All Forum Posts by: Peter McDonough

Do what I do when bored.  Call them up and make them spend a lot of time generating an offer.

Then circle the part saying the offer may be assigned and call the REA.

I absolutely do not get why these skimmers think they are investors.

@Peter McDonough

Lol at super dumb... right I can see how you would think that... you’re so eloquent! My exposure to folks on government assistance spread beyond that of a landlord. I grew up in a huge family that was on government assistance not because my parents had made a succession of bad decision but, rather because my father was physically disabled fighting for our country and my mom suffered from deep emotion trauma and depression.

It took my father 7 years before he won his case and the VA retroacted his pay. Meantime, we had to survive! We would receive food stamps food from the church. Free lunches at school. Shoes from Payless and clothes from Walmart that we're placed on layaway. My parents would find furniture and electronics that others had thrown away during "pickup" and sanitize them and tinker with them until they were functional and like new. My parents would find the worst homes to rent for an affordable price and clean them and fix them up. Every 2-3years it seemed we moved because the landlords would see all the work my parents had done to improve their homes and sell them! Eventually when I was 16 my parents bought their first home. I bought my first when I was 19. I'm 34 now. I may be considered wealthy now but I got here by helping people. Using resources for moment based solutions. Critical thinking! My parents with my help now own several properties which I manage for them. As do I. The numbers made enough sense to me to at least give it a try! I've done the same thing with a property that's on and acre and half buildable land 5bdrm 3300 sqft home (worth $650) and that tenant which is also section 8 has worked out great! We're now building a Lux multi family on the land. Which is 2(3s) and an efficiency. So that one property will produce close to 5k a month by the time we're done with it and I do mean above P&R after losses. The formula works! I just won't continue to build large luxury homes for one mega family. The Bp community is a place where I come to vent my frustrations and ask other professionals for guidance. They just helped me to navigate a situation I've never been in before. Yes, I placed myself into it however, that's what we do as investors take calculated risk... learn as we go... Now we know the risk is above the reward too many tenants for one door. Either way the home is been in my possession for two years and increased in value substantially in the last year soooo worst case it cost me 15k to make her perfect and sell her off for a 80k to 100k profit😏not so super dumb after all🥳