All Forum Posts by: Dean H.

@James Wise

This is great!!

I'm an old man of 62 but it took a lot of tumbles to get where I am. The nice part of being the old man in the room is I can just plug along on my path and don't even desire to play the game hard like you young bucks and does do.

I can invest in single family for all cash in B - C areas for cash flow and you youngsters can tell me how much more I could make with leverage in multi family and I can just turn down my hearing aids and chuckle. I've been down the leverage road since an amortization table was in a book, yeah like a paper book.

I can put receivables in a shoe box until there is enough in there to buy another shack because I don't even want a newer car or boat. As long as I can remember where I stashed the box every 6 months or so there just seems to be enough in there to buy another pig.

I still live in my own home but when I remodeled it years ago I did put the master on the ground floor and put 36" doors in so I wouldn't skin my hands wheeling the chair around. You youngsters all want to live in a loft these days, I still remember when it was cool to have forced air with the ducts under the sheet rock.

I'm just going to waddle down the hall now and enjoy the fact that I raised 4 kids to be more successful than myself, have some great grand kids with more on the way, my lovely wife has stayed with me on this crazy train and maybe they too will want a shoe box full of deeds someday.

You youngsters rock on and get the world tackled, as long as I can still see the screen on my laptop i'll enjoy reading of your victories and not on BP and James I just enjoyed another tenants from hell a couple hours ago. 

@James Wise

@Chaz Desousa

I use Grady McDonald at Quality Title

@Jennifer Velez

I bought my third buy and hold rental for back taxes, worked out a repayment plan with the county to pay taxes within 3 years. A qualified tenant door knocked while we were cleaning out and paid rent in advance. After paying clean out, closing costs, and a little touch up paint I think I had about 200 bucks in cash invested. Rent more than paid the taxes off in 1 1/2 years. I have had the property 5 years and it still lays a golden egg every month.

What can you do with 10,000 bucks, amazing things but you have to find the deals and pounce when you see them.

Tax Liens ?

Crowd Funding ?

Just get out there and dig !!!!

1. Motion activated barking dog alarm ( yep, they make them ) 

2. Leave little pieces of pex pipe in front flower bed ( copper bandits will think they are too late)

3. If you have a trustworthy neighbor have them randomly park their car in the driveway

4. Lights and a TV on multi day timers set at random times

5. Don't leave materials out ( other than the pex scraps )

I was going to respond but after the " all women are completely insane and crazy " remark above my wife said no one would pay attention to my bat **** crazy sarcasm so i would just be wasting my time 

We use Quick books Pro and do book work for 5 property owners with 150+ properties. We use classes to track individual properties and i'm wondering if you could set it up as each LLC as a class and each property as a sub class? Maybe someone will know if the co-mingling would break the veil of the LLC's or will anyone other than you and your accountant ever know ?

Once you know the tricks to setting it up for real estate Quick Books is easy and generates nice reports.

I’m disqualified to respond

I’ve invested in B- to C+ Properties in the Memphis market for years now and one of the first things learned years ago was just don’t have any debt on them. When there’s enough change in the jar it’s time to buy another 🤪

@Jay Hinrichs

I guess I consider myself one of the lucky ones. Jay took the time 5 years ago to explain the pitfalls of investing in these types of properties and for once I listened, well partially anyway🤪

I’ll be in Memphis next week looking for more gems,,, but it will ALWAYS be all cash in the areas I operate. 

I still owe you lunch Jay

Thanks again

Edgar, I have found over the years that the easiest way to show a down payment is to have it

2324 miles