All Forum Posts by: Paul McCormack

We collect late fees AND we evict. I have two going to court next week. OTOH, I have collected over $3k in late fees so far this calendar year.

Draw your line. Take emotion out. Try to be the good guy until they cross that line. When they do, accept no BS.

Rehabbing a home specifically for a recently returned (wounded) veteran would be awesome. Have them tell you what they need as far as height, placement, area, etc. Make the whole house easy access for them.
(assuming your area supports troops returning from war, and they have a serious disability.)

It may be risky as far as profit goes, but you could get the press involved, and draw serious attention. I know this isnt necessarily about renting to a disabled veteran, but its close. Youd turn heads, and do something new. (as far as I know. Maybe someone has done this already.)

Just my 2 cents...

I've actually tried a bit of everything mentioned on this thread. Books, boot camps, mentors, seminars, internet forums.

Like anything in life, I ask people who are experts in their field for advice then decide for myself which ones I will use in the end. I apply the same practice in BP. We are all here because we love REI, but we don't know each other personally. So I have to qualify the tips, tricks, advice I get from this site and decide if it is something I would do or not.

This is how I look at books, boot camps, mentors, seminars, etc. I take what I want then apply it the way I want to. It's hard for me to agree with others who say these are "scams" or a waste of money. Since I've tried most of them, I can say that I have always picked up something new. Which helped me in my RE ventures, and I think is worth the price of admission. Regardless if it's $20 for a book or $10K for a mentor program. So far it has worked for me.

In the end, I ended up with more knowledge than I started with.

The negative thing I have about REIAs is that a lot of attendees are beginners who claim to know more than they actually do. It's also harder to qualify the legit investors from the posers.

That's why I've avoided the REIAs and focused more on organizations that are not REI related.

I join charitable orgs, the local Rotary club and similar orgs, and go to places where movers and shakers hang out/dine. Most of the people that you meet in these orgs/places are attorneys, developers, investors, bankers, politicians, doctors, business owners, etc.

For me this has been more effective because you broaden your network. Eventhough you don't meet the specific people you are looking for (REIs), you meet people who know people you are looking for. Plus this weeds out the men from the boys. In fact you end up meeting powerful and influencial people who I think are better contacts than the ones you will meet in REIAs. This strategy has accelerated and opened WAY more opportunities for me in my REI career.

I'm sure you guys know about the 90/10 rule. How many of you have seen the big boys who belong in the 10% go to REIA meets? I'm not knocking on REIA meets, but I am just stating the facts. Rich people like to help each other. It's kinda like a "secret society". These people won't tell you where they're investing unless you're an insider. If you want to learn and find a mentor, might as well aim high and be mentored by the big guys.

In conclusion, I agree and disagree with a lot of the points that were brought up on this thread.

My advice is do whatever you feel that is right for you. Some people learn by reading, some by going to seminars or by being mentored. In the end you will be better off than you were before doing any of these methods.

Good luck!

Alex