All Forum Posts by: Kurt Phillips

That is fantastic @Jay Hinrichs.  I was actually just thinking of a blog to the effects of what you just said.  Some folks really do love what they do and probably shouldn't leave.  I'm glad my Dr. doesn't hate his job and build a real estate empire to "quit" being a Dr.  If he does then more power to him but it gives me comfort in knowing he loves what he does.

And you brought up a great point in there that drips with wisdom.  Your children own rentals but are not in real estate, even though that is all they have known you to do.  I have young children at home from 13 to 1 years old and I try not to force feed real estate to them, but sometimes its tough because I am passionate about what it can do for someone.  However, hearing you say your kids own rentals but went on to work for a company that they really like is encouraging.  I hope to be able to strike that same balance with my children that they hear the principles I'm teaching them but feel the freedom to choose their own path with feeling judgment or criticism from me whatsoever.

@Dennis M.makes a good point.  @Duane Whittaker your strategy is solid and fool proof no doubt.  Its just the "slow boat to China" if you will.  Depending on the capital available to you and the area your investing in it is not out of the question to accomplish your cash flow goals within 3 years by leveraging the lending from banks.  When you hit your point of critical mass institute your original strategy and pay those suckers off and enjoy retirement.  

It is ok to use the banks, they need to lend money and interest rates are still low but who knows for how much longer.  Take advantage of that and in 12 years who knows how far along you will be.  Hope that makes sense.

@Jay Hinrichs that was an amazing response!  I was going to post a reply but after reading your post I'm thinking, "Yeh, what he said!" But hey I'll give a response a shot.

I was a UPS driver for 13 years and while I didn't mind the work I wanted the freedom to either rise or fall on my own know how and willingness to learn and work hard.  Its been almost 2 years as a full time landlord/investor and while there have been a few sleepless nights the cost has been well worth it.  

One problem I do see, I'm not going to say quite often but I certainly do, is people leaving jobs too early.  That is scary.  Many of them are forced back into full time jobs and I have personally never seen a single one make it back out on their own.  I'm not sure if its fear of failing again, if you want to call it that, or just the difficulty of starting over.  I had an existing portfolio producing about what I needed to live on along with a comfortable nest egg to invest and live on if need be. 

Welcome @Jim Kroeger to the forums.  I am just down the road from you in Lancaster, Ohio.  There are several meet ups in the Columbus area and myself along with a few other investors are starting one here in Lancaster.  If your interested PM me and I'll get you the info.  Its totally free to attend.

@Timothy Francisco you can definitely try to attend a bunch of different organizations of non real estate investors and if you are super smooth you may develop some relationships with folks that would lend to you.  But that is extremely intimidating to most people, maybe not for you I don't know.   

The best way is to go to every single meet up you know of within driving distance and network like crazy.  Those people are mostly investors who "get it."  If there is someone there looking for a landlord to invest with they will say it or at least it will come up in conversation.  One leads to another and another.

@Karam Charrouf that is great advice from @Heidi Kenefick .  You can get an investment property without a job but its an entirely new animal and usually requires a very high credit and a good chunk of capital.

Typically the bank wants 6-12 months of employment history so get that job and live as lean as possible to build up your savings and research ways to boost your credit to mid 700's if possible.  This can usually be done within 12 months if you are aggressive and intentional about it.  The credit repair that is.

@Stephen Spearman congrats on getting your first deal under contract.  Sounds like your off to a great start in gathering up as much information as possible then taking it to the field and getting a deal wrapped up.  Welcome to the forums.

I'm in Ohio so a similar climate but might be higher level apartments from the sounds of it.  Either way @David Worker I refinish any hardwood floors if I possibly can, except in the bedrooms.  I carpet the bedrooms and typically have them last several tenants.  The reason for this is first, noise reduction, but second, tenants like the warm feeling carpet adds to a bedroom, not just on their feet when they step out of bed but it makes it feel cozier.  Sounds weird perhaps but its true.  

@Account Closed sometimes only time will tell if you have found a good mentor.  I have had mentors along the way that have been a tremendous blessing to me but I didn't hire any of them.  Therefore if we didn't mesh or I disagreed with their character or principles then we would naturally distance ourselves with no harm no foul.

I can tell you I have gotten into mentoring simply by folks like yourself seeking me out, obviously in my area.  I can always tell whether they are looking for a free handout or are actually hungry to learn.  When I offer up advice do they listen, act on the advice I give them, or do they "yep slap me."  Yep I know that, yep I do that, yep I am aware of that.  The yep slapper seemingly has all the answers and therefore does not need me and I don't have time for them.  The guy that just asks more questions and then offers to help with anything I need is the guy I will invest in every time.  I just had a guy help me move an oven then bought me lunch just to bend my ear about a deal he is working on.  Those types of guys eventually become friends and maybe partners but start out as mentees.  

I'm thinking along the lines of @Mike Cumbie.  In Ohio we have 30 days to get an itemized list of deductions along with the remaining security deposit.  Certainly know your state laws regarding length and process.  The tenant is responsible for the actions of their guests.  Without question I would take it out of the deposit and send the itemized list of repairs done. 

If there are any doubts call your attorney on this one, and I'm not just saying that as a disclaimer.  There are plenty of goofy laws concerning security deposits that are not worth risking a couple hundred dollars for.  If you have to pay an attorney to give you the information you need hopefully its at a minimum and have several questions lined up to get your money's worth.  You would be paying for invaluable education in this case, not just an answer to one issue.