All Forum Posts by: Stone Teran

You might be locked into a longterm contract.

Get a hold of the contract that they are operating off of to get the base price.  That should not vary for the term of the contract.

Now have them explain all their crap fees:  fuel surcharge, city surcharge, fuel surcharge on the city curcharge (I love that one).

If they are "getting froggy" with what they actually bill, hold them accountable!

Keep in mind that her response is actually better than what most people do.  They will put the lease in her name and the guy will start showing up a week later.  Then she will swear he is just visiting every day.

 I found 7 years to 7 figure wealth to be BS.  His numbers aren't realistic.

You get to $100k/yr profit by increasing the # of units/houses over time.  Everyone has their own "fuel" to grow this number.  My #1 fuel so far has been my full-time W-2 income.  "Keep your day job" is what I tell people.

PS-I will have a great 4-family up for sale on the west side of Cincinnati soon.

Yes, I agree!  A dumbest rookie wholesaler can bring me a deal and I'll gladly buy if the deal is a good one.  I'm ultimately not relying on his valuation.

 I completely disagree.  On the 38 unit in question, one can only imagine the staggering cost.  I like flat roofs.  EPDM is a wonderful material.  Most roofing companies on the other hand stink. 

I have a 26" toolbox that I put in my car every morning.  In it I have:

Big hammer

Medium adj wrench

Baby adj wrench

Pipe wrench

Big corded drill

Cordless drill

Box of drill bits

Electrical tape

Voltage tester

A few boxes of screws

Headlight

Screwdrivers

Boxcutter

Forstner bit

Angle grinder with diamond blade

And I think that's it.  It gets heavy but is all I need 90% of the time.

I only invest in the ghetto.  Some good points were made in this thread and I want to repeat them:

1. It's a job, not a passive investment.

2. Holding vacant properties is VERY risky.

I like to purchase half vacant apt buildings in the ghetto.  The tenants help protect the building from vandals.  Owning a vacant building (with copper) is like protecting a steak from hungry dogs with your bare hands.  If you fix the place up and screen well, you can fill it up with decent people who may be poor but are responsible enough to pay rent every month.

 Phases are always better unless you are talking about a major renovation happening within a short timeframe.

You'll probably have to go with hard money.

Conventional Freddie lenders seem to be easing a little but they are still very skittish when occupancy is under 80%.  Of course A/R quality, deferred maintenance, your credit score, appraisal value, down pmt, all matter a lot too.