All Forum Posts by: Dan Shelhamer

@Shiloh Lundahl that is an awesome accomplishment, congrats! While Net Worth is a great indicator of wealth, I feel like cash flow is a more important thing to focus on.

A “millionaire” with a paid off $500,000 house and $500,000 401K returning $20,000 a year based on the 4% rule isn’t too well off.

Whereas, I’d rather be worth $500,000 with $100,000/year in passive income.

I think we’re all too guilty of chasing that “millionaire status”, myself included, when really it’s not what we’re truly after as Real Estate Investors.

@Shayna Hatcher PASS!

With tax season now being here, I am thinking about ditching the excel spreadsheets and using a program like Quickbooks moving forward.  Any thoughts, advice, or recommendations on other software to use for this?

@Daniel Brown in my opinion I think underestimating the rehab costs are a big mistake by many. You definitely need to pad that number because you don’t know what you will find when you start opening up walls.

@Sam Grooms how is this flip coming along?  The pictures look great.

1. Sounds like they can't afford the unit in the first place.

2. Never rent to friends/family. 

3. Doesn't seem to be a good rental in the first place if you can't even cover the PITI. Cash Flow is #1, and allows you to survive in any economic condition. If the market turns downward then you are really in a bad situation.

4. I would sell the property, take your gains, and move on.

@Scott Krone is there a time limit on how quickly the proceeds must be used in an opportunity fund?

@Cam Jimmy great job & congrats on your 1st BRRRR! I love the way you handled the whole process. You learned a lot, created a ton of equity, and hustled to find and finance the deal!

I just started doing this at the beginning of this month and have a lot of success so far.  I have a Jeep that's been booked up most of this month.  Already booked almost all of November, all of January & February.  I keep them listed full-time and plan on adding more cars.

@Frank Wolter Congrats on building a great portfolio!  I would consider cash out re-fi and buying more cash flowing properties.