All Forum Posts by: Steven J.

Great goal to set! I recently listened to a podcast about goal setting and they focused more on system setting. Great that you've got a solid goal in place. My suggestion is to also set some systematic goals such as how many leads will you look at per week, how many offers per week, etc.

WHoa... that sounds like a huge violation on the sellers part! Having been in even a colder climate freezing lines are definitely no fun. I'm no expert in what to do in this situation - if you're realtor is good they can possibly be the most helpful. My guess is you can end up going to small claims court depending on the cost. Keep us updated with what all happens. Also, congrats on making the leap and getting an OOS property. Took a huge risk and you'll learn a ton!

YES! Thanks for posting! I'm glad I did get lazy and wait to start an LLC here!

OH MAN! This is so great! I nearly filed earlier this month before the 20th and would have been stuck with those high fees! Thanks for posting!

I think this could be a great strategy to relocate your assets to the more stable midwest. 1031 exchange should get you plenty of opportunities in the rust belt. Its just a matter of finding a quality team that you can trust to move forward.

Looks like I might be one of the few that appreciates the credit cards. That being said, I've got a plenty good amount of debt and more than 5 credit cards. The key is that I track every single week on sunday evenings the balances on each card and make payments. Secondly, I do my best to limit myself to special rate cards only that are being used while the other cards sit on the sidelines waiting to be used on a new special rate. For instance, i just made a transfer of balances from 5 cards to 2 cards. I'll be paying 2.99% until April of 2019 and paid a 3% transfer fee. Now, I'm guessing I'll get shot down with numbers like that and be told to get difference financing. Because I work on mobile homes traditional financing options aren't much of an option so the credit cards are the main go to source. 

As I mentioned above I have a number of cards that sit idle while only a few carry a balance at an intro rate and then I use one as a personal credit card, one as a gen. business card, and then one specific to a property at a time. Like I said, tracking is huge with all this!

Like others suggest pick a direction and stick it for a good while. When I started mobile homes I forced myself that I would focus on that and only that for 6 months straight. Well it only took 2 months I believe to get my first deal and another shortly after that. I did not allow myself to get side tracked by a shiny object and instead say no to other strategies so I could focus. Only once I became comfortable and confident did I start to branch away towards other strategies.

Correct, the people who don't call probably don't have motivation. If you read through the forums on here about direct mailing you'll also find that multiple mailers are key. 6-8 contacts with a seller is really where the numbers start to turn in your favor. Also, keep in mind, you're doing a great campaign when you can get 2% of your leads to call you in the first place. This doesn't mean a sale, just a call back in your direction.

First off, ask your family who they work with. Take those folks out to dinner and listen. Sales is about listening and we have two ears and one mouth so shut up for half the time and listen to what other have to say. Once you figure this out, people will spill life stories, their struggles, and information about the people they know.

Secondly, attend those local REIAs. If you don't have any available go visit some a distance away for a couple of meetings. Absorb how they do it and then feel free to start your own through meetup.com. I've started 2 successful meetup groups through there. Its easy advertising on craigslist and the meetup page. The hardest part is finding the next speaker willing to give a couple hours one night to talk about real estate. 

I'm not in the industry but I'm happy to follow this thread! Storage sounds like a simpler investment because you have basic utilities, basic upkeep, and security, etc. I'd like to tap into the market some day but right now is not my focus.

I think regardless of where you go you'll be doing significant training to any VA unless you're willing to pay a good price for those VAs. Simply enough, (can't say its simple as I haven't done it yet), create a manual for your VAs to read through just like they would a script. I've got the bare bones on instructions that include research on a property through the GIS website, researching comps, etc. but I've yet to hire VAs for anything. Where are you looking for your VAs currently? Online foreign sites only or elsewhere?

@Rene Brown in my experience landlording wasn't as bad as I thought. I dreaded the late night phone calls and the overflowing toilets and in 3 years of managing a 24 unit building I think I had 3 actual emergencies. IMO, I'd much rather manage a larger unit than just one or even a couple because if you lose one unit of 24 its not as painful as losing 1 of 1 units. 

I think the key is to screen your tenants well. Spend the money on a screening process and then make yourself stick to being a business person as opposed to a good friend of the tenant. If you keep yourself from becoming a buddy of the tenant its much easier to retain that business relationship.