All Forum Posts by: Mike Becher

@Nicholas G Lede, that’s great. I see you’re meeting in North Syracuse. The community center is 3 minutes from me. Hoping to make it out.

Any local meetups in Syracuse, NY? Looking to connect with like-minded people to grow and network together.

@Greg Scott thank you!

@Greg Scott I’d love to hear more about the group that taught you how to buy properties where you bought 9 in the following year. I just started my journey in 2018 at the age of 40 and feel like I’m in the same boat as you described. I have two properties (1 per year), and will likely have a third in a couple months but I’m scaling so slowly. Feel stuck. Anything you can share that helped you finally scale so quickly would be appreciated a ton!

UPDATE: Nevermind... I just noticed the link in the bonus material from the purchase of the book.

I bought the journal in January when there were some discounts to jump on in the bookstore. I wasn't able to commit to a group then, but would like to now. How does this process work? Any help is appreciated.

Private landlord. I have 4 tenants in 2 properties in Syracuse NY and all but one has not been late. The one late rent in May was due to her being put on a 14-day quarantine because her mother (doesn't live with her) tested positive for COVID. She contacted me and didn't know how her work would respond and so she feared she might be late for May. I told her we'll work it out once she knows more. She paid me May on the the 26th (I removed the late fee's) and then June's on the 5th a few days ago. One tenant communicated she had lost her job and wasn't sure when UI would kick in, but she didn't end up being late.

This is encouraging. I'm a pretty straight shooter and don't have any interest in being anything other than honest and open about the details of any deal. I definitely don't see the value in manipulating numbers just to get a deal that would potentially put both of us in a risky situation. I would value their trust in me way too much to jeopardize our professional relationship. I see these as mutually financially beneficial relationships... NOT just one where I use them to line my own pockets.

My track record is short, but successful. I have just over a year (about 14 months) of experience with two deals under my belt that are producing good cash flow and have above average ROI (22.5% & 13.7%). I could provide data to show this.

Thanks for the response!

If I have a property in mind...

(1) What do private lenders look for to ensure that they are lending money to a good deal? How can I put my best foot forward so that a private lender feels confident in the deal and in me as the investor?
(2) How do I get in contact with a private lender, or put myself in front of the eyes of multiple private lenders?
(3) What kind of questions should I ask in order to reveal any potential red flags on my end?

I currently own two properties. My first property in 2018 was a straight bank loan. My second property of June of this year was a combination of my mother-in-law providing me a loan for rehab costs and downpayment and the owner holding papers thanks to the book "Investing in Real Estate with No (and low) Money Down".

I've never gone this specific route before of looking for private lending outside of immediate people I know but I'm realizing the impact this can have on my future in this business. Any help in some "best practices" about private lending, and guidance on securing a good lender would be great.

Thanks in advance!

I'm looking to invest in my education in accounting. I have an ok/mediocre idea of what I'm doing. I'm extremely organized and precise with tracking income & expenses on an excel spreadsheet. I've read "The Book on Rental Property Investing" and adopted the excel format that matches the Schedule E (form 1040) form you fill out for tax time. I don't do my own taxes, and have been told by the person who does them for me that I'm tracking things well. But I want to understand more about accounting and the processes that go into it (instead of just performing the tasks I know need to be done), how to leverage taxes and just general specifics about accounting. 

I'd prefer an online class setting if there is something out there like that. A book or other resource is great too as long as it's not all theory and no practicality. In the end, I want to know what a business owner should know about accounting, the systems that should be in place, and the documents that should be on hand.