All Forum Posts by: Ken Hicks

Best of luck, congrats on the turn around. One of the biggest investments I made was to know were my money went. You start to realize that you buy lots of crap.

I wish our schools promoted Financial Education more.

I never talk about anyone's finances or other personal affairs unless they come to me to talk first. it's just to emotional. I always say "If you spend more time on your own personal development, you won't have time to worry about others" besides you might find out they just got piles of dough out of the blue, then you look like a goof :goofy:

IMO this is fraud, having an asking price of 2475000 then jacking the price up and asking for money back is fraud. IMO you are biting off to much, and visiting OJ soon.

Either way this will be a good learning curve. That is why we are here. I would get the facts from an attorney and your lender like you are suggesting.

Best of Luck

When i file I usually get $536/week in PA could be $100/week more if I filed in MA but the FEDs put a stop to that :(

I pay my own taxes, insurance, and mortgage payments. My PM sends my checks directly to the bank for deposit and a copy to me. My mortgage payments are set up for automatic payments with the banks, I write checks for my taxes and insurance. My water and sewer are set up so if they PM doesn't make sure the bills are paid I get a notice on delinquency.

I want my PM to do the work but still need to know whats going on.

I found that the 50% rule is just a guestimate on the facts. This product is what I use to evaluate a property. There is no easy way to evaluate a property, Use facts and Yes a guestimate of what the taxes will adjust to after the deed is transferred.

I tried numerous times to create an excel spread sheet. Basically what I am saying is I would have been ahead of the curve buy purchasing this program when I first started. I am sure there are other products out there. This is just something I would look at.

http://www.weekendmillionaire.com/store/index.php?main_page=product_info&products_id=13

I looked into this a year or so ago, I had the funds but most brokers wanted an annual revenue of $250k for a few years. Yes, I know this may surprise you guys but I don't make $250k a year :oops: My only option was to work directly with other rehabbers.

I took Dwights post as you need to know what your doing before you start talking to the professionals, you might get discredited fast. Hanging out at the club with your wallet home and locating a mentor so you know what your doing is just as critical as building a team of pros.

The biggest mistake I did was listen to people that thought they know what they were doing. This included my Realtor. I have no problem giving someone money for EXPERT advice. The key is to find the right experts.

I think everyone should manager their own properties for a year to gain respect for what a PM deals with. Things come up and you will be thinking your PM is crap, but if you know what they are dealing with you will be more understanding and thankful for their professional service.

Maybe Mike has a very good plan and is excellent with time management. Whats that saying? "If you fail to plan, you plan to fail" "Give me 6 hours to cut down a tree, and I will spend 4 hours sharpening the AX" ???

The best device I ever bought was a PDA phone.

I will never go back to managing my properties myself. I bought those as an investment not for a second job. I don't know my tenants nor do I ever want to see them. I don't even like the idea of family members knowing I have rental properties.