All Forum Posts by: Shane Johnson

Minnesota is very competitive. Best stay away :)

In all seriousness though, everyone goes looking for different markets. Do you not think there is guys in those markets hustling it as well? Maybe I'm being cynical, but it seems like a pot a gold at the other end of the rainbow type of a chase.

I am 27 - had a few set backs put me back a few years but am on the same path. My simple recommendation is read every possible thing you can on this site and others, books etc. Just absorb everything possible for the next 3-6 months. By then you should have a much better idea of what you want to do, and have quite a bit more saved up.

There is a property here locally, that was once privately owned by a couple. Long story short, the wife was murdered in the house by the husband, but they were unable to prove it. He got off the criminal charges, but was found guilty in civil court to the tune of over 5M. The lot (not sure if house is still there, its heavily wooded) has sat untouched for the last 20 years. On my local county tax/deed/plot map online, it appears the lot was assumed into the state park and is now owned by the State of Wisconsin Conservation Commission (DNR?). I am unsure why (maybe because of bankruptcy) the state conservation comm. would have gotten the land but... Who would I go about contacting to see if they would be interested in re-marketing the lot again? Start calling down to the state over and over and over till i get the right guy?

PS- You might think I am weird for wanting it, but it is a prime lot that backs up to a state park, is heavily wooded, and sits on a creek with excellent fly fishing, only about 5 minutes into town and the interstate to Minneapolis, and I can only imagine in its current condition, has potential.

Will, how old are you again? From your profile/user pic, I assume we are close in age ( I am 27). I have had goals and aspirations of success in business and real estate since I was 18. I used to state/think I would have 1M net worth by 30. I had some poor decisions/ legal circumstances set me back a few years but I am back and in full force. Your stories are very inspirational and aid in keeping me motivated.

thanks for still being around and updating! being I am just getting into this, its great to see the good and bad and real world examples! Glad to see this is cash flowing for you as well! What changed that you no longer have time to flip?

As Marco Santarelli stated, taxes can change a bit from one municipality to the next. Example- my mill rate (my city used to be the highest in the county) is .01768, my brother who lives only 20 miles northeast in a neighboring town, has a mill rate of .02312 . This is mostly due I believe, to the 60M high school, and 23M other improvements in educational structures and purchases they made in the last 3 years, and a few other improvements to a sprawling community 30-45 minutes outside of a large urban area. My point is, in a less than 30 minute drive, the taxes on a single family house with a tax assessed value of 100,000 can have a difference of $544. While I don't know the mill rate on multi-family rentals (I assume higher?), the values are obviously higher. At the same mill rates, that's a difference of $2720 on a 500k property, which is obviously $225 off the bottom line each month.

I am a newb to all this, but I was thinking exactly like Mike H. I think this would be doable within a 30-40 minute radius of where I live and within a year or two I could maybe find 6 properties that would fit in those parameters. They more than likely would have to be off MLS, as the foreclosure market right now is dry and hot.

Look at local tax records for the property, with an out of state bill to address.

Very good points Brian - one problem is people go to college, piling up loans and put them to the back of their mind, expecting to land a job and pay them off later. Too ignorant to realize they wont be making a doctors salary to help do that, and how much that debt really adds up to be. Error number two is going to the big flagship universities (especially out of state!) all four years thinking they need that name on their degree and the big school experience, as they are too proud to suck it up, stay home with mom and dad and get the generals done as cheap as possible.

Overall, the problem is, people are going to college that in my opinion are really not that smart, and have no clue what they really want to do or pursue. They lack common sense and independent thinking, following the crowd to college, and going through the motions, just to get the degree, because that is what they are programmed to believe is the best and right thing to do!
In the end, the universities are a business, and they need to pull in as much tuition as they can.

I agree with Ben. I am biased though. I am a college dropout who has been decently successful in a sales position the last 3 years, and with this company 6.5 years.

College is great for people who are happy ladder climbing in the corporate world, or those who want to become a professional (doctor, lawyer etc). Yes I am sure one can pick up valuable, accounting, financial and economic knowledge in college, but I am unsure if it is worth the cost of tuition.
As Ben stated - college makes employees. I do not want to be an employee. That is too slow lane for me. I am only an employee currently for the income, to create and initiate my entrepreneurial efforts (both business and real estate).

A degree/schooling that I WOULD advocate right now is an associates RN program. The last girl I dated completed schooling in two years, and she worked as a CNA while in school. Health Partners paid for the majority of her schooling. She literally only paid maybe $2000-3000(if i recall right, maybe even less) out of pocket for schooling. She now makes approximately $42,000 a year only working 32 hours a week. If you work in ER, at night (shift differential) in certain hospitals I have no doubt a person could easily make $55-60,000+ a year fresh out of school. I am sure there are other tech degree examples like this as well in other industries. This is something I personally would recommend to someone with very little income, especially to use as a stepping stone for their entrepreneurial dreams.