All Forum Posts by: Omar Khan

@Account Closed A correction is always occurring sometime, somewhere in this country. 

Going off incomplete data sets with minimal trend analysis can make anything look extremely bad (or good). 

Maybe you can provide us actionable advice i.e. what to do, when to do and how to profit off this correction? 

Best to consult a CPA or attorney. If your friend is the HML, then should be able to guide you although I would still have my CPA/attorney look over the contract.

@Caleb Heimsoth Thanks for the shout out. 

@Jude Brutus Looks like I offered the same advice as @Hai Loc. Wholesaling isn't a viable business if you're not local. Even local folks are having major issues as the majority of the easy fruit has been plucked. 

Gotta agree with @Todd Dexheimer. "You'll find money if you have a deal" is a myth. That thinking doesn't work when it comes to commercial properties.

Rod is a great guy! Love his personality and his events.

@Adrian Salazar Gotta agree with @Michael Dang. I prefer primary and secondary markets because of the amount of buyer/seller pool in even the worst environment. Tertiary markets can be good but you are running a lot of risks.

Also, remember, price is what you pay, value is what you get. So don't just look at the cheaper price... Often times, things are cheap for a reason.

@Sebastian Harris Your operating agreement will outline major responsibilities, profit splits, who does what work and who can exercise control. 

I would recommend talking with a CPA to setup a company and creating separate bank accounts which all partners seed with money (which should be more than the down payment). 

You should get everything in writing to avoid confusion and/or selective amnesia.

@Rich Rodman Great advice by everyone. It all boils down to one thing: How long can you pay your mortgage + expenses in the worst-case scenario (tenant leaving or refusing to pay)?

Didn't mean to pull your leg. To each his own. I try to take in whoever is offering more intelligent advice - rich or poor. 

Some guys you might want to talk to (all multi-billion dollar portfolio managers dealing with HNW folks):

Nestor Vicknair

Jeff Erdman

Andy Chase

David Hou

Steve Hefter  (from home your state)

Raj Bhatia (from your home state)

Agree with you prudent financial habits and sound investing is the key to success. Can't take shortcuts.

@Steven Gingerich Save yourself the hassle and money. Initially buy under your own name and get sufficient insurance through an umbrella policy. 

@Peter Tverdov Who cares? You not bragging about it (doesn't sound like you are) or shoving it in people's face. You're working hard to make a better life for yourself and your family. 

I'm also assuming from your post that most of these friends think doing 1 job is enough and they want to go home and "relax". You are not hard-wired like them. 

I would keep doing what you're doing and let the chips fall where they may. Just start giving even bigger amounts to charity and move into an even more modest house. That'll surely piss them off even more... lol

Keep up the solid work! You're crushing it.