All Forum Posts by: Bill B.

Kirill Chervets Thanks for your reply and suggestions. I'm going to REI meetings, but have trouble interacting. What do you say? "Hi, how are you?" doesn't get you too far. But, I'll keep at it. It'll take me a while, but I will get there. I complement you on closing your second rental. I'm sure that helped a LOT with confidence. I can't wait to find out for myself!!

Bill Gulley Thank you for taking all the time and effort to prepare such a detailed response. I'm fully functional, it is just that dealing with people is painful. I can "put up with almost anyone for two hours" with no problem, but I really envy you having "never met a stranger". My parents are like that. My daughter is also able to wade into a room. I guess it just skipped a generation. I WILL practice and tape myself. Eye contact and introductions are OK. But, at this point I have nothing to share or contribute. So, the pauses in the conversation come early and can be rather brutal.

I don't show my emotions and I don't believe that I telegraph my lack of trust, but the taping you suggested will confirm or disprove that belief. I am the kind of person who reads every word of every contract and vets the numbers supplied by anyone else until I am satisfied. Reagan's "trust but verify" always rang true for me.

"..to what extent are you introverted?" I'm not going to devolve into a crying, quivering mass of jello in a room of strangers. But, I'm not in the middle of the room back slapping and laughing, either. I can smile and shake hands and eye contact is no problem. So, I'm not in need of professional interventions, but I'm hardly proactive in my interactions. I'm just that shy kid you remember from school. That is what I have to attack and defeat.

Like I said in the original post, the internet alleviates a lot of the pressure. It is not real time. I can re-read and correct responses to my real intent.

The way that I've always tried to deal with this is to get the other person talking about themselves. This works fairly often. But then I feel a bit duplicitous because I try to deflect their questions and get them back on themselves. I've found that this tactic works much less frequently in RE groups.

In RE (especially when dealing with agents) conversations seem to be geared toward completing an FBI background check for Top Secret clearances in the first five seconds. I'm not one to deal in half truths or whole lies, so I can't "fake it" about being a newbie. Many are DONE with the conversation at that point. I can't blame them, they are making a living and don't want to deal with newbies. That makes the conversation difficult and frustrating for me.

Combine their high pressure push to know everything about me (down to my individual DNA sequences) with my lack of experience and less than forthcoming nature and I usually leave with my shirt drenched and in need of some TUMS.

I did Dale Carnegie about fifteen years ago. That is where I perfected turning the conversation to the other person. I'll look into Toastmasters.

I will read and re-read this post often to remind myself of the very good suggestions you provided and will begin to practice on tape tonight.

Again, Thank You for your sharing your time and experience.

One of the things that I repeatedly see in the forums is the critical need to network. I understand the whys and I even understand the how to methods of networking that have been discussed.

But, I am not a forward person. I am not a trusting person. I warm up to people very slowly. Having the internet between me and those with whom I am interacting makes things easier, but I can't do everything over the net.

Have any of the experienced people on BP overcome shyness/introversion in their REI dealings? If so, how?

Any advice would be appreciated. I must make REI work.

Al Williamson It is not flinching or failing to lead to hire out the repair, it is prudent. Especially with her accusing you about interest in her child. I agree with others that you should not go anywhere near that place. While having your wife with you is MUCH better than going alone, she is YOUR wife. If this goes legal, that is not the best cover.

A contractor/handyman is the most prudent. INFORM the contractor about this accusation. You may have to shop around for one willing to do it, but make sure they have a witness of their own. The tenant dug you a hole, don't make it deeper for yourself (playing into her hand). ESPECIALLY with the child accusation. That is not a civil/money thing. That is handcuffs and jail time and sex offender registry stuff. It is NOT worth it to expose yourself to that type of accusation. That accusation is FAR outside normal landlording risks and is a CRIMINAL accusation. With that type of accusation you are guilty until proven innocent.

Regarding light fixture vs fan, are there any other fans in the property? Replacing only one is good, but leaves her to repeat the action? I'd have the contractor review ALL fans while there. I love the ideas of documenting with pictures. Also, I'd spring for a full home safety inspection from a licensed person. "out of an abundance of caution....." as the lawyers would say......

Yes Sir!!! Will do!!! :-)

I spent several hours reading on BP yesterday. Much of what I read was to drill in the fact of making sure the deal is good, keeping emotion out of the deal, "buying right", running numbers, don't force a deal because you haven't had one in a while, etc. Later we went to Panda Express for dinner. My wife could not understand why I started laughing hysterically after opening my fortune cookie.

It said:

"Do not let your instincts run right over your reason"

Panda Express, REI mentor!!! Who knew?

I'm taping the fortune to the top of my computer and may make it the heading of my worksheets.

Hi Joel,

One of the first tasks when I get off the plane is to interview PM firms and find the best in the area. I'll ask at LEAST three or four realtors for PM referrals. The PM names that come up most will be who I concentrate on and vet. I know PM eats into returns, but I've seen several posters/bloggers/article writers who have made this model work. I must find a way to make it work, too.

We have some money from an inheritance. My job left for TX, I'm still in CA. So, I'm "retired" with a very small pension check arriving monthly. Too young for Social Security. (don't want it anyway) My wife's job is as stable as any job can be in the People's Democratic Socialist Republic of California. She works for a medical lab and makes sure the testing meets QC standards. (she's smart....except when picking a spouse......)

My parents are in their eighties and need help. I also have a son with autism. So, I may not have a job, but I am HOPPING!! I need to maximize passive cash flow.

I know that there is risk associated with what we want to do. I plan to be very, VERY conservative and buy at a discount of at least 20% to market with 20% down as Brandon outlined. If I DON'T find properties meeting very tight criteria, I won't buy.

I hope this helps. I appreciate your time and effort to respond.

Bill

Hello!
First, I am NOT a veteran and I do not have any property currently cash flowing. But, what I hear is that you have a great place to cash flow because of high rental demand. I also hear that there are a whole LOT of properties for sale.

My take is to cherry pick the absolute BEST of what is on the market. Don't buy something that will require so much capital before renting. Be VERY picky and find the properties with the ABSOLUTE LOWEST rehab cost. Make VERY sure that the bones are OK. Spending a couple hundred on a high quality home inspection is much better than several thousand for the "oh no!!" that is not easily seen.

You sound like your in a very superior position IF you get VERY picky about what you buy.

Again, I am NOT experienced and I hope that some of the highly experienced weigh in to give you much more seasoned advice.

Good luck!!!

Brandon Turner posted a GREAT little book about seven years to seven figures in REI.

I'm inspired!!!

We have enough cash to multiply what Brandon outlined several times in the first round. I'm planning a trip to my target market (NOT in SoCal) to VET the market thoroughly and (if it passes the vetting) look for two to three (or more) fourplexes. However, I've read about "seasoning" and possible problems getting financing while starting out. I've searched but can't find how to get around those hurdles.

So, how do I address those types of issues when buying two, three, or more properties in two to four months?

Thanks in advance!!!

Bryan Hancock There is no need to apologize. With your experience, I can fully understand having to see the same issues again, and again, and again, would be quite frustrating. Kind of like a rock star having to be UP and READY in the next city in eighteen hours to do it all again...... Thanks for your input and taking the time to help out those of us who are late to the game. I agree with what you wrote. The key term is "prudently". I would insert the term "very" just before "prudently" for us "what the heck do I think I'm doing here" newbies.

David Krulac it is all about personal circumstance and, even more importantly, how debt is managed. And as you state, at some point, debt can become unnecessary.

Kyle Hipp Thanks for your overview of WI. It sounds like Walker is having the desired impact in general. Now I just have to be sure to pick the correct area in which to invest.

Kenneth Estes Thanks for your input. I agree that I need some more prep. But, I also know that I have to make the plunge sometime. I'm hoping to make a trip to WI before the bad weather when that white stuff comes out of the sky.