All Forum Posts by: Daniel Schiller

 100%.  But it could be interesting if you structured a scaled and timely transaction; maybe.  Just thinking out loud on this one.   

Again, everyone's situation is different and we all have our own opinions on the path forward, but I believe real estate investing is a much better launching point than studying business in school, where at best you remember 10% of what you learned when it becomes applicable if its even relevant.   

I must say my wife vehemently disagrees with me on this, but I believe buying multi-family properties for my kids to manage we they get older is a much better investment than sending them to my alma mater for they same price.    Unless they intend to pursue a STEM degree.   

@Cory O'Dell I’ve been helping out a friend with a problematic rehab after a long term tenant abandoned the place. Coolest thing out of it was finding an awesome old road bike when clearing out the Jumanji backyard. Neon paint and a tune up and it will be alongside my chrome plated standard!

But seriously the only reason I’d consider this deal is if I had a right of first refusal on all the other properties with a firm understanding of their condition. If that were the case, I might view Deal #1 as a loss-leader.

@Michael Warinner good for you! keep up your education by reading as much as possible, get out there and kick ***!!!

@Rafael Rosario I’m also at shocked at recommendations for books written by people who have made more money marketing and selling books than on their subject matter.

If you read only one book on real estate, make it The Real Estate Game. The Real Estate Game: The Intelligent Guide To Decisionmaking And Investment https://www.amazon.com/dp/068485550X/ref=cm_sw_r_cp_api_i_AzEsCbBF3EPFJ

@Cory O'Dell the numbers don’t make much sense to me regardless of financing structure. You also didn’t mention the conditions of the structure or whether there are deferred maintenance issues non addressed by a semi-engaged landlord. What’s the rest of his portfolio look like?

@Daniel Schiller the hilarious end to that story was he kept telling me “no worries, you can just reopen them after closing.”

... and I was declined for “lack of available credit.” Don’t listen to that guy. Move on to the next lender.

@Jason L. No no no. Find a new lender that's a regional bank or credit union. They will lend directly to the LLC with a personal guarantee requiring 3 years of tax returns, a personal balance sheet and declaration you aren't involved in any lawsuits (or disclosure of details if you are.)

For reference these are non-conforming loans; also called “portfolio loans”. That’s all you want for investment properties. Then build the relationship and start pushing for non-recourse on future deals.

After you close the deal and all your accounts with current bank, go find a nice gift box, fill it with dog poop, write a nice note thanking the guy that gave you such poor advice. He sounds like the UBS guy who insisted I close my credit card accounts with zero balance when purchasing my first primary residence.

@Greg Gibson paying down your credit card debt is your best ROI. Househacking a duplex next; otherwise I'd buy a small fleet of Toyota Yaris and rent them on TURO until you build a reserve to buy something worth your time.

@Mark Fries hope is not a strategy.