All Forum Posts by: Scott Mac

So now that you've jumped in the water, can you tell us about the meeting.

Did you learn anything?

LP investment shares (or percentages) are not very liquid compared to publicly traded shares, so there is not much of a way to get out quick.

With LP shares, it's more like your going to have to ride the horse you brought, even if it comes up lame.

Just my 2 cents.

 Maybe zero in a little more on your foundational goal, such as:

"""""

The goal is to do some fix and flips where I can make a profit of at least (X) dollars on each, in (Y) city, in (Z) neighborhood, that cost (AA) to buy, and (BB) to fix and hold during the fixup. I will need to do this (CC) times to get the cash money in my bank account for the next phase of my goal-the buy and hold. I will focus on class (A,B,C or D) [choose one] houses.

"""""

Sometimes, the devil is in the details.

.

Good Luck!

Budget some money for a house inspection fee.

Budget some money for a sewer inspection fee.

Know how much your yearly insurance fee will be if you buy the house.

Know how much the yearly taxes will be if you buy the house.

Find out if the area is one that is prone to increasing taxes every year.

Good Luck!

Working for free isn't going to teach you much, in my opinion.

Working to make money makes it a lot more likely you can get on the playing field because you will have cash available for down payments, closing costs, working capital, repairs, holding costs, turns, attorneys fees For evictions, etc etc etc

What I'm saying is trading your labor for knowledge, might be giving up the ability to trade your labor for the actual money that you need to get on the playing field.

Read Rich Dad Poor Dad if you have not already might be a good start. 

Getting a job (or possibly two jobs when you're not at school in the summer), and saving the money 100% In a large stable brick and mortar bank account Until you have more than you need would let you actually invest in something.

During this time, going to some real estate meetups and and shadowing someone or a few people who are doing different things wouldn't hurt either (dress respectfully).

In the meantime while you're saving the money you can learn the business and see what's available to you (In some areas shotgun duplexes abound, in others it may be mixed use that prevails),  track your local market, get some ideas of the different neighborhoods and get to know if they are class A, B, C, or D.

To qualify for a loan you're going need a couple of years of stable employment with an employer at a full time job that pays enough to cover The payment on a loan, unless you can find an owner will carry, which might be a long shot and a really much harder property to put into a profitable position for you as a new-bee.

Just my 2 cents.

I don't keep anyone around me.

If you make it into the Contacts list on my phone, that's a good place to be.

I also have a master CRM where I keep fallback businesses (ie. my go to plumber can't make it) and people I have met (Business acquaintance).

I also don't network.

Although most people would say what I am doing is networking, I'm actually not in a classical sense.

What I am doing is making friends, like @James Hamling seems to be doing when he invites people out to ride in his boat and have a beer with him.

What I look for in person is trustability, reliability, friendly attitude, reasonable interpersonal skills, any commonality beyond real estate I consider a big positive but it's not necessary.

What I look for in a businesses is (service) trustability, reliability, good communication skills, available to take my calls, and obedient workers who can do a workman like job.

(I had a contractor have a meltdown on me during a draw payment, told me he hated me, and hated everyone like me because we worked in air conditioning and he had to work outside in the heat. He didn't quit, but he was not on my call back list. So I have to add to that list customer service skills and a reasonably pleasant attitude when you're dealing with the boss-ME-who controls the boss's checkbook.)

Good Luck!

What is causing them to say no-???

Is it a problem with the property, low occupancy for instance, or something else-???

I am a very pro Detroit person, and here are my thoughts on it In its current time in history.

Not everyone knows this but Detroit has been a city since 1700. That's over 300 years. Way before the auto industry ever raised its head.

I think in Detroit over the recent decades, the so called textbook things to do have been done more than any other American city, and for many reasons it has not worked.

It seems obvious that what has been done has been totally inadequate to meeting the problems that exists in a city like Detroit--it's been like this for 60 years.

Not disparaging anyone but many of the inhabitants could probably be classified as what is popularly known as "The have nots". Those who are outside of our society.

What I mean is many of them don't have jobs, certainly most of them don't have equal educational opportunities. There seems to be all sorts of vast differences, and many seem to see them as being not really bound by the same rules, regulations and prescripts of society that bind most of the people in America.

In the past it seems like the problems in Detroit have been dealt with in a very-very cursive or superficial way, almost like putting a band aid on an extremely bad an open wound-- not enough has been done to fix the problems.

Still I do see the rebirth of Detroit happening, and as I said above I'm a very solid pro Detroit person.

I just think there needs to be a better overall plan in place to bring this city up to the standards of other major American cities.

Not the Detroit of the past, but a new Detroit. A modern Detroit. Seen by all as a desirable place to live, like it used to be.

Just my 2 cents.

None....

Things I would like.

it's uncomfortable sitting for long time in stacking chairs vs. desk type chairs.

Shoulder to shoulder seating (not enough room between seats).

Starts too early in the morning. I would prefer it to be in the afternoon or evening.

Instead of a conference room in a hotel type of setting, I would prefer more of a darker lounge type of setting with waitresses and drinks available (Even though personally I do not drink).

Too many attendees. Instead of having for instance 200 people attend, I would prefer it to be around 50 people attending. So I could meet everyone there, in two or three hours.

Mechanical meet and greet. I would like it to start out initially where smaller predetermined groups are formed for say 15 minutes each made up of 6 or 7 people each that meet together, and then new groups are formed so that you get to initially meet everyone on a small group basis before actually going around and networking.

I would like there to be raffle (just because it is fun) for something desirable such as an Olive Garden meal card, or something like that.

Just my 2 cents.

Regarding the water, you could try something like Drylock paint, And see if that solves the problem overtime versus just for a short time.

Seeing your basement reminded me of this:

https://www.youtube.com/watch?v=JFYInGXJZXA