All Forum Posts by: Robert Biggerstaff
Robert Biggerstaff has started 11 posts and replied 290 times.
Post: Turn key ready worth it??
- Contractor
- Pensacola, FL
- Posts 303
- Votes 240
I have bought mostly fixer-upper properties and done the work myself. The cash flow is great the equity is phenomenal however it’s very difficult to build reserves due to the fact that you’re basically consistently putting money to make repairs until the house is totally done. The other thing to consider is if you buy a fixer-upper how long will the property **** before you get it going
Post: How much $ and what to change in the rental house I just bought
- Contractor
- Pensacola, FL
- Posts 303
- Votes 240
Make it is bulletproof as possible. And any improvement that you do make sure that you can get all your money back within three years
Post: The Importance of Staying Focused
- Contractor
- Pensacola, FL
- Posts 303
- Votes 240
It is extremely important for me to remember what my endgame goal is. That being the creation of $50,000 a month and passive income from Real Estate. There’s many ways to do that as long as I’m moving forward towards that in the most effective way at the moment then I am accomplishing my goal. It is very easy to get distracted by Watch and also life in general.
Post: What is your goal with real estate ?
- Contractor
- Pensacola, FL
- Posts 303
- Votes 240
Originally posted by @Kenneth Garrett:
My goal has always been to generate 10K a month of passive income through my rental portfolio. I’ll need a few more properties to achieve that, but I wonder when I get near that goal whether I will change my goal to 15K or 20K.
yes I know what you mean. When I reach mine I am sure I will increase it
Post: What is your goal with real estate ?
- Contractor
- Pensacola, FL
- Posts 303
- Votes 240
Originally posted by @Ronan Donnelly:
@Robert Biggerstaff, it’s a really interesting question and touches on a few key topics.
1) You likely need to be active to start with and to build up capital but in order to scale you have to automate, delegate and systematize your active pursuits or take a more passive approach by investing in others deals
2) Setting a pure financial goal is a good start but it can be even more powerful to state your goal in terms of what it will enable in your life I.e. what will happen when you hit $50k a month, will you then not be happy until you are at $100k per month.
Good luck!
great response !! I understand totally what you mean. I am currently at 12 doors and consistently looking for financing to scale. I do have systems in place. I have learned many lessons over the years so far.I do love the mail box money I do receive. Be blessed
Post: What is your goal with real estate ?
- Contractor
- Pensacola, FL
- Posts 303
- Votes 240
I am currently looking to get to the point of having 50,000 a month coming in. My strategy has been buying fixer uppers paying cash for them and doing the work myself.
Post: Housing Investable Cash In LLC
- Contractor
- Pensacola, FL
- Posts 303
- Votes 240
How many do you have now?
Post: How was your first rental experience like?
- Contractor
- Pensacola, FL
- Posts 303
- Votes 240
It was the most awesome feeling to receive that first rent check. I feel like a kid on Christmas morning each time the first of the month rolls around. The biggest thing I see a new investors do is they spend the money that they make from the rental properties. It is crucial to leave that money alone, and let it grow for you. Just remember that taxes, insurance, water heater, repairs, new roofs, all have to come out of that money.
Post: Inherited Tenants for new Rental
- Contractor
- Pensacola, FL
- Posts 303
- Votes 240
Ask yourself will it be a good deal at 11 months if you have to bite the bullet and leave the rent at the same rate, if yes then go for it
Post: Trying to buy first rental property
- Contractor
- Pensacola, FL
- Posts 303
- Votes 240
It is always possible to buy properties and pay cash for them. You are in a quandary of sorts with your employment history. In the eyes of others you’re not gonna be a good credit risk, because of your inability to pay the loan back. My suggestion to you would be is to go back to work and start having a steady paycheck coming in of some sorts. That move will be to fold it will give you a steady payment history and then you all should be able to scale your business much easoer. When you get to the point of about 25 properties it sounds ridiculous but it’s much easier to get money then zero through 20