All Forum Posts by: Billy Linn

@James Dickens that course looks interesting, especially at that price. I added it to my wishlist for when it goes on sale again, thanks!

What was the course and do you think it was worth it?

@Jeff Sinclair looks like there are lots of good choices. I did some research a few years ago and decided to go with a Ubiquiti system. I liked that I could set up my own controller/ recorder so I could add as many hard drives as I wanted.

Whatever you choose, I’d go with POE (power over Ethernet) IP cameras. They carry data and power over the same wire so you only have to run one wire. Running your wires is probably going to be the hardest part, but a wired system is going to work better.

Get the highest resolution cameras you can (they take more storage but can be the difference in being able to read a license plate or make out a face in the distance).

I have mixed feelings about having cameras at our apartment but I think they are required at our laundromat.

@Charlene Stovin It’s important to know the market you’re buying in, what jobs are there, if people come and go with the seasons, etc.

Second, being far away from a rental is challenging when something comes up. We never know if we’ll be able to find someone to take care of an issue for us or if we’ll have to leave town at 11pm to handle something. But that’s rare and investing in different places can be worth it depending on the numbers.

On the other hand, if you’re rental is further away you won’t be tempted to run over there for every little thing and will learn how to handle things remotely.

@Chris Wilkening Dave Ramsey is trying to help the most people possible (aka have a big audience) and the best advice for most people is to play things safe and let small gains compound over time. This works well for plenty of people.

I’ve listened to his podcast plenty of times and I think he has pretty good advice for his callers. Almost none of it apples to me or my goals.

Successful real estate investors do their research and work hard, Dave can’t assume his listeners will do that so he doesn’t recommend that path for them.

@John Cornelius I say do it! Best way to find out how much value you’ll get from it and if you enjoy it is to try it!

I’d like to do this just for the single reason that I don’t make the best food choices.

My wife and I bought a house then saw our friends get high paying oil jobs. I didn't want an oil job so we decided to move to Colorado where my wife could make more money and I could go to school for Computer Engineering. 

Of course when we bought the house the bank let us loan more than we needed and we bought smart stuff like a big screen TV and a fancy stereo. When we tried to sell our house we found out that what the bank says it's worth and what people are willing to pay for it isn't always the same!

We couldn't really afford paying a mortgage and rent so we decided to try to rent it out. We were so scared, it felt like everything was on the line and I was sure it was not going to end well.

Without that happening, I don't know if we would have ever gotten into real estate investing. So the degree didn't help, but going to school certainly did!

@Pope Lake it could be a really long time before prices go down again, if that’s the case waiting will cause you to not be in the game.

The Fed could just print more money and make what your holding in cash be worth less while assets prices go up.

I think the better question is how will you prepare to weather an economic downturn? Be smart about what you buy. Make sure you can be competitive if the demand for rentals decreases.

I had to learn that, for the most part, it's a long game. Good to understand that at the beginning and keep it in perspective when setbacks happen. There were plenty of times that I was about ready to give up because big scary issues kept happening. Now I know I'll figure out how to solve the issue and know how to handle it better if it ever happens again.

You need to have the means to repair anything that might come up. Not only is it your responsibility to keep things working well but not having the means to take care of issues when they come up is very stressful. Tenants can cause you a lot of stress also. These stresses will be compounded by a partner that's not on board with what you are doing. 

Taking action is a good thing, but make sure you're doing it for the right reasons.