All Forum Posts by: Shane H.

 I think it was taken as a joke because he said with no skills and no money... That is a joke. Your options are lottery, marrying into money, or a multi million dollar lawsuit... Skills are required. 

If I were selling real estate I would give that answer too! Hahaha Do you actually think that's realistic? The average person using an early home buying program has nothing to leverage. 0 to 5% down? They're done after that. A strong salesman may be able to get others to invest in them, but for the average Joe that's not feasible. Real estate for someone starting with nothing has almost no chance of becoming a millionaire in 5 years. Now a high income individual who dives into real estate might be able to do it. If you're making $200k and dumping half or better into real estate leveraged you could make that, but that's because you made it from your earned income. 

Are we talking net worth millionaire? I made net worth 100 thousandaire in 5 years... from 0. Didnt own anything but a truck. Now I own my home outright, started in RE, and run a small business.  I still wonder where I'll get money for groceries though. I have a friend who accomplished net worth millionaire in 3 years. He still had to borrow cash from his mom to buy gas some times. Lol I have a 5 year goal to get my status to networth millionaire next. I'll probably still be just getting by... Now financial freedom, that goal is 10 more years for me. Real estate isn't likely to get you what you're asking for. Start a business. I don't mean open a coffee shop. Find a business you can scale. Hire everything out that you possibly can because you don't have time to do working on logistical items, you need to be developing processes. Then use the business to buy real estate, and commodities. 

The VA allows you to use rental income from owner occupied multi families so it could turn out to be easier to obtain financing.

Why not house hack a quad?

It sounds great on paper to put him in such a minor role that he doesn't touch any money etc. But do you plan on informing the money guy of the situation? If not how are you going to ensure that he has absolutely no way to burn you? Every supplier needs to know he doesn't have authority to buy anything, every client needs to know he doesn't have authority to collect money. Otherwise, in addition to lawsuits you could be on the hook for criminal charges... 0 chance of me putting myself in a position where I could end up being sued or worse charged criminally for someone else's actions... I wouldn't have given it as much thought as you have. Lol

I must live in a different world than you guys. Agents won't set you up on a drip until you sign an agreement? I have to beat them back with a stick to stop them! As for a legal obligation to buy after they sent it, I can't say that's not true with certainty, but let them take me to court on that one... I have multiple realtors from the same area sending me the same listings, for the reason noted above. They harass me until I let them set one up...

How big is the lot? Unless you're both paying the minimum charge for snow removal, i.e. I charge no less than $50 for a parking lot or $25 for a driveway. Doesn't matter how small I won't drop my plow for less. But if your half is 75 and his half is 75 then combined, you're going to pay $150... More importantly, even if there's a savings, you had better make sure you're in agreement to when it will be taken care of. Especially for salt. I have customers who want half an inch plowed and others who want nothing less than 3. I can see one of you being concerned about liability and the other too cheap to pay. No offense. I'm cheap too! I had a customer who tried this and it was nothing but a hassle from my perspective. Took forever to get paid because they could never agree on who owed what. Most guys would have dumped the customer over it. 

I'm curious as to how this started. Like did he say he wanted to invest in real estate? I ask because you said he didn't want to look at properties. From the outside looking in, it sounds like you're bugging your friend because you know he has money. Not saying that's what is happening. But it's what the post sounds like. He is absolutely taking all the risk in the scenario you laid out. Who cares about reputation? Businesses fail all the time. It's hardly a stain on reputation. Except with the particular person who loaned you the money. My advice: Take your 5k invest it in something other than real estate, double it 2 or 3 times. Then if you still want to get into real etstate you'll have some funds to work with. 

He probably said that because it's true... Lol