All Forum Posts by: Andrew Cornstubble

@James Walker

Indoor car show

Monthly antique and craft market

Monthly rent some of it for permanent flea market booth

Indoor car, boat, rv storage

RC car tracks dirt and drift?

Indoor drone flying classes

Pet shop and play area for kids while parents shop

Some apartments

Actual car drift track?

Not sure. But it sounds like a combination of things could work

@Jay Hinrichs i agree completely.  Looking back on it bankruptcy would have been the best option.  Through dumb choices as a kid and then getting injured and not working for over a year my credit was about as bad as you can get.  I paid $500 for an upsell class with the Rich Dad company.  It was a 3 day sales pitch.  They are a business not a charity.  I knew this going in but they are also compassionate people.  I learned how to repair my credit in a 5 minute conversation.   I could have just googled it but i really didn't see any way out and figured it didnt matter.  It has taken me over a decade and many 80+ hour work weeks to get caught up and push near a 750 credit score.

@Ivan Loza per personally I am using the BRRRR method with a twist. In my area people dislike or are affraid of banks for some reason. I live in the sticks. I can flat out tell someone to go to the bank and save money but they would still like to buy "rent to own" owner financing. Well, that is fine by me. By all means charge yourself higher rent AND take over repairs if you truly want to. There is always risk they will trash the place and leave. But there is equal chance they get it nearly paid off and for whatever reason need to give it back. Then i can fix it up and sell it all over again. Sure at some point i lose the asset. But i dont really care since the numbers are substantially higher and the risk substantially lower. People tend to take better care of things when it is theirs. And to be honest if i see one more water leak i may lose my mind.

@Sean Rooks CONGRATULATIONS! I couldn't load any of the pics (problem on my end) but looking at the numbers and your story it sounds like alltogether things went well. Success stories like this is the only thing that kept me in real estate when i was about to give up and the only thing pushing me forward when things get tough. Good work!

I'm a little late to the game i guess.  It's been a rough year and to be honest I'm pretty burned out so my goals aren't super ambitious and more geared towards a break from all of the stress and some peace of mind.

Sell the horrible derelict house i live in and get moved into the "new" house.  Use profits from the sell to finally pay off all bad debt (aside from a 40k mortgage.)

Get the roof trusses raised and cement pad in the barn for storage and man cave build.

I'll go a step further with 2020 goals since realistically my goals for the rest of this year are lacking.  

Paying off the bad debt frees up $1,500 a month that should go towards a rental.  But, my wife has been extremely patient and helpful.  We drive 15+ year old cars and have lived in a horrible house for 7 years.  So the $1,500 is going into nearly doubling the size of our "new" home with a master bedroom, bath, and massive walk in closet.  But, after that we will refinance and use the money for a down payment and rehab on a rental.

2-5 more single family rentals with solid tenants and all major repairs done.

Purchase the wife a newer and more dependable vehicle.

Get incorporated and also start another small business.

Build a small stage and a sound system that shakes windows for miles.  Car audio has been a hobby since i was a kid.  I guess i never really grew out of it.  That and my love for rock.  And it's 100% been on hold for 15 years.  I sort of justify it by building the stage in bolt together sections with plug and play electronics.  If anyone for some reason wants the entire mini concert venue then i can sell and deliver it.

Been considering a rental business for equipment and if it becomes profitable I'll have equipment to do some dirt work and construction.  And possibly an impromptu concert setup rental if I'm not to busy and some friends want a project.

@Brad S. Lol, if they want to pay the difference have at it?

@John Moorhouse the hard part's almost over. Especially if you don't take advantage of any cheap college courses. I know some people that dropped out early. They all regret it because people don't see a GED as a diploma. I'll tell you i don't use much of my last 2 years of school. But most of the jobs I've had required it. I absolutely hated school. But I am glad I stuck it out. It's hard to be taken seriously when you are that young.

@Jacob Graul you guys with properties paid off should check out some of the horror stories of lawsuit theft.

If you are like me everyone in your life has prided themselves in saving money and working hard rather than real estate. And the only taste of real estate I had as a kid was my folks buying the trailer park we lived in. And I swore I'd never get into real estate. But I don't want to work overtime until I die for someone else. So here I am. I don't know. Maybe set down and write up a strict budget. Track your spending down to the dollar. Then see if you can work part time in case it backfires?

@Taylor Stamm you'll need a lot of batteries or maybe the ability to sell back to the grid. Daylight hours aren't the same as solar hours. Most places will do good getting 100% sun for 4 hours. Then you'd have to do the legwork of figuring 2 bills or having the tennant pay 2 electric bills.

@Taylor Stamm be sure and account for when you'll need to roof it. You'd be surprised how many people buy a system for a 25 year old roof and then have to tear it down. Or so I'm told. To bad Elon's solar shingles didn't take off.