All Forum Posts by: Pete Barrow

Sure, luck is part of it. But just like in poker, the same people seem to come out on the top year after year. That tells you it's mostly skill and focus and effort...which creates opportunities to get lucky. 

If you don't want to "go to work", i.e. go sit in a cubicle every day, then REI might be good for you. If you don't want to "work" then this is not the business to be in. The workload and the stress can be pretty high at times.

This is question for a local plumber, maybe a commercial one who will know the technical stuff and also what the code says about a single water heater serving multiple units. 

Probably the wholesaler has promised to put cash in the seller's hand quickly, maybe 7-10 business days. Either he doesn't have the cash himself, or he would prefer to put your cash in the seller's hand rather than his own. 

It means, "You must have the cash NOW". 

No, and you can't copy our homework either. There are literally a thousand books, podcasts, videos etc about this topic. Go learn the basics and then people will be glad to answer specific questions. 

Talk to a local RE lawyer. You should have one on speed dial. Don't trust our advice on this one. Potential lawsuit. 

Repairs, CAPEX, vacancy, the occasional crazy tenant who steals your AC when he moves out. You will not cash flow.

Is buying at $272k a good move if I am looking for an appreciation play? Or am I buying at the top of the market?

Everyone will tell you that "you can't time the market." And they're right. But it sure feels like it's making a top, and a lot of smart old-timers are selling not buying. 

That's the truth. BRRRR just cuts down on how much money you have tied up.

BTW, an inspector won't solve all your problems either. There are many inspectors who know next to nothing. We hired an inspector once who took a lot of beautiful pictures of missing cabinet knobs and so forth, but didn't mention that the center plate and joist ends were rotted out and the floor dropped 2" toward the middle, which I noticed the minute I opened the front door. 

Anyway. a typical inspection agreement will have a disclaimer saying "We can't always find everything" which is true even if they are very competent. 

Just out of curiosity, I'd be interested in knowing what sort of problems were missed. 

It's good to be thinking about the future. Just be aware that for a good long while, your workload is going to increase, not decrease. It takes most people quite a while to build up to meaningful cash flow. 

Just by coincidence, one OOS investor I know who is doing pretty well here in Indy is a former landscaper who lives in Denver. 

First, make sure you're not just skipping college to avoid work, because RE is not an easy road. Second, go out and find some job that has something to do with real estate (even if it's construction work). Third, go to a CC and take some RE classes. Last, learn the difference between capitol and capital.