All Forum Posts by: Richard Warren

It will vary based on costs in your area and how high or low end you are going. You could easily be looking at $25-50 per sq ft.

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Hi John,

Nice to see you chime in. Hope to see you at the next club meeting.

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If you are flipping properties you have a good chance of being liable for self-employment taxes. For this reason an S-Corp could actually be the preferred entity. Personally, I would NEVER consider a Sole Proprietorship for ANY investment, flip or rental. I’m surprised that your CPA made such a recommendation, the vast majority of them would never do so.

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Understand that the Rich Dad Seminars is a marketing company. They give you a “free†seminar so that you’ll buy the $495 class, the $495 course is used to sell you $7,000 advanced course. The advanced course is designed to sell you the mentoring program. It’s all about upselling, they want you to believe that you will find out the success “secret†at the next class. The reality is that you learn by doing, did you learn how to ride a bike by going to a seminar? No, you learned by falling down and skinning your knees, then you got up and did it again. Education classes are your training wheels but until you actually get out there and do it you will not learn how to really be successful.

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My local REI club had devolved into the selling format and people stopped coming. It reached the point where it was about to fold. Another investor and I reached out to the club founder and offered our advice and assistance. The club has moved back to an educational format with a limited amount of paid sponsorship. We don’t allow any of the nonsense that almost killed the club and it is starting to grow again.

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William H. Seward - purchased Alaska. That was a big one.

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In Nevada it is the Real Estate Division.

Check here: www.red.state.nv.us

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A report out yesterday says that inflation is at the highest annual rate in 17 years. This is a direct result of the recent interest rate cuts and the phony stimulus checks that the government handed out. So many people were screaming for the government to cut rates, well here’s the result.

A law of physics states that every action has an equal and opposite reaction. Think of that whenever the government does something, what will the negative consequences be? It reminds me of an old episode of Becker where Dr. Becker prescribes a simple medication, which cause a reaction, so he prescribes something else which cause another reaction. By the end of the episode he had prescribed so many medications to counter the effects of the original simple prescription. That seems to be what is happening here, we fix one problem only to create another.

Step one here is for people to get their own house in order. (article: http://www.biggerpockets.com/renewsblog/2008/01/29/getting-your-own-house-in-order/ )

That article is very well researched and explained. While it may not be as bad as they predict because we have a very resilient economy, it is going to be a rough ride.

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Be careful with the club listings for Las Vegas, they may not be accurate. The LVREIA no longer exists. The Prosper club is still around but I have found it to be so overloaded with real estate agents and mortgage people and few investors, not at all worthwhile for me.

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