All Forum Posts by: Marcus R.

@Nolan Mahoney - Recommend driving rideshare and food delivery.  It's my single most productive activity.

- You get paid to listen to real estate books/podcasts

- Driving for dollars.  You get boots on the ground market research.  Up and coming neighborhoods, new construction, path of progress, etc...

- Get to know your customer base.  What restaurants are popular?  How much do people spend at these restaurants (disposable income)? What are the popular areas that you constantly have pickups/dropoffs.  Where did people move from? Did they go to college?  What do they do for work?  Do they like the area they live? Etc...

Be direct but treat them with kindness and respect until the situation calls for otherwise.  I'd go talk to them or call them and let them know the situation they're creating.  For all you know this person could be prescribed this as a treatment plan for mental/physical pain, anxiety, or insomnia.

All of our local rentals are 4/20 friendly and located in Denver where responsible consumption is allowed and there's a true culture around it.  Usually our best and longest term tenants partake.

Many different factors involved but unfortunately in my experience I've seen alcohol and excessive sugar/fast food consumption (obesity related health challenges) negatively alter more lives than weed.  
 

You're crushing it!  Don't really have much value to add and am more likely to learn from you...

What about only buying one more rental so 9 conventional loans?  So that way you have 1 conventional loan in your back pocket in case you need it and a great opportunity comes your way.

Check out the book Quit Like a Millionaire by Kristy Shen.  Lot's of good info about early retirement and tax optimization strategies.  A few chapters reference the Trinity Study and Monte Carlo simulations and provide good insights.  

@Matthew Masoud Interesting discussion!  Following along.  Let us know what you decide.  

I've thought about this myself but from the angle of converting a LTR to a MTR.  So far the numbers have been too close to justify the additional time a MTR might take. 

Working...

But in all seriousness earned income is my favorite way to generate the DP.  If a typical 9-5 is off the table you can tap into gigs to generate the funds.  Food deliveries, rideshare during big drinking days/concerts/sporting events/airport runs, shop for grocery items, etc...Most folks overestimate what they can earn in a day hustling and underestimate what they can earn in a year. 

I recommend starting locally or within an hour or two drive.  Even if some of the laws are landlord unfriendly.  In some ways this may help because this will deter others but if you know how to properly navigate the laws you can potentially gain a competitive advantage.  Similar to how some REIs are able to run successful STRs amidst changing regulations.  

In this current environment I think you need to have local market knowledge or some advantage just to break even.  You can still achieve this in a distant market but naturally it's harder to do so. 

I would only rent with the intention of building wealth so the property would be well below what you can afford so that you can increase your savings rate.  While renting and learning the area I would be actively looking for a quality purchase.  If you can bump your timeline up to 7-10 years (closer to 10) then I would try to purchase. 

I get it, moving sucks but I still think it's the path of least resistance. Flips and BRRRRs are hard, House hacking with a family is hard, but moving into a SFH every 1-2 years might be the most straight forward path. You can hire movers, packers, furniture assembly etc...to make life easier and can be completed in <60 days. Qualifying for the primary residence cap gains can really supercharge your journey as well.

Try Zillow and FB Marketplace. Also, join local housing groups on FB Marketplace and proactively reach out to people. Set a goal to reach out to X people per day..."I saw your post about a SFH in ABC and I have a beautiful home that you'd love...". Takes some work but I've had success with this.

Consider dropping the price more than $25 a week.  If you're at $1,275 to hit the next batch of people looking you likely need to get under $1,200.  So you may need to move in $100 increments.  

@Bruce Woodruff - Good points, makes sense.  I see how this could be frustrating for quality GCs, contractors, or working on extremely large projects. 

@Kyle Sosnowski - I usually have the contractors place the order for materials and then call the supplier or retailer to pay over the phone.  Or when they go to pickup the contractor will call me and then hand the phone to the company to complete payment.  Been doing it like this for a while and it's worked well. 

@Bruce Woodruff - Tell me more about your point of view?  Wouldn't this help the contractor since they don't have to front the money?