All Forum Posts by: Mark S.

yes I just saw it and accepted your request. I manage REI. So you've made already lol. Sorry for not making it that clear but bp frowns upon sharing contact info except in the marketplace forum.

Where is you project? I read some of the comments and recommendations about inspectors. I will be happy to share my experience on inspection and appraisals.  

REI HOME IMPROVEMENT LLC

Reach out to me. What you working in?

welcome @John Walker! This a great community. You'll find lots of info about the niches your interested in. I'm just across the river in Alexandria so welcome. Happy investing!

@Tim Winter thanks for the insight! m sorry I'm late to respond. but yes a budget is very important. my wife and i have work one out already. it seems to work for us. i'm excited about the way things are looking going at this point. 

@Bryan O.- by the way i am not a 'wholesaler' per se. bigger pockets labeled me as such. i tried to changed and could not. i have to request a change and go thru a few a steps to get it changes and i haven't  done it yet.  i was licensed realtor in my state and the threshold for property management is a lil lower here in my area. 

Again thank you for your insight and wisdom. 

@Wes Brand thanks for the advice. yes i was thinking of that. my goal is to build a portfolio of my own over time. i am thinking about how to best do that. whether i use seller financing or private money. we have whats called bond for deed here in louisiana and it works great for seller financing. i also will buy smaller properties cash. most of the investors that i know in my area started with a job or business and paid cash for c class properties and then moved up to a better class  of tenant and sold the lower grade stuff. so the bar is pretty low on entering the market here. but you gotta be careful about where you buy. my stategy has been to find the vacant homes that i can work on and rent or sell. they are getting harder to find. if i go with working for my mentor then i would get a top notch education and support but also potentially a private lender. also i would be working the real estate space which is important to me. ultimately i want to be a buy and hold investor and own most of my portfolio free and clear and use leverage to grow it. 

anyway thanks for the feedback. 

@Bryan O.- thanks you sir!

@Bryan O. thank you for the response. technically he self manages and  my job would be mostly light maintain. he would be paying salary form gross rents. he wants to do less. for health care we can go to the exchange or transfer to my wifes employer. 

tell me more about the 401k inside the Scorp. i was going to open a roth. i also plan to own rentals for cashflow in retirement.

my wife and i still hashing it out. i work long hours now and rotate days and nights and every other weekend. so this will give me more family time.

basically my income would double when i start with him.

the property is hold in trust so it will pass to an only son who lives out of state. chances are i continue with what i'm doing as i will be the 'apprentice' who knows the properties health and other info. the son may decide to sell or continue to collect cash flow. at this point I'm not sure. 

thanks again for the insight!

so i've been working with a mentor for the last last 3 years or so and i work for him from time to time. he is 77 and has always managed his own property and did his own work and he has a team of self employed tradesman that help out. his properties are older and my job would include doing maintenance work and not just collecting rent and sending out notices and evictions. i will also make rounds and do a 'health check up' on his portfolio. 

This work is exactly what i want to be doing as it gives me free time to find property to build my own portfolio. the reason he is my mentor is because he is doing exactly what i want to be doing. he has the systems in place to run his business and i would be learning the whole business from someone who has had success for the last 30 years in real estate. 

i have experience in rehab and construction and i own several units that i self manage. i also have full time job where i do shift work 12 hours a day on a texas swing shift schedule. i can work as many hours as i want basically. but it takes toll on my body. i make a living doing what I'm doing and i have insurance and the 401(k)( not much but something).

 i want to save enough cash as a cushion and quit my job and work with him. the cushion number is debt free except house and rentals. it will take about 6 months. there is no rush. 

what are some things i should be thinking about and set in place before i quit my job? how can structure my compensation for management ? right now its 15% gross rents. anyone has had a similar experience? thank you in advance for your feedback.

wow! no takers huh? well i like your math @Jordan B. i get your logic on this. I'm working get debt free with my rei. you, sir, are an inspiration. thank you.