All Forum Posts by: CJ M.

@Kyle Robertson

I can go either way on this. But kudos to you as it sounds like you can quit now if you'd like. I will just give you a few thoughts that might help with your decision.

1. With a W2 job you basically double your salary.

2. It's way easier to get financing when a bank sees a W2 job on your personal financial statement.

3. You can reinvest 100% of your realestate income back into the business which will help you grow quicker.

4. Who the hell knows what COVID legislation will continue to get passed that hurts landlords.

Hope this helps, and best of luck!

@Jamie Kammers

You should be able to run the numbers pretty quick at some point to know whether you're getting a good deal or not. But, think of the big picture...how many rentals are you going to have to buy to hit your goal? Someone once told me a long time ago "stop being afraid of 1 deal when you're going to have to purchase another 20 to 30 to hit your goal." That put things in perspective for me! Heck, I was just telling a friend last week that I own properties I've never even stepped foot in lol

@Kevin Bennett

Excellent! Thanks Kevin

Hello,

Considering purchasing a 100 year old property, however came across something I've never seen. The (green colored) siding is made up of almost like asphalt shingles. I mean, it has the stones on it and everything! 

Anyone deal with this stuff before? It's actually in decent shape, so I wasn't planning on removing it. Pic attached (apologies I don't have a close-up).

Thanks in advance!

@Nicky Reader

I'm surprised that Trump, being a landlord would allow this.

I guess my question is relating to the $100K+ fine I'm hearing about on the news. They are saying landlords will be fined if they evict a tenant who was covered by this order. If a judge signed off on the eviction, how would the landlord be liable?

@Damien Papillo

Who says you need a realtor to find a deal. If you see something on the MLS, just reach out to the seller's agent directly and negotiate. Additionally, you can go to forclosure/tax auctions, or join your local REIA and network with wholesalers who can start sending you deals. Craiglist also has FSBO properties.

@David Boatman

Honestly, who cares if someone owns a nice car that depreciates if they have the excess cash flow to support it, and it makes them happy, motivated, and productive. We work hard for a reason.

You know your goals, and what you need to do to accomplish them. It sounds like you have a well-rounded portfolio, but only you know what you can and can't afford now. If selling the car gets you to those future goals, then I say go for it. All that said, I cannot wait until I buy my dream car in the near future, and I don't care what the naysayers say about it depreciating.

@Brandon Pickens

You could have him quit claim the property over to you with an agreement stating you will pay him after you take it to a lender and do a cash-out refinance. There's definitely risk in doing that for him, since you don't have an established relationship with lenders, and what if the property appraises less than 75K?.

@Denver J Lobo

Option 3, use portfolio loans

@Teya Beradze

What REI tasks are taking up so much of your time? I work 40-50/hrs. per week at a job, and also have 25 doors that probably only take up a few hours per week to manage. It's hard to make a recommendation without knowing more about what areas you're inefficient in. That said, my guess is you are trying to do everything. If that's the case, you have to build a team of people who can do a lot of the tasks for you.

Also, as with any business venture one is trying to be successful at, it will take sacrifices. How bad do they really want to succeed? Some people talk the talk but aren't willing to change a darn thing. Depending how fast you want to grow, and how successful you want to be, the reality may be that you have to give up time with your family, or time at your job, or time doing "everything else" in the short-term.