All Forum Posts by: Parris Crockett

Don't rent or do business with family or friends.  My mom made the mistake of renting her condo to my idiot cousin because he and his wife and kids needed a place to live, I don't think there's been a month that he's paid on time. 

Learn to say no when dealing with tenants and say it quickly. Having detailed written policies makes this easier. If you do say yes, it needs to come with monetary conditions.

 Make sure they are licensed and bonded. Ask to see the paperwork, then check up on what they give you. I've had a contractor give me his license and insurance information. It turns out it was forged. Ask for 5 referrals, then call them. Don't email. People tend to be more honest when you are speaking with them. Plus it's easier to sniff out BS. Visit some of their other jobs if you can. Don't just settle for pictures. If they stand behind their work then they will understand and won't be afraid to share it. It might seem like a lot of work but just this year I've lost over $8000 and got left with a half finished bathroom that needed to be rebuilt from scratch again, while my contractor decided to take a month vacation in the Dominican Republic. Guess who paid for the trip??? This guy. Anyway get a system to vet your contractors and don't get lazy. It will save you a ton of work and money in the long run. 

Be more intentional with my time. Every small thing you do either brings you closer to your goals or takes you away from them. The mindless hours of Netflix, the boring dates, the unnecessary social obligations, sleeping in after late nights out, endless small talk, etc... all take away from doing things that add value to your present and future self. 

To build wealth, live a frugal lifestyle and invest in income-producing assets. When the investment income exceeds the living expenses, everything else I do (for money) becomes a profitable hobby. I would have the freedom to walk away with ease from situations I didn't like.

In my case, I was told to buy the most house I could afford because it would always go up in price and by paying down the mortgage, my net worth would always be increasing. Technically yes, that is what happened, but the 33-year journey from buy to sell was a rocky one at times.

Well I'm assuming your referring to real estate, otherwise I have lots of strong words about dating and choices in relationships for my younger self........In regards to real estate GO BIGGER SOONER. Sorry didn't mean to yell but seriously GO BIGGER SOONER lol. Playing around with duplexes when I could have just jumped to quads or bigger would have changed EVERYTHING. The bigger units are so much easier to manage cash flow better and have economies of scale built in not like the huge units but still better than the smaller apartments. 

Im only 22 however I would have told myself to start reading and researching. With every aspect of my life I look to improve and with education I can. I would tell myself to read daily, listen to podcast and to give myself permission all to often I think I cannot do something and i prove myself wrong time and time again so i should just believe in me. What about you?