All Forum Posts by: David Dachtera

Purely my opinion ...

What we've been seeing is not inflation, it's corporate price gouging.

There was a report on Good Morning America today about breakfast cereal, for example. It was reported that even with decreasing sales, General Mills increased retail prices of it's cereal products. GM claimed that supply chain and other issues increased production costs. Yet, instead of decreasing production to match reduced sales they raised retail prices further reducing sales.

It appears that America's business schools are failing miserably.

@Ryan Marble,

So far, no one has mentioned that you're looking at getting into two businesses: Real Estate investing and Hospitality.

Real Estate Investing  relatively straight-forward.

Hospitality, on the other hand, is much more of a people-centered business.

Think of any hotel or motel where you have ever stayed. Consider all the amenities provided - the parking lot, the building, the rooms, vending and ice machines, bedding, towels, linens, toiletries, etc. Now, add things you might find in higher-end extended stay hotels like a fully equipped kitchen, pots, pans, dishes, flatware, laundry facilities, etc. Then, add in things like coffee supplies, packaged foods for breakfast, "lunchables", non-perishables, etc., ...

Rather than focusing on the dollar signs, focus on why travelers might prefer your properties to other choices available to them. Profits come from popular, desirable properties. Focus on providing the consumables, profits will follow.

Hope this helps ...

For properties where the utilities are off, this can help you discover potential plumbing issues:

At the home improvement stores, you should be able to find the fittings to make an adapter for connecting an air pressure tank or portable compressor to a hose bibb. You need a male quick-connect fitted to a female hose fitting. Even just a pressurized air tank can help you find if the plumbing will hold pressure. Turn off all the faucets and the shut off under the toilet(s), then apply air pressure to the hose bibb and open it. City water pressure is around 50 PSI in many places, so no worries. If the pressure doesn't hold or you notice water being forced out of any pipes, you know it may have plumbing issues.

For electrical, FHA inspectors use a generator connected to the power panel. I don't actually recommend anyone to do that. However, what you may be able to do is use a power inverter - 12V to 120VAC. Make a connecting cable so you can plug the output of that into a wall socket. Turn off all the breakers, unplug the fridge, and test circuits one at a time by connecting the inverter output to a socket and test other sockets on the circuit with a drop light or a lamp. If the converter reports an issue or the light doesn't come on, there are likely electrical issues.

Gas, of course, is another matter. Don't mess with it.

Just some ideas. Others may provide better input for you.

If you can find a class on home inspections, that might help you know what to look for. Especially around older communities like Cicero or any older homes, you want to look for what's known as "knob and tube" wiring - individual conductors, possibly uninsulated, strung inside walls and other spaces using ceramic "knobs" as insulating suspension. The tubes are ceramic pieces insulating a wire passing through a rafter, stud, etc.

Hope this helps ...

@Margie Butts,

I don't actually recommend mentorship programs. IMO, you're better off taking some education.

"But, David, we have 10 properties already, we're experienced. Why do we need education?"

You'll learn what you've been doing well along with what you could be doing better, as well as costly mistakes you should avoid, even if you've already been making them.

A community of fellow students usually comes with the education - people with whom you can network and benefit from their experience. That's in company with your instructors with whom you will likely have personal contact. The education I'm connected with has around 29 instructors, as opposed to the one or the few you may have in a mentorship program.

My $0.02 ...

Whether she's eating it or not, she's doing damage to your rental unit.

Consult your attorney, and take the appropriate action. Be prepared to make provisions for someone who may be mentally ill.

My $0.02 ...

I sent a connect request. 

Admittedly, I am biased. My recommendation would be to look into Renatus's offerings. The courses are now available "ala carte": you don't need to put out tens of thousands of dollars just to get the course(s) you want.

The Tax Liens and Deeds instructor is a licensed broker in Idaho with 16 years experience including 14 years coaching both new and experienced investors.

Message me privately to discuss ...

Important to remember: It says "Z-ESTIMATE", not "Z-appraisal". Software is making the best guess it can based on the available data - no human is involved.

You may have paid "cash" "off-market". However, as soon as anything is recorded or published which indicates a more recent purchase price, that change in the data will effect the outcome of the calculations.

Hope this helps ...

Yes - talk to an attorney.

I'm not an attorney. However, from what you've posted, I believe that since you're still on title, you have an ownership interest and since you're still on the financing you have a liability for that debt.

From my own experience, my ex quit claimed the house to me even though she was awarded the house in the divorce decree in 2010. However, she was still on the mortgage (which means it showed up as an open account on her credit report) until I sold the house at the end of 2016.

My $0.02 ...

@Mike Boss,

We have the expression, "cut your losses". That may apply in this case.

My $0.02 ...