All Forum Posts by: Duke Marquiss

There is bad debt and good debt.  Leverage can be your best friend and your worst enemy.  Be careful.  Grant Cardone is correct in his belief that you can do a $1,000,000 with the same effort and steps that it take to do a $100,000 deal.  Mostly it boils down to your comfort level and pain tolerance.  If you are not scared, then you aren't working on big enough things.

Colorado legalized and taxed.  The business is booming - not just the pot smoking but also the edibles, creams, salves and the list goes on.  Price-wise, Guido the killer pimp that sells down behind the K-Mart by the dumpster has a better price for the weed than the dispensaries but he is illegal and they are not.

I don't think they will have a big downturn in the market. Just my opinion. 

If it walks like a duck and quacks like a duck, it most likely a DUCK.

I have gone to my fair share of these gotcha meetings.  I have been sucked into several where it sounded really good only to find out that their system was nothing more than you can learn or figure out yourself.  

There are seminars out there that teach people how to do seminars and ratchet up the ante on each succeeding one.  Once you have paid for one you feel that you might as well and go to the next level.  Ouch!!!

I admire you for walking out.  Good thinking on your part.  

Way to go!!!

I have found that it is best to replace the roof when in doubt.  This is one item that even if wholetaling or wholesaling it pays a greater than 1X increase in value.  A bad roof makes a lot a potential fix and flip buyers hesitate, so if buying and then flipping it out, get the roof and any structural items done and the money will come back to you.  Find good roofer and foundation people in your area and give them all of your business in order to get a great deal on their services. 

A good roofing contractor will even give you leads on properties where they have gone out and given someone a bid and then they said they could not afford it.  He gives us the lead and then we followup and if we get the deal, he gets the roof.  Same for foundations.

A good roof is about like new carpet - makes the deal with less hassle in the sale process.

Good luck.

I have found that it is best to replace the roof when in doubt.  This is one item that even if wholetaling or wholesaling it pays a greater than 1X increase in value.  A bad roof makes a lot a potential fix and flip buyers hesitate, so if buying and then flipping it out, get the roof and any structural items done and the money will come back to you.  Find good roofer and foundation people in your area and give them all of your business in order to get a great deal on their services. 

A good roofing contractor will even give you leads on properties where they have gone out and given someone a bid and then they said they could not afford it.  He gives us the lead and then we followup and if we get the deal, he gets the roof.  Same for foundations.

A good roof is about like new carpet - makes the deal with less hassle in the sale process.

Good luck.

Well defined and very accurate.  I hesitate to tell you how many hours that I have spent ingesting knowledge of real estate, but it that knowledge that gives you the edge.  You did not mention the scars that you get along the way, but we each have a few.

The one thing that I learned early on is to "Eat your Frog" first thing. Makes the rest of the day feel really good.

Thanks for sharing.

You may be able to utilize the above info to negotiate a lower purchase amount.  Still not a bad deal.  If the units and location are good, you may have a little longer vacancy for turnover but should be able to attract better tenants with move in concessions.  My partner and I have a 20 unit in Gillette and have noticed a slight increase in vacancy but are able to attract new tenants with waiving half of the deposit or breaking the deposit into 4 payments and sometimes a 50% on movein month.

Gillette is way more hit by the oil decline than Casper, but the price of oil has rebounded from $28 to over $50 per barrel as of today.  

Maybe you negotiate a seller carry back with a low interest only to assist you with your down payment requirement.  

Good Luck.

@Dave Foster  Good point. I think I slept through that part of the class.