All Forum Posts by: Mark Nickoson

Trying to convince my wife that it's time to pick up another rental.  She's thinking of vacation.  I'm thinking of rental income so the first out of three can get to college.  Girls just wanna have fu-un (Can you hear Cyndi Lauper singing in the background?) 

https://www.youtube.com/watch?v=PIb6AZdTr-A

@Chris Mason I hope you're allowed to smile and shake your head.   I'm getting old and crusty.  I'd probably get fired.

Mark 

So when they ask these questions how do you keep from laughing?

Oh, that was December's meeting.  Try November too.

https://www.biggerpockets.com/forums/521/topics/627663-dayton-rei-networking-meetup-november-12-2018

Go to the investor meetup in Fairborn. 

https://www.biggerpockets.com/forums/521/topics/627667-dayton-rei-networking-meetup-december-10-2018

 You might not see a lot of appreciation within three miles of downtown, but that is not true of all of Dayton.  I've been watching the value of one particular house.  Last year it was on Zillow for $266K, this year it is $320K up 20%.  I started rent on one property 20% higher this year than a similar home only 2 miles away.  You have to know the markets, because Dayton is not a homogenized market.  The A and B react way different than the C and D.

Mark

Stephanie,

       My first and second houses were not deals.  My wife and I married in 2008 and we couldn't get rid of our houses... had to rent.  Each of our parents had rental property and I grew up painting apartments as a kid, so I embraced the idea.  We decided to go to a Sherriff's Auction to add to the holdings.  We got a house at a good price but it took me way too long (years) to renovate because I did all the work myself.  I'm a Computer Engineer by day and my work involves setting up repeatable systems, so next go around I'll have a better plan.

      Real Estate is kind-of sexy.  The HGTV shows make it look interesting and fun.  There can be money in it, but it is hard work.  If you talk to successful RE people, they have usually spent several years working hard before it all comes together. 

      The first thing I would say is be a learner.  Listen to every podcast at least twice, maybe even take notes on it.  Even if you don't do something exactly the way the guest does it, you are learning from someone who is making successful business decisions.  Read some of the books they are suggesting.  Books are cheap training in rehab techniques, funding projects, and reacting to problems that business owners face.

      If you want to turn your RE into a business...  there are markets all over that are fairly saturated with flippers and it is hard to keep the business going in their hometown.  We all know what happens when there is increased competition.  Those that are efficient and competitive will survive, the smaller players can't compete. 

      I think the best advice is to find someone who is successful and hook up with them.  Ask them what it would take to have them guide you through a deal.  Be prepared to give them half of the profits of the first deal.  That is ok.  It will keep you out of trouble and give you valuable insights to doing business the right way.

All the best,

Mark

A friend of mine owns Frederick Electric based in Dayton.  I had him replace my breaker panel in my house.  He has multiple crews and he can take down large jobs.  You can find contact info with a Google search. 

Hi Carmen,

    Another friend from Dayton.  Christina has good advice.  If you have questions don't hesitate to ask.

Mark

@John M.  I did that once too.  The bad thing about gold is that it doesn't do anything.  All that it is is a store.  The gold stocks that I traded were foreign companies.  What I didn't realize is that also rode on the waves of currency differences.  And, gold is sold in for jewelry, but in if the economy goes bad, people don't buy jewelry.  After I bought, fear went higher, but currency changes had the higher effect and the stock ended up going lower.  I realized that I was not really an investor, I was a gambler.  About 5 months later, it came back up to the point near where I bought it and I sold for a slight loss, happy to get my money back.  I hope you can read the tea leaves better that I did.

Mark