All Forum Posts by: Neil Schoepp

@Ron Averill

@Ron Averill

But there is more to it than just the numbers.

@Ron Averill I totally agree with you. When I say numbers what I am really saying is taking everything into account, crime, school districts, tenants background etc. do the numbers work for me.  A property is being sold for 50k and is worth 50k I find out the tenant is a little shady. To me the property is now valued at 40k at 40k the numbers work for me.  The seller passes on my offer and sells it the next week.  The new owner has no problems with the tenant and sells a few years later for 100k. I have no regrets because at the time the numbers didn't work for me. I hope I explained it properly. I am not the best writer and always prefer the phone or face to face.

And what did you realize later that made you regret not pulling the trigger?

I don't consider it a regret, because at the time I thought it was a prudent, though it really wasn't. I once passed up a property because the seller wouldn't come down 5k. He was at 219 and I at 214. I could have easily paid the extra 5k (the numbers still worked out for me) but pride got in my way.  I later on a different property paid an extra 3k so not to make the same mistake. I still hold that property with some nice equity now.

Michael,  what does it for me is the simply thought of "how will I feel 30 years from now if I don't take the leap?" I never want to look back on my life and say what if? I can always go out and get a 9 to 5 banging nails to make some money. So if I make this deal and it goes south I will go bang some nails.  If it works out then I will move on to the next one. But I will  never wonder what it could have been like if I would have just taken a chance.  I guess for me I look at it this way also,  if I take this chance the worst thing that could happen is I loose my initial investment lets call it 30k and I may even have to file for bankruptcy. Not an ideal case but not the end of the world.  I would still have the two most important things. My health and my family. The best thing is I increase my net worth I have some cash flow and I move on to the next deal, slowly building my capital up.  You Will be successful. Take the leap and never ask the What if question. Now go make your first deal and then come back here and gloat all about it. I for one can't wait to hear all about it.

Nope.  If I find a property I liked and the numbers work for me I buy it.  If the numbers do not work I pass.  If I get out bid then so be it. If the seller won't come down to a point that make the numbers work, then so be it. It's just like playing cards.  You have to get your money in the pot when you have the best hand. If you get beat on the river then so be it, you can't control that.  I TRY to remove emotion from the equation all together.  At least for me when emotion gets involved that's when mistakes get made.

Ok so now I'm gonna show how green I am.  I don't get your hesitation.  Why not send a letter or two introducing yourself.  Then follow up with a call.  I get the fact that he is an investor but wouldn't he want another good contact in the area.  Isn't networking part of all of this.  I would use the direct approach..... Hey if your ever looking to sell I would be interested.  Maybe even send him a property or two that may fit nicely into his portfolio that you can't move on right now.  And one day he just might want to sell off some or all of his properties. Why shouldn't you be that first call he makes ten years from now when he is ready to sell.  Makes complete since to me, but then again I am the greenhorn, probie, rookie use which ever you like. So go ahead let me have it.......... :)

Welcome aboard Jose!  I to have read each of those books and each have made me a better thinker in their own unique way of course.  There are some great tips here and some very good advice.  Keep reading all the different post that are here and ask a lot of thoughtful questions.  Good luck.

Welcome aboard Chris.  I originally hailed from Queens. Out by JFK.  It's nice to meet people from the old stomping grounds. 

Hunter,

           Welcome aboard.  You have one great advantage. Your age.  Your goal of a million by forty is very attainable. I only wish I had a plan when I was 18.  I would read as much as you can here.  There are many avenues you can take. Buy and hold, wholesale, flip etc. read up and see what you like.  Some books that have been suggested here are Landlording, the four hour work week  and my favorite The E-Mythe revisted.

         I would also save as much cash as you can, you can never have enough.  Lots of good info on how to live on 35k a year over at Mr. Money Mustache.com. The site isn't about clipping coupons and all that bogus stuff.  It is solid advice on lifestyle.  It's written by a 35 year old that is already retired and living off his investments. All because he lived off 50% percent and invested the other 50. 

      One last thought.  You WILL come upon obstacles. What separates the winners are those that are willing to move forward. Just keep moving forward.  Now go make some money!

I just read a suggestion on this the other day that I thought was a great idea.  Call the landlord and ask him if he has any vacancies.  If he hesitates or has no clue what your talking about then you have your answer. If he says no not at this time, then you can identify yourself and pass this strategy on.