All Forum Posts by: Drew Holland

@Aaron K.

@Aaron K. @Jonathan Greene Are both correct and make great points.  Important to have everything dialed in with the great bureaucracy of California.  

Funding source could be an issue and it also sounds like he's stalling to push closing out and see if there's any changes/drops in the market to negotiate on or pull out.  He was feeling out the tenants as well to get additional information on property and situation.  Sounds like he's aware of his leverage and expertise over the deal too.  I've seen this sort of thing before on larger commercial assets where the buyer will keep pushing the closing out as far as they can as a negotiation tactic (that was in a healthy economic environment).  

Why isn't your JV partner mitigating this or moving things along with their cash buyer? Or why weren't they aware of the TDS, estoppel, questionnaire and 9a that he wanted. seems weird.

I could be way off and yet simply another perspective and practice I've observed.  
  

@Brandon Wong You need to be more specific, IMHO. Is there a specific deal or leverage situation you're referring to? Is there a specific equity, bond or index that we're comparing REI to? Are we looking at REITs, tech stocks, muni bonds, commodities, currencies etc.? What type of market are we in? are we short or long? Are we in futures, options, calls or puts? Too many variable here and doesn't really seem like we're comparing apples to apples.

It would help with your analysis or any challenge of that analysis if you provided what REI deal vs what other financial vehicle/strategy you're referring to. I'm interested to see the response in a real estate investing forum such as BP if we're using specific examples.

Perhaps I completely misunderstood, however looking forward to challenging my REI mindset and any investing philosophy.

Following...  

@Tony Nguyen @Simon W. Unfortunately not all the accountants on here can help you as there are certain nuances and details (often missed) that come with the management of larger portfolios (volume and revenue).  Property accountants, bookkeepers and data entry are not the same.  Most accounting functions can be done virtually.   

Sounds like you're losing a really good leader for your team which can take time to replace.  As @Ben Day astutely noted, if the management team can maintain solid systems and documentation it will make finding your bookkeeper much easier.   

@Jerryll Noorden  Thank you.  May the Force be With You!  

Happy Star Wars Day! and Happy Investing!

@Alexandria Sorrell  

Most of the online information (Jerry Norton, Max Maxwell, Clever Investor, Wholesale Inc.) is an ultimate effort to sell you on their software or program; be wary of this and they still have valuable content and information.  

Pick 1-2 markets with population over at least 50K and you should have some familiarity with the area (IMHO).  There is opportunity everywhere so it's hard for someone to say; go after this market or that market without more information.  

PM me and I'll share what I know.

@Mason Schuster  You may not have a great deal and need to go back to the seller; happens to wholesalers from what I understand ; ).  An investor will need a lot of "meat on the bone", especially in this environment and depending on your market.  From there either execute the contract again at a different price or cancel the contract if you two can't agree on price, and move on.  IMHO

Following this post to see what other, more expert, investors say.   

@Tony Nguyen Please PM me. My company preforms bookkeeping and financial services for REI companies. We only work with REI companies and everyone on the team has a strong history of working with REI firms. We're familiar with multiple markets and if you need someone local instead of virtual we can help you with that as well.

@Antonio Wade PM me please.  We have a few properties in Houston in the pipeline.  Like to know what you're looking for.  

@Jerryll Noorden How have you seen successful investors, wholesalers and agents build credibility?  

@Josh Jensen  Not sure where the entrepreneurial spirit is in here...  We're supposed to be mavericks and risk takers; deal makers and not dream takers. haha  I say go for it if you find a good deal and you'll make it work.  

As a suggestion put your retirement into a SDIRA (self directed IRA) either through your own business or in your wife's name. I can point you to some experts in this field (PM me). From the SDIRA you can trade the market (can do this is most IRAs anyway), more importantly you can use it for REI. One caveat is that it needs to be seasoned 5 years to use. I'd look at doing this anyway if your intention is to continue in REI.

Another option is take an early distribution; you won't get hit with the penalty because of the CARES act and use those funds as your emergency and then invest the rest in active REI so you can grow it. your 40k will grow much faster in active REI than passive stocks, which are about to get hit again (not a popular belief, maybe).

Push off your student loan debt as far as possible or structure your payments so they don't effect your cashflow.  Should be able to do this with lender too because you've been affected by COVID.   

Create a strict framework for your deal and only buy if it fits that framework.  Be disciplined and patient.  Meanwhile build up some sort of RE business, or RE license and continue to be a student.  Between Utah and the family you can also build in economies of scale and save money buying in bulk.  You'll be good, and I see more options than obstacles here.    

I also have 3 children (another on the way) and have been rocked by the pandemic economically.  I keep something in my mind from childhood - "When the going gets tough, the tough get going".  Maybe you can use that in your life as well.  Go for it and if I can do it, you can too.  

Also I'd like to protest Microsoft's ruling on making double spaces after a period in MS Word an error.  Weak sauce.