All Forum Posts by: Stone Teran

It can work great or it can fail miserably.  I think it all depends on your plans and his work ethic and his plans.

I had a partnership with my mom.  I know she works hard, has money and has time but I know she is short-tempered and has no business skill.

The partnership worked fine for 2 years but in the end the challenges of the various projects made her tempers flare daily and she didn't understand the long-term business strategy so we amicably put together an exit strategy for her.

You know your relative so evaluate them objectively.  If your son is a lazy SOB, don't extend a charitable job offer masked as a legitimate business plan. 

 The main reason is that my caretaker should have access to the units on his site but not the other sites.

I ordered a copy and it looks identical to the first one.  They can engrave it but it will still take time to find the engraving each time.

I have a few master keys from landlordlocks that look identical and I can't tell them apart on my keyring.  How do I differentiate these keys?

The keys say do not duplicate, so the local locksmith doesn't want to cut new ones.  They are a bigger key than normal, so I don't know if those new walk-up kiosks can duplicate it. I could paint it with rustoleum or nail polish but I don't know if it'll rub off.  I'm sure there's a simple solution to this that I'm missing.

Be careful with leaving dark areas.  It can annoy and even cause an injury if a tenant tries to walk through outside of your timer-designated times.

I've considered motion sensor lighting but I haven't found products hardy enough to not be stolen/broken, so I've gone with always-on LED lighting.  You'd be amazed how much light a 4W bulb can put out in a confined area like a hallway or basement.  It only uses 4 watts!

 Wholesalers annoy me in general, so thanks for asking a good question with thought behind it.  A great unlisted deal is #1 and professionalism is #2.  By professionalism, I mean that you won't waste my time with buildings that don't fit my criteria and you won't ever ever sell my name to another wholesaler.  Your #2 and #3 are irrelevant because I know how to value my repairs and I own a car.  I hope this helped.

Hunter, get a new job. Tons of eager REI newbies have flamed out because of lack of money. Money talks, BS walks...................so find yourself a new job.

Interesting.  We might have different target acquisitions, but I think it's the ideal time to buy.  Prices are still very low, inventory is high and banks are (almost) back to giving money away.  I just wish I had more cash right now :(

As far as I know, code everywhere requires egress windows in all habitation rooms, so you'll likely need to cut the foundation to accommodate 28" tall (or whatever your local) code requires.  This type of work requires a permit.  Yes, do it now because doing it later will coat your nice clean bedroom with wet cement dust.

Unless you are operating out of a c-corp (or equiv) which you're not, paying yourself or other tricks to add your labor to cost basis does nothing for you.

>Bought a fixed - Now what?

Fix it!

and quit screwing around on biggerpockets hehe

Finding new tenants during the winter freeze is more difficult, but not impossible.