on money invested. You’ll never get genuinely wealthy on cashflow. That said, you’ll need cashflow to hold long term unless capex isn’t your thing... in which case over the long term appreciation will suffer as the property itself falls into disrepair.

@Timothy Duggan

“No problem, how about you pitch in the $400 towards the posts and I’ll make sure the entire thing (not just the posts) gets rebuilt by a pro who does it for a living. This way you’re not out more than you need to be and we’ve got a fence that will last long enough that neither of us ever have to kick in money again. Does that seem reasonable to you?”

Very difficult for someone who sees the whites of your eyes to tell you you’re being unreasonable. It’s powerful phrasing.

@Nanci Gorton

Yeah, was this guy licensed? Sure sounds like a putz to me. That’s an easy diagnosis. As in, I could’ve caught that and I’m not an electrician. Finding the exact open spot isn’t as easy and requires checking any/ all junctions, but finding out it’s a neutral issue takes minutes.

@Will Amey

First off, do multifamily deals usually hit the mls in your area? They definitely don’t in mine. Most everything 5+ units in my area is a private sale (or the buyer in a rookie and paying arv for a building requiring significant inputs).

@Andrew Schulz

Many interviews but no job likely means work on your interview skills. YouTube “Ramit Sethi interview”, watch, and go from there.

@Brandon Kmiotek

If it’s a 7+ year hold vinyl planks. Every time. Everywhere. Especially high labour cost areas like stairs.

@Shivam Kashan

Average people give average advise. I appreciate that they’re family and everything so don’t take this the wrong way, if you want to be where they are, so what they’re doing. If you want to be better, do better. You decide your path and what’s “better”.

Ask them what their investments earn them (they likely don’t have a clue but will pretend they do). Example: most guys I hang around with think that their financial planner earns 2%,... and he does, but most years that’s 50%+ of their growth. So he’s taking a 50% commission on earnings, with zero downside risk. That’s likely what your family has going on. Average people, average advise, average crap.

Go hang out in a room with genuinely wealthy folks for a while, see what they’re doing. It won’t be giving 2% to someone with 3 months online training who’s taking zero downside risk.

@Denise James

I’ve never seen a tax assessment I felt was accurate. Ever.

@Patrick M.

Quarterly for B class (but keep in mind I’m 99% animal friendly). Document, then send a note requiring remedy within ~30 days for RE-inspection. Include an option for 2 trusted handymen / trades (if required) you normally use and be clear who is covering the bill. Do not let it go until move out and just keep deposit $. Why? Because if you walk through and see legitimate damage that does not get addressed, they will assume it isn’t damage because it didn’t get addressed and you didn’t bring it up. They’ll also just keep adding to the list. If they don’t / wont book it for repair (or do a crap job themselves) have it done (correctly) and bill them with net 30 terms. If it goes longer than 30, they’re in breach.

To be clear, this is for damage, NOT normal wear and tear.