All Forum Posts by: Dusty Corning

Have you seen this training? May be worth the $99 just to compare their method to yours. I think it would be advantageous even if you only learn one or two tricks. https://landlordaccounting.com

Raymond Richards (281) 787-1668 He's a great guy and very responsive.

I would stop work immediately. I also hope you have the sellers permission in writing. This could get ugly fast.

Shawn Watts the process that I described above is pretty much what I did after receiving my masters from college. I found a mentor through a mutual friend and went to work for him at a very low wage. I put my time in (60-80 hrs/week), worked extremely hard, and never complained. Over time I made more and more money and was given the opportunity to gain significant equity. Notice I use the word "opportunity" because I don't believe anyone owes me anything. It's been almost 10 years now! I would consider my strategy very successful. With that said, the biggest issue I see with the younger generation (people between my age and yours 19-33) is that they are so impatient. Young adults these days think they should be the boss within a year of joining a company or that they should be able to live in a house equivalent to their parents house. They don't think about the fact that their parents worked for twenty years to get that house. I'm not saying that you can't be successful in a short period of time, but typically real wealth building requires time, patience, and partnerships.

Shawn Watts I would suggest finding a seasoned investor to hire you. At first it might only be on a volunteer or commission basis, but over time you might be able to work out a deal where you gain some equity in exchange for labor. This arrangement would be structured as a partnership. This would give you a great learning experience and long-term success, but it would require you to work hard and pay your dues. You'd have to be dedicated and hustle.

Duane Angell First of all, congratulations! Couple questions to get a better feel for the property. It looks like it was already removed from the MLS. Did you have to mortgage the property, or did you pay all cash? Did you do a complete tenant screening on the couple (i.e credit check, background check, employment check, etc)? Have you already signed a lease with the couple down the street or did you just agree on a hand shake?

I recommend reading Land lording on Autopilot. It has some good pointers and it's an easy read. Written by Mike Butler.

For example, if you have a rental that you put $20,000 of your own money into (regardless of the purchase price) and you make a profit after PITI and other expenses of $5,000 in a given year then your CoC return for that year is 25% ($5,000/$20,000) If you rehab a property and it takes you 6 months from start to finish. Let's say you put in $20,000 and make a profit of $5,000 then you repeat this again during the next 6 months, your annualized CoC return is 50% ($10,000/$20,000)

What type of developer? Residential?

Looking forward to it! Keep us posted as more details come through