All Forum Posts by: Bryan Clement

@Evan Parker my ten cents? Everyone has situations that make it difficult on them to afford things. Granted, some have more difficulty than others, but I think overall we have the same choice. You can either be successful, or you can't. You either choose to afford the neighborhood you want to live in, or you don't. You can make the choices to live one way or another, and that will have ripple effects. If you decide to spend all your money, you never invest any of it, and you work at the dollar store down the road for you whole life, guess what? At some point, you will be priced out of your neighborhood. Not that there is a problem with working at the dollar store, if that is who you are, go work at the dollar store. Just know that that is a choice, and you have to live the consequences of your decisions.

@Daniel Lynch Do you like this girlfriend?

If Yes, do not charge rent, in fact a monthly living stipend for necessities would be encouraged, if not insisted upon.

If no, definitely charge rent, with monthly rent increases of $50.00.

Hope this helps!

@Matt Maurice thank you! That's great advice! I'll definitely check out NARPM, I had heard about them on a BP Podcast somewhere but I will make that a priority. Thanks for pointing out those other podcasts as well, I will definitely give them a listen!

@Kenneth Mooney I would if I were in a different situation. Because of Fort Gordon, a significant amount of the jobs there are military, which can be in flux pretty significantly, without warning. Of course, service men and women can break leases without consequence with change of station orders, so that makes it even less attractive. If I had more money to handle a portfolio being a little bit more turnover heavy, I would invest there, but I don't have that kind of income now. May look at it in the future! Of course, please correct me if you know any different! I am not local so if you have info I don't I'd appreciate you sharing it!

@Dale Graham I am rather new but my advice is to read Long Distance REI by David Greene. I am in the middle of it now, his advice in that book has been spot on so far! I was looking to get into Augusta, GA at one point, but his research showed me a few things I was missing. Still might be a good area, but now I have a more educated approach. Let us all know how this goes for you!

Hello,

Inspired by the new BP Business Podcast, I am starting up a property management company in my area. "Property management" can be such a gray area, some people include thing one in their services, while others include thing two, a third includes both thing one and thing two but is more expensive, etc. etc. What is the most important thing for a property manager to provide you in your business? Any suggestions would be helpful. Thanks! 

Originally posted by @Jason D.:

@Shiloh Lundahl college education, by far...

The average, in state, college tuition is about $10k, so that's $40k for a bachelor's degree.

Average lifetime earning (45 years) for a bachelor's degree holder vs. HS degree is $1 million.

That's a 50% yearly ROI. No other investment comes close

I hope you don't mind but I disagree. The HS lifetime earnings number is skewed by people who just don't care to go to college or spend their life working at McDonalds or on unemployment. Those that actually care about their life can easily make just as much or more over the course of their life without a college degree. Sadly though, most people are told "You have to go to college to succeed in life!" and so those that do care about their life and success, end up going to college, wasting years of their life, and racking up debt like crazy. It's a worse investment than a negative yield bond.

Dude you need to read Sell or Be Sold by Grant Cardone. If you aren't sure of it you will fail, eventually. Sell yourself that you will be 100% successful on a property, and then do everything you need to to make it happen. Control your own destiny. As Grant says, you are your own biggest sale.

@Jacob Walls what about Double Elsie, LLC?

So, we hear a lot about people's successes on here, and not a lot about people's failures. As just pointed out in the new business podcast, failure is the best way to learn (that whole, what did you fail at today discussion was genius!) Some examples: Michael Jordan missed over 12,000 shots in his career. The all time leader in missed shots? Kobe Bryant. In fact, the entire top ten list for most missed shots in the NBA have all been inductees in the Hall of Fame. The NHL leaders for most wins as a goalie in the regular season and the playoffs? Martin Brodeur and Patrick Roy, respectively. Oh, they also lead the list for the most losses in the regular season and the playoffs, too. Both Hall of Fame players. Given this, I thought it might be important to see if we could hear about some people's mistakes so other's could learn from them. 

I'll go first. Its my first deal, and I've been doing most of the rehabbing myself. I thought that the rehab would go much quicker, and I would be done in a year. Instead, the project is only 3/4 of the way finished, a year and a half in, and I am already over-budget. That's not including the mouse that just chewed through a few major wires and is now forcing half my house to be re-wired, or the water filters and pressure tanks I have to install that I wasn't expecting. I am so far over-budget and out of cash I am entirely expecting this rehab to take another 6 or 7 months. Thankfully it was a live-in! Lesson learned, I need to be much more detailed when I purchase properties, do inspections, and budget to replace old systems and appliances. 

What about anyone else out there?