All Forum Posts by: Shaun J.

Listen to and read the following sentence I type. Read it a hundred times if you must. Ready?

"It's us or them. It's our money. It's our life. It's our families who count on us. It's our FUTURE" 

Repeat that to yourself as you look towards your goals, your family, your mirror, your future.

He was only a year in. He made his Non-Fundable deposit. This is his choice, circumstances or not. WE don't take these huge risks as Investors for nothing. 

Some people who aren't doing well in their business tend to take their frustrations out on those who are. Meanwhile, they just need to look in the mirror and figure out the hard truth on where and why they are going wrong. 

Some years ago, someone told me "There is no competition if you figure out a way to work with your competitors" 

As a former stockbroker here in NY, I will lend you a bit of advice my mentor told me 20 years ago. 

"You can buy at any price with an established market or holding. The only time investors lose money is when they get afraid and sell below what they paid" 

Real estate, like stocks, are an investment vehicle. This is true especially in buy and hold markets. All markets have a bubble. But in history, bubbles burst and in time that bubble will be blown again. 

Unlike the stock market, people will always need shelter, a place to live. In a downtrodden economy (After Burst), people will still need a place to live. In an upswing economy (People will still need a place to live.) However, the ONLY difference is that in an upswing, people are doing better (wages, etc) and can afford to buy the homes instead of rent (unless credit is trashed out long term). 

No matter what the economy holds or where it's at, Real Estate will always have a place. You just got to know where you need to be. Cliche, but no matter where you are at, you win with REI

Hey Viktoria. I am also from NY, Long Island to be exact. I have a little experience in NC with Holds. Fortunately, the properties I inherited were free and clear. 

1. Most southerners hate us Yankees. They think we are all Donald Trump rich, and try and take us for a ride every time.

2. Location, Location, Location. Some places in NC are just dumps. Make sure you do your city-data searchers carefully.  Unfortunately, the area in which I inherited my properties was once thriving, but after the Mill shut down and a "developer" robbed the area blind, things went to hell in a handbasket and it became a Section-8 welfare warzone. 

3. Get to know the Neighbors. Basically, if you have the funds and time, take a small trip down for a few days. Drive around. Get boots on the ground. 

4. Understandings. Understand that while homes and such are cheaper down there, so is the income for the working class people. So up here in NY, you know we pay $1500+ for a two bed 1 bath apartment. Down there it's like $600/mo for a full house. Crunch your numbers. 

WHATEVER you do, please get a reputable property management company. They usually get 8-10% of your monthly rent every month, but they basically do almost everything for you. IN retrospect, I should have hired one for my properties. 

I hope I was able to share some insight. Best of luck!

 Thanks, Ryan! You are a stand-up guy! 

I had an inherited property free in clear in NC years ago. Fully furnished. Rented to a friend that I have known since I was 10 that was also from NY that was just looking to start a new life somewhere else. And despite our Rental Agreement terms, the refrigerator "Broke". Me being all the way up in NY, I told him to call a repairman and I'd pay for the repairs if it was under a certain $$$, send me a pic of the estimate. 

Dude sends me the picture and the estimate outweighed the cost of a new refrigerator. I offered to split it with him. He declined. I paid for and had a new one brought down there and installed. All of a sudden next months rent wasn't paid. I tried calling and texting. Nothing. Called one of my neighbors and they said it still looked like people were living there. 

Next month, no rent, no response. I called the guys mother and grandmother and they said "Oh yeah, Michael is now living in SC. WAIT, WHAT?!?!?!?!!?

I jump in the car the next morning and drive from NY to NC. I find that not only is the house vacant, but his dog pissed all over the inside of my house, and every one of the furnishings were GONE, including the brand new fridge I bought. I called the sheriff up (Good relationship with him over the years I had it) and he tracked Michael down. He threatened to have him arrested and extradited for Grand theft back to NC, where he would serve time and restitution unless he returned all of my things within 48 hours. 

Guess who got all of his stuff back in 48 hours. Me. 

To be honest, is it worth the hassle to sue them etc? Are they good tenants? Do they pay on time? Are you making positive cash flow on their rent vs repairs insurance and what you owe? 

Feel them out and offer to split the repair costs with them and have them sign something in writing if they agree. You could even just add it to their monthly rent so it's not a huge pain point for them up front. Do terms on it if you have to and add a 2% interest to it to pay out over time. 

Wow, that is really awesome man! 

I have been doing a lot of thinking lately myself since I am brand new. My end game goal has and will always be long term passive income (Buy and Hold). I think I am going to skip focusing on wholesaling and flips and go right for the rentals.  

Thank you for your numbers and tips. 

Can you be more specific on the "Work" part of it?

Hi May, 

I do use List source. I am still kind of new to all of this. Thank you for your advice!