All Forum Posts by: Randy F.

Dont know what you mean by "initial setup", but a buyer for a distressed fifteen unit MF will likely know what theyre looking at and you can expect you'll be asked the right questions. You can also expect any offer will take into account the buyers legal expenses required for evictions. Whether you tell them first or they ask, it has to come out. May as well disclose it so you dont waste your time or theirs.

Edit: @Joel... Ya beat me to it! I have to stop posting using my phone!

Its like any other unit... Put the wrong people in it and you have problems. It can bring higher rents and potentially better quality tenants.

A 4/2 is great! Even as a small family may not need a fourth bedroom, they may want an office or an extra room for storage or a play room or a music room or...

I certainly wouldnt walk away from a good deal just because it isnt 3 bed or less. In fact, it may rent faster because there arent near as many availabl.

I think it depends upon average time on market and amount of listed inventory in the area. If comparable homes are moving quickly, inventory is low, and/or your upgrades are above listed comps, there may not be a need for staging. IMO, its the higher end homes with a smaller buyer pool that need the extra oomph.

I tend to think smaller homes look bigger with lighter colors. Light yellow is fairly popular. I like to go with something not seen on street.

On aluminum siding its important to power wash to get the chaulk off. High pressure, high temp. Lower pressure and/or unheated or lower temp you may need a detergent to get all chaulk off. If oxidation still exists after washing use an additive to latex paint. And, if you dont need to prime it, be sure to go with a higher end paint like Sherwin Williams A100. You'll want it sprayed and if painter is good, he may be able to mist coat and flood as he goes and get enough coverage to not need primer or two coats. Flat paint will help keep dents and waves from standing out.

That sounds really high to me on piers.

I still dont get it. Its a walkout basement and its not on slab? Or is it actually a reverse two story, so its not really a basement but a first floor with main living space on second floor?

Want to add that It isnt about your time and work on project not being of value. Its about you being in control of project. If you are getting deals under contract AND doing the work, it will be your responsibilty that losses occur. For me its about my name and reputation. In your shoes, I wouldnt want my partner to suffer losses when it is my responsibilty to know my business and "bring it home"! Just something to think about.

The way ive done it when my partner is basically the money man/ silent partner... We agreed on 50/50 split of profits. That means we agree that we have equal value or skin in game. Based on that, if we share equally in profit, we also share equally in losses. Had we lost money on a deal, oh well. No sense both recoup off the top of next deal profits... Its an equal amount. We would just split profit on next.

Sounds like the problem may be that he feels his risk is greater because he is not only riskin his money, he is taking a risk on you. Since you control the project, he may feel a stronger position to recoup losses than you.

You could either offer him a greater upside on initial projects, with stipulation that after one or more deals profit, youve proved up and it goes to 50/50, or accept his deal based on the confidence that it is under your control so you wont have losses.

Hi Anthony,

I know the thread your talking about, but dont know if there has been any follow thru on it. I would however, suggest that the best way to find a mentor is may simply be by continuing to read and learn and be active here. As you get to know members thru their posts there will be some that stand out from the crowd for you. You will also begin to see a particular approach to investing that appeals to you. That combination may point you to one or two who you feel could truly help you and you can begin to develop relationships thru the "colleague request" and messaging features.

Best of luck in your pursuits!

People dream of financial security, but most dont have the foggiest idea what they could do to achieve it. If they happen to stumble upon a potential path, few of those actually believe in themselves enough to make it past the first steps. Of the few that make a start, only a few of them develop a passion for it that drives them thru the failures and keep them optimistic. The old tapes come back telling them that they arent one of the "special few" who actually acheive their dreams. I see REI training and mentorship programs in the same light as multi-level marketing, whom play and prey upon peoples dreams and take peoples hard earned money while they know that 97% will fail.

These programs dont teach building a solid business in a career one has the aptitude to succeed in. They sell dreams. They deliver motivation. And they prey upon those who think their only path to success is being led by the hand by an "expert". While virtually ALL the info needed to become successful is available in books and on sites like this, the self-confidence, drive, determination, and dedication can only be found within. If it isnt there, $75K aint gonna buy it. And if one had it, they wouldnt need the programs to pursue their dream.

People succeed because they have passion for what they are doing. Anyone with money or credit can buy an investment property and create some passive income. But few have the passion and drive it takes to focus their energy into finding the deals, handling the roadblocks and hearing the "no's", and taking the associated risks on an ongoing basis that is requisite tor building a real estate investing business. Simply buying an investment property doesnt an investor make.

Rich Dad has a regular thing going here in Anchorage. I resent the hell out of it because this is not an investors market by any stretch. It is now and has for many years been a sellers market. Even the dumpiest fixers are priced for the retail buyer. It is a strong rental market, but the boat loads of cash and credit it takes to acquire rentals will ensure that for most, the dream will remain just a dream.

I call myself a "contractor" because thats what I am. I have a passion for breathing new life into worn out properties. When I walk into a property I see it for what it could be, rather what it isnt. My eyes and ears are always open for workable deals but if I wanted to make a living being an "investor" in Anchorage Alaska Ibe mighty hungry. I do rehabs for landlords all the time. They own investment properties, but they have careers that earned them the ability to finance them, and do so to provide them more security in retirement. They dont see themselves as "investors" and neither do I.

There are newbies that come here every day with the dream of acheiving financial security thru real estate investing. Thats awesome! I just think that a great addition to the site would be a forum area dedicated to helping people identify what passions, talents, skills, desires, etc. lend themselves to a career in REI. Understanding finance, what makes for a sound investment, and what it takes to rehab is nothing without the ability to present ones self in a professional manner, the confidence to negotiate a deal, and the self esteem to hear the word "NO!"... Repeatedly. For the "guru's" to be truly effective, they would need to be career counselors as well as RE "experts".