All Forum Posts by: Clayton Swansen

Amazing advice @Stanley Parsley @allyssa Compton and @Jay Hinrichs. Thank you so much for taking the time to comment! I plan to implement all of this ASAP. I really appreciate hearing the ideas and perspectives of others here. 

@Jay Hinrichs, It's an honor to receive your advice, sir. I recently listened to your most excellent episode of the BP podcast way, WAY across the world in Tarawa, where I am currently working. I have been hemming and hawing about getting my license for about a year now, but I am going to make the commitment and sign up for an online course as soon as I wrap up this post. I go to BP Meetups in my area whenever I can, but I think I will start going to the REIA meeting as well.

My best to everyone. Thank you again!

-Clayton

Thanks, @Stanley Parsley @angela Hagen @Tony Lanier @Nick Cuttonaro ! I really appreciate all of the advice! I'd not want people to think that I haven't thought for myself of different ways of going about this. It's just that I find real value in feedback from different people with unique experiences. Also, throwing these types of questions out there gets the creativity flowing, and helps me find new ways to tackle a challenge. But I digress...

I know a number of people who are investors or developers, but I know what it's like to already have so much going on in one's day. I feel guilty for asking to throw an extra complication into someone's life, I suppose. I agree @Nick Cuttonaro it is well worth paying someone for access to their expertise, and I think it makes everyone feel more open to the idea, as well. After all, the whole point is to find ways to open up doors, right!?

Hi everyone! I have a general question I wanted to throw out to the BP nation. I am fairly new to REI, but I am making it a part of my life. I have read dozens of business and real estate books, and I now feel that I have just the slightest grasp on the fundamentals. I have also recently purchased a triplex, and I am learning on the fly that way, as well. I also attend my local BP, and REIA Meetups whenever possible. All of these methods of learning have really taught me a lot in a short amount of time, but I find myself bumping up against what I am coining, the "REI knowledge glass ceiling!"

I have a job way outside of the real estate sector, and I am finding that I just can't get my hands on that other vital source of information, which is the people who have been in the business for years, and have that incredible amount of knowledge gained through good old fashioned experience. 

My question is this: How do I approach these folks, and how do I make a case for them to talk with me, or possibly even let me shadow them for a day without sounding like a pain in the *** at best, or a total weirdo at worst?? 

Thanks, BP!!

-Clay

https://www.nytimes.com/2017/04/22/business/trump-...

Hi, Everyone! I came across this article in the New York Times today about possible changes in the tax code as it pertains to real estate. 

I am a new investor, having just closed on my first house hack (triplex) back in December 2016. I have fallen head over heels in love with the REI world, and to paraphrase Mr. Steve Jobs, I am hellbent on making a ding in it.

One of my many REI "knowledge goals" is cultivating a solid understanding of the tax code. However, I will be the first to admit that this article was a bit meaty, and I only just grasp what it addresses. All I really know is that this is something that has the ability to affect us all, and I'd like some thoughts, comments or quips from anyone and everyone who can clarify, or spice up the conversation. Thanks!

-Clay

The black definitely collects along the sheetrock seems, screws, and the framing. I'm going to clean the baseboards or maybe just replace them, as they are ancient. Then I'm going to paint, and eventually see about spraying insulation in the walls.

Thank you all very much for the insight!

Thank you, Sam! I don't know if it is related to the seasons or not. I'm going to to try some Killz, and a good coat of paint to get rid of it. Hopefully that will cure the ailment. I appreciate your input, and thanks again!

Hello everyone! Well, I recently made the plunge into the world of REI with big thanks to Bigger Pockets, and my local investors group. I am extremely excited, and nervous about my new life as a landlord. I have already dealt with a few small challenges, but this one I felt the need to bring to the BP forum...

One of the units in my triplex has this black stuff all over the walls. It looks like soot. I thought it was from burning candles, but the tenant does not burn many. She has been in the unit for 22 years, and has no idea where it could be coming from. She had it tested, and it is not black mold. It seems worst directly above the baseboard heaters, so my thought is that the heaters are burning dust when they are on. Does anyone have any experience here? Any good advice?

Your help is greatly appreciated. Thanks, BP!

Excellent! Thank you everyone! I love being able to throw a question out to the BP community, and get a variety of solid responses. I feel like I now have a better understanding of the GC question. It just seems like there is a niche in there that is just waiting to be filled by some go-getter... Clearly investors need someone who can manage their projects with integrity, and efficiency.

@Patrick Britton your wisdom is always greatly appreciated. Thank you, sir! If you would ever like to meet up for lunch or coffee one day, it would be an honor and a privilege to pick your brain on a couple of things!

@Samuel Schell the same goes for you, sir. If I can ever buy you a lunch, or coffee, just for the opportunity to sit down with you, and hear about what and how you do what you, I would be honored. 

Hi everyone! I went to my local REI meeting tonight here in Bellingham, Washington, and was so incredibly moved and motivated by all of the people who are working so intently to make their dreams come true for themselves. One scrappy young guy in particular, named Robert was a real life example of someone who started from nothing, and is making his dreams a reality. It's amazing and beyond inspiring...

Anyhow, I've got a truly burning question that I want to throw out to the BP community. So here goes:

Why don't more investors act as their own GC's?

I can't think of any reason one wouldn't be his or her own GC unless they don't have the time, or just hate coordinating, and managing projects... in which case it seems like REI might not be the right fit! It seems to me it would save money, and a lot of headaches given the zillion posts about the lack of good GC's out there.

Can I get some opinions/reasons on why this is a trend, or am I totally off base here? It seems like GC's are rarely investors, and investors are rarely GC's! What gives? 

I leave it to you, my friends. Thank you!

@Dan Call, @Brent Coombs, @James Wise, and @Braden Coast, Thank you all for your generosity in sharing your individual perspectives on this. I am truly grateful for the insight!  

Dan, I am certainly on the lookout for a killer deal, and have had a couple in my sights, but was unable to compete with the buyers that were willing to pay well over asking price. One was a great turnkey four-plex, that would have allowed me to live completely rent free, but alas... I could not go any higher than the offer I put out. I have since been on the lookout for another multi-family, but either the numbers don't work out, price is too high, or my offer gets bested. I am not terribly worried about this, as I know I will find my deal eventually, but as I stated in my original post, I am in a real time crunch. I need a roof! 

Brent, I hear you loud and clear, sir, and you lay down some solid advice and words to think on. Thank you again!

James, you echo my thoughts exactly. I NEED a place to live, and if I am purchasing at a price that is well within my means, then at least I have a home, and I am also paying myself (for the most part) instead of paying someone else's mortgage. In the end, I own the house, and can rent it out for at least the amount of the mortgage. In the summers I can rent it for even more. 

And last, but not least, Braden, thank you for your reply as well! We are in the same boat, my friend, and it may be rocky right now, but it's headed in the right direction!