All Forum Posts by: Patrick H.

I take a month and a half vacation ever year and I do just fine its wonderful!  lol

Yes great point.  Ive been a invester since 2000 most of my properties are either paid off or close to it.  How ever the single fam homes don't seem to cash flow much even when paid off because of taxes, repairs and such.  The new apartment is doing well but is only a couple months old.  I have a great banker and I should probaly have a sit down with him and show him my budget to see what his opinion is.  Because yes I do plan on keeping the investment train moving forward.  My investment model has been pay down quckly with little or no cash flow so there hasn't been alot of extra income coming from the rentals because of this.  Also will be planing on building a large safety net  before quiting. 

Thanks!!

Im quickly working my way up as a investor and cash flow is rising and my tolerance for my job is falling even faster.  I am surrounded by employees and there have to have a job mindset.  I have no mentor after I lost my dad and im having trouble mentaly getting in to this new direction in life of not working for the man.  Any advice from some one who has been threw this already would be great!  I just read the article ---8 Crucial Points to Consider BEFORE Quitting Your Job to Invest Full Time---  A good read.  I have a few single fam homes paid for, I just bought a 28 unit retirement complex and am now under contract on a 246 unit self storage facility that is the deal of the century.  Just these  last two deals will replace my income at my job.  Im still just struggling with the whole idea and security. 

Thanks in advance.

Ok so I want to start investing in the Anchorage area and ultimatly move up there in the next few years.  My concern is that the market is way hot and seemingly inflated right now.  It seems great there boundrys like the ocean, military base and national park surounding Anchorage limiting the growth.  Sounds good right?  But there is a plan to put in a bridge accross the cook inlet opening up a huge track of land that Im afraid will pop the bubble that I think its in now.  

Thoughts???

Just closed on a 28 unit retirement complex that was a night mare!  So I had a friend of the family that was a apraiser.  I was asking him questions and he knew I was looking for apartments.  He finds a deal asks me if im interested then buys it him self.  He then turns around a few months later and offers me the apartment.  I did the numbers and its a smoker deal.  Had lawyer draw up a contract and he signed it.  Then we get ready to close and he lets me know that he has a second mortgage with the previous owner for 15 years with a no pre payment clause, (he got a better deal if he signed it im asuming).  She is old and wants the guaranteed income.  He is trying to flip it to me for a profit.  So I can't get clear title to the building.

So I try and give him time to resolve the problem by extending the contract.  Then he pretty much lays down and does nothing after I did all the due diligance.  I sent my lawyer after him and it drawed out for over a year.  Went threw a depositon which was a first and way stressful.  He got caught lying in his deposition.  I sued for performance of the contract not damages.  The building apraised for 21k more than what I was contracted to buy for and could have gone after that but I wanted the building instead. 

Got it bought finaly and it is full of old retired tenants that have been there for year. It has below market rents and cash flows at %20 COC as is with out raising rents. It does need some maint but manageable. Nothing comes easy!!

Ive seen it done. The bank will want to be in first position and will still want you to have some skin in the game. But it could lighten the load of dp for sure. I always try for this.

Hello, Im wanting to move to the Anchorage area and invest there. Whats your opinion of the market there? Any experienced investors from there on here? The market seems inflated and on fire there! Did I miss the boat or should I jump on for the ride? Anchorage is land locked with the ocean, mountains/parks and the military base.

Thanks in advance!

Excelent! I will check it out! Thanks!

Hello! I am wanting to find out what is the most popular software or program you guys are using to keep track of income and expenses with your rentals. I own 12 units now and looking at around 40 more units in two different buildings with 3 or 4 LLC's holding them. I have heard alot of good about Quick books. Thoughts?

Patrick