All Forum Posts by: Daniel Fitzroy

This is such a great post! I’ve actually done this on the side, I went to school for automotive repair and I’m currently in autobody but up until recently I’ve always known more about cars than houses. I’m no expert iether but I’ve helped relatives buy, license, insure, title and bring home cars that I then helped them repair and sell a bit later.I’ve learned a ton about nagotiation. One time I sold my race bike (a 2008 Yamaha r6) to a guy on Craigslist.

He tried to intimidate me into letting the bike go for way less when I knew it’s worth. $4,500. I had just listed the bike, in spring after trailering it back from the dealership where they put brand new tires on and within 24 hours of posting the add I had researched it got tons of interest. I compared other bikes and set mine just a tad lower and posted great pics. He sat there trying to haggle me down for 45 minutes in my driveway. He was really pushy and even got on the phone with his “partner” to intimidate me. Then finally said ok I’ll buy it! And he was thrilled!  I was sort of in shock but I’m glad I held out and was stubborn. It made all the difference knowing other values so I see the importance of knowing your real estate market. 

 I’m really sorry you had to go through that. I’ve dealt with people like that and it seams like good advice to be very cautious like you’re saying. Thank you for sharing your experience I will most definitely use caution when talking about my life around tenants. 

@Sam Abraham

Congratulations on signing up for pro menborship! I signed up and paid like 4 months then paused for a bit and I’ll be joining again soon.

I don’t believe in timing the market at all. I believe there are always deals you may just have to find ways to hustle harder. Double down on a marketing campaign. Find off market deals. Network, save money and keep learning. Also if you’re looking directly on the sites like Zillow and Realtor.com they are tough to find deals on but it can be done. I’ve found some potential deals that were a tad out of my investment radius but that could have worked because they needed rehabbing so I could have added value there…you can search for houses on the mls that have hidden value add opportunities such as a property that has ways to add extra square footage or that needs re habbing. Or houses that have had a typo or something causing them to appear bad to investors but apon further inspection are fine for whatever your needs are. Think outside the box and don’t let the hype of a high priced market stop you from finding deals. They’re out there! Go get one!

@Zach Fridrich

You are doing great! Keep listening and learning on here and pick strategies that you understand and you’ll be moving up in no time this place is a gold mine.

@Jon Lopez

I would love to chat sometime since I’m looking to buy my first multi family soon. Would love hear your story and hear how you found a deal and managed to find a business partner that’s a big accomplishment!

@Zach Fridrich

Some options to consider are partnering up with someone. Perhaps they fund the deal you manage the rehab.

Using hard money loan to acquire a property (do research and be careful on this one)

Consider owner financing! You can set up a deal and pay the owner directly if both parties agree to the terms set forth.

I’m sure there’s a million others I’m missing but those are just a few thoughts that and to mind.

Also I recommend using a secured credit card as a means to build your credit. I brought my score up from 580 to 6 something in 6 months or less. Basically it’s a pre paid debit card where you tell the bank how much you want to use. My bank offered $500-5,000 range to activate it. I paid them $500. You use it like a debit card and pay it off IN FULL every month before the payment is due. Then watch as your score goes up! You can cancel the card anytime and get back your $500 or whatever you chose to put down so long as you paid the card off. It’s easy to set up too.

 I feel your pain. I too would like to enjoy nice things from the fruits of my labor and not be running a old car agian but thats my current reality haha. I currently am selling my nice truck to go lean for a few years and get started after reading set for life by scott. I'm going all in because i want to get out of the rat race at a job where all my co workers hate life.

I made a post once on facebook outlining all the nice things I hoped to accomplish and own one day and you wouldnt believe the backlash and judgement I got for it. I posted something along the lines of "my official wish list" which I envisioned that I had a billion dollars and could buy virtually anthing. My list consisted of 2 vehicles....a nice work truck like i have now and a car which is a nissan 370z. which for those of you who don't know is a sports car that can be had for 20k or less which is pretty humble considering there are corvetts and such rolling around town for 100k or more. then there was the house. a cabin out in the woods and a little garage. a few more odds and ends but that was basically it.

I had people calling me an idiot for wanting nice things. I refuse to feel guilty or bad about my wish list. especially since they dont know how hard ive had to work for the things i already own. so my point is to set a goal. reach that goal and don't feel bad about indulging in your rewards of hard work. especially if you've taken a while to get there and sacrificed your weeks. but always remember to stay conservative. I know I could someday buy perhaps a more expensive car but I don't need it. i'll settle for a cheaper sports car and the journey towards getting it will be what really matters most. and for now my 1990 honda crx serves just fine as my sports car since ive learned to be happy no matter what!

synopsis. keep working hard and never stop learning! set your sights on what you want and don't settle. but also dont over indulge. I like to spend no more than 10 percent on fun stuff each paycheck and lately ive buckled down to nothing in my fun account. saving all I can to build up a cash resurve for our first house hack. 

Congratulations on your incredible accomplishments thus far!! I know the feeling of working a ton. depending on what your long term goals are ide keep pushing forward and stay on track. If you are burned out you can rest for a very stragegic set period of time, ive done it twice where i switched w2 jobs and rested in between. once I gave myself a month and once a week or two. but I was very cautious not to stay idle and even on those days off I focused all my energy on resting, working out, eating perfectly cooked whole foods meals and studied for at least two hours a day dispite it being a break. You can splurge later on all the luxeries you want once an asset is paying for it! I sold my dirtbike and plan on financing a new one someday with the cashflow from a rental unit!

keep up the good work and be proud of what you've already accomplished because you're way way ahead of me!

Will do, thanks and hey I'm originally from MA! Western part though.

@Michael K.

That’s great!