All Forum Posts by: Craig Sloan

@Kiran K. I'd suggest getting a HELOC on each property you are considering doing a Refi on, if you can qualify for a HELOC right now. The LOC gives you the best of both worlds. It gives you the ready cash when you need it but it doesn't increase your monthly payment just to have cash sitting around. Good luck.

@Tadela Tedemet I try to read or listen to something that inspires me each day.  Spend your time around people that energize and encourage you.  Take time for activities that energize and rejuvenate you.  In 7 Habits of Highly Effective People Stephen Covey talks about "sharpening the saw."  Do the things that rejuvenate you and allow you to tackle the rest of life's challenges.  For some it may be meditation, others exercise.  Find out what it is for you and make time for those activities.  I enjoy sports and time with my family.  That does it for me but those tend to be the things that I squeeze out when I get busy.  Those are the things that I should most make time for.  Hope you're better at that than I am.  Good luck.  Keep moving in the direction of your dreams. 

@Michael Doub it sounds like you made the right decision and you made an important distinction between being an investor and being a humanitarian.  Always think like an investor.  I'm not saying to be cold-hearted but I can tell you from 15 years of being an investor who self manages, the times I have tried to be a humanitarian are without fail the times I've been taken advantage of the most.  I spent 15 years as a teacher and school principal so my heart leans toward that of a humanitarian but I can tell you for sure your business will be more successful if you think like an investor.  Good luck.  

I would wait to have the property re-appraised as part of the refi.  If you have it done on your own the bank may require their own appraisal and then you'll end up paying for 2.  Do you have a regular bank you work with?  If so, I would speak with your loan officer and see what they have to offer.  Just to keep them honest I would also check with a few other banks just to compare rates and terms.  If you don't have a regular bank this may be the time to find one.  I would talk to several lenders focusing on smaller local banks that are able provide a more personal level of service.  Let them know what your future plans are.  They may provide more favorable terms if they know that you are a client that may give them regular business.  

@Nicole Lakanen we had rents scheduled to go up on 10 of our tenants starting in May.  We've decided not to increase rents at this time.  I'd like to have the extra income but to me it didn't seem right to raise rents right now.  We may re-evaluate in a few months.  Fortunately we're in the position where we don't have to raise rents.  You may consider negotiating with your tenant to see if a rent increase in 3-6 months might be a suitable compromise. 

You're welcome Kristen.

@Kristen Reyes E-Myth is great for business systems.  I'd also suggest Robert Kiyosaki's books, The Millionaire Next Door by Thomas Stanley & William Danko and Never Split the Difference by Chris Voss.  All will help with your real estate investing journey.  Happy reading and happy investing.   

@Michael Turner I think it depends on what you are wanting.  If you want a relatively safe portfolio of well managed funds I think you can get that for less.  If you want someone to actively manage your funds you could be paying more.  I would recommend "The Shortest Book Ever on Saving For Retirement" by James O'Donnell.  O'Donnell's book is very practical and written for the lay person.  It is a quick read and is packed full of great info.  It may help you decide the best way to go.   

@Riley Nettles it could go either way.  Going to college isn't essential but having some type of post-secondary education will be important.

There is a great need right now for skilled trades.  There is much money to be made in being an electrician, HVAC contractor, plumber etc.  These skills may help you maintain your own properties and may help you develop relationships with realtors, appraisers, inspectors, etc. that could be helpful in building a real estate business.  

If you choose to attend college you could pursue a major that would help you in developing your real estate business.  You could study real estate, finance, business and then become a real estate attorney, tax attorney, finance professional, developer, etc.  

It really depends on what you want to do.  I would tell you to create a life plan and then figure out what kind of career could help you develop the kind of life that you want to live.  Good luck.

@Adam F. can you ask him why he wants to see it again?  I'd share your concerns about social distancing and isolation and ask if there are questions or pics that would be sufficient.  If not, it's up to you if you want to show it again.