All Forum Posts by: Randy F.

If you go to a private money lender to borrow the $500K, you will buy the properties, not the lender. The loan will be secured by the properties and as long as you fulfill your contractual obligation, they cant walk away your properties.
In this scenario, the equity is not the $500K buy-out, it is the $220K spread.

Hey Arnie!

Everybody knows that ghosts only come out at night, so it makes sense they wouldnt want the lights on. BPers however, come out at all times of the day and night. If a fight, I'd put my money on BPers!! :c)

My dad used to tell me... "The only way thru it, is thru it". In my early years I was always looking for the quick fix. The grand schemes I came up with were quite comical looking back, but at the time and in the middle of it all, they made perfect sense. Why would I go thru it if I can go around it? One of the things he was trying to teach me is that often the process one goes thru to attain a goal is much more important than the prize.

The problem I have with the gurus and the high dollar mentors, is that they prey upon quick fix, easy money mentaliy. Knowledge is power and the vast majority of people who recognize that they need the knowledge, do not posess the self confidence and drive to go "thru it". They are too easily convinced that they can buy the knowledge and shortcut the learning process, and the gurus will gladly take their money whether they have the capacity to put the knowledge into practice or not.

After several posts by Nancy, it was obvious that she's a pretty sharp cookie with the hootspa to getter done. And it sounds to me like what is lacking is just the confidence that comes thru action taken that creates even the smallest of successes. Even failures can provide positive reinforcement because the lessons learned in failures are often the most powerful.

I truly resent the gurus and the "mentors" who sell their success. When so many are out of work and desperate to get something going fast, these guys do much more harm than good. The percentage of those who succeed in real estate investing is likely as dismal as those who succeed in multi-level marketing. Somewhere in the single digits. And being that they likely understand this, its my opinion that they are nothing but crooks.

Im so glad Nancy found one who sounds to be a true mentor... Someone who has worked "thru it", achieved success, and is willing to give back for all the help they received along the way by helping others acheive the same success.

My feeling is that if we want to do good things for people, there can always be found a convenient rationalization to hang the improvement on!

Will a given improvement justify higher rents or act as a selling point in a weaker rental market? Will the increase pay for upgrade within period I plan to hold the property? Will
my concern for the well being of my tenants impress the hottie in unit B?

Really, Bill? And you honestly feel that enough info has been given to conclude the guy needs to be fired?

Ok... I'm a contractor. But I WANT contractors held accountable and would like to see the truly bad ones run outta town... Every town. But, like you Ive been around the block a few time. I understand that everything isnt always as it seems.

Here's the problem... When folks are in the middle of it, it can be difficult to maintain perspective. Most of those who present problems with contractors are looking for guidance on how to handle the problems and move forward. Others, under the guise of looking for solutions, are really just looking to have the conclusions they have already reached validated. Im both instances, information is often sketchy. Often they dont know the questions to ask or what info is relevent. And, quite often opinions are put out there before the info is dragged out of them. And, in the vast majority of cases, there comes a resounding, "fire the lowlife!"

One of the most valuable assests an investor can have is a relationship with a good, honest, dependable contractor. It's a rare bird who knows every aspect of the construction/rehab process, is trustworthy and dependable, and provides high quality workmanship, AND also understands and engages in sound business practices. Many who are good at the work side simply never learned the business side. I have worked with many who were sponges. You can see the lights go on when you explain why they arent getting ahead finacially and why they have trouble with customers. They do quality work and cant understand why people arent happy.

We NEED good contractors and many of them just need some guidance. Granted, the trades tend to breed oversized egos, so it can be a challenge to find a disarming approach, but it can be worth the effort. Several Ive mentored I actually have had to push to stop feeling like they owe me. Work with those who show potential and you could be building a very loyal asset. Fire him at the first sign he has shortcomings or deficiencies and you could just end up going thru the same, or worse, with the next one.

IMO, we do more harm than good when we dont require from posters seeking advice, ALL the info needed to sort out what are all unique situations that involve real people.

This wasnt directed directly at you, Bill! I just USED your post as a convenient excuse to get my rant on! :c). Thanks! Feel free to USE me back any time!

Hey Mitch,

Ya mean you dont get to play with contractors? Quite a sacrifice Im sure, but sounds like its worth it!

Do you market to tradesmen or as fixer uppers?

Do you have to take many back... defaults?

Lol... Well, Im at the age that I have to expect a few more no's than I used to. But as the old sales adage goes... "The more no's you get, the closer you are to a yes!"

One of the appliance repair companies here in Anchorage refurbishes all types of appliances. I can get a decent dishwasher that has been gone thru for $100 and comes with a six month repair or replace warranty. They are pretty low key about it because they dont want to risk working relationships they have for warranty service with the appliance retailers. You all might make some calls in your area to see if someone there is doing this. Its likely as there is good money in it. They get used appliances for free when people upgrade... they have contracts with the box stores to haul off what their installers pull. Find out from box stores who hauls away their used stuff or does their warranty wor, and you might find a great source for reliable used appliances.

"pick up lines"?

Hi beautiful, wanna get married and have ten kids? No? How about we just have the ten kids? No? Well, then why not sell me your house?

If someone has a pre-conceived idea about investors based on this type of stereotype, there is no tactic or pitch that will talk them out of it. The best thing to do is be yourself, be honest and straightforward, and most important just be yourself. One is either likeable and comes across as trustworthy, or they are not. Simple as that. Same way I approach homeowners and other investors who are guarded because of the stereotypical hack contractors around every corner. If theyve been burned or know of someone who has, they are gonna be apprehensive. And it comes out in how they act and what they say. I pretty much just ignore it and go about my business as usual. They are usually disarmed quite quickly by my natural charm and wit! :c)