All Forum Posts by: Account Closed

You have lousy credit and no money. To me that means you are a poor money manager.

You have no experience in the field, so to me, your assurance that the new busuness is going to make buckets of money from day one are nothing but empty promises. You have no track record of making any business, or anything else for that matter, into a financial success. So why should I think you will be an instant success on this one?

Apparently, your business proposal does not go into sufficient detail about what start-up costs are, where the money for start-up is coming from, what operating costs are going to be, and where the money is coming from.

You are not presenting a financial team of management that is going to make the business succeed (because with your lousy credit and lack of money, I am not going to trust you to do it).

That's just a start of why I wouldn't give you any money. Get those issues addressed and maybe you will have better luck finding investors. Nobody is going to fund your dreams. If you want money, you must come up with a very solid business plan, where investors can double check your figures.

When you start a new business, you are supposed to put some of your own blood sweat, and tears into it. Ideas are all well and fine, but you have to show that you know how to convert that idea into reality, and in a very concrete way

For a new business idea, you are unlikely to ever get day to day investors interested. If the concept is new, your best hope is venture capital-- and they are going to take a large percentage of ownership, not just passively provide money.

If you've got a really good idea and the well organized schedule of how it is going to be implimented, you should be able to get the money.

Nobody is going to give you any money because you announce that you've got a good idea, with no data to back it up.

I am not trying to discourage you. If you have a good idea, I think you should run with it. If your prospectus isn't getting the investors, you need to work on your business plan until others can see how it is going to succeed, and not expect people to just jump on faith.

A couple of reasons.

Commercial tenants tend to be big fish with big lawyers. Or, if you concider a large apartment to be commercial, that many tenants are very difficult to manage. They will eat you alive faster than the big lawyers.

Commercial buildings can have very long vacancies. You have to be able to carry the mortgage while you wait for a new tenant. Also, while it is vacant, it will have to be kept in flawless condition. That's abig expense while no rent is coming in.

Residential has clear landlord tenant laws. Commercial does not. You do not get automatic protection built into the law. The courts will assume that you know what you are doing in commercial and have no sympathy.

Can you start out as a beginner with commercial? Sure. Study enough to know what you are getting into. There are some real advantages with commercial. The big one is that you don;t have to deal with residential tenants. Cimmercial tenants understand business image and tend to keep the building looking nice.

Commercial can be NNN lease, which would be awfully nice to not have to deal with any of that.

Absolutely. Pay it forward.

Warn the next landlord and hope that another landlord will warn you.

I don't buy out of my area, because it is so difficult to find good management.

As for your tenants breaking stuff: tenants are harder on a house. It goes with the territory. If you didn't have anything break for 3 years, it is time for things to start wearing out. Everything on a house has a life span and repairs have to be done constantly.

In my state, if I have to issue 3 pay or quits in a one year period, I can evict for chronic late payment. It is a non-curable eviction charge. I know that there are other states where that rule applies, so that is something you should check into.

I sure hope you know to not give them a penny until all their stuff is out and they hand you the keys. Their promise to move is worhless. Tenants lie and non-paying tenants lie even worse.

I only do month to month agreements. It gives up some security, but I would have had your guys out with no problems as soon as they started to annoy me.

Did you show it all to her in writing? This is what we buy, this is how much it costs, this is how we pay for it, this is how we sell it, and this is how much money we make?

Or are you one of the guys who clog up the forums, coming here and saying: I just quit my job. I don't have any money. I have terrible credit. I don't know how to do real estate. So how do I get this million dollar deal under wraps, because I am really ready to be rich and I plan to have 5 million by the end of the year.

The way you have presented it to your wife is going to have an effect on the way she feels about it.

Actually, now that everyone else has beat you up (which is good for you), I think you are in a very good position to step off into the right direction.

If you do not want to work for someone else, you must have some job skill of your own that will generate income. If you are in school, you are at the opportunity place right now to learn something that will be valuable to you in the future.

Money never just comes out of thin air. You must have some trick that generates income. That's a skill that you can learn.

People get what they want out of life. You see the guy who pumps gas at the gas station? He's there because all he wants out of life is to sleep in front of his big screen and drink beer. He doesn;t want any more than that.

If you really want more, you have to want it enough to work for it. If you are willing to do the studying and do the work, you can have darn near anything that you really want. That's one of the very nicest things about living in America. There is oppoertunity for everyone. All you have to do is reach out and take it.

If you want to invest in real estate, you need knowledge, and you need good credit. It's hard for someone with nothing to build credit without a source of income. That's where a job comes in.

If you get a college degree, you have a chance of getting a job that will teach you skills that you can use for a real estate career. You also have a salary that you can use to build yourself a really good credit report.

Wealthloop, Trump may not install toilets, but you'd better believe he knows to the penny how much he should be paying to have 2500 toilets installed. Rich people don't get rich by allowing the hired help to take advantage and over-charge them.

mrsg, you are not buying the property for $10. You simply have a contract that you are going to have to perform on. The $10 would be the "consideration" that makes the contract legal.

If you do not perform as agreed in the contract, you lose your $10.

The "consideration" can be as low as $1. It's been done. But you still have to come up with a lot of money in a very short time period. If not, you lose control of the property, and if you haven't been careful about what you have signed, you might find yourself being sued for specific performance.

[[[..... What kind of monster preys on the innocent people of the world just to make a dime?....]]]]

Who else are they going to prey on? They aren't getting too much money out of seasoned old investors with rhino hide and big sharp teeth.

They aren't nice con men, but they do exist, and because they do exist, people need to take personal responsibility for their own money.

It takes very little research to learn how to manage money at a very basic level. It takes very little research to learn if an offer is a scam or not.

I wish the government would get nasty tough on scammers and identity thieves. If there were seriuous consequences, it would slow them down. But as of right now, why not? You steal lives and destroy them and there is no consequence.

You can't expect people to control their own actions based on good ethics when they are people who have no ethics at all. A little jail time for them would be nice. I don't think it actually stops them, but it does get them off the street for awhile.

If you paint white, you can use that extruded foam cheapo junk trim.

The more expensive houses in this area have bright work trim-- wood with just a clear finish. Pine is OK, oak is better.

You put bright work oak trim or golden oak trim into a house and it is going to cost you a fortune. That's the reason you see so much painted trim: cost.

I take the time to verathane my wood trim pieces before they are installed.

Even in really expensive houses, you don't see much trim around windows.

Michael, nobody is choosing the guy with the dollar sign. That ugly thing is the punishment that this site automatically dishes oput for people who don't like avatars.