All Forum Posts by: Michael Bracken

Would you get tired of driving an hour to work? If you bought and fixed up an RV and then grew tired of the drive or worse no space for your workout, would you loose money on the RV investment?

Wow it really depends on your expectations and risk tolerance. Turnkey is the way to go if the investor has limited knowledge. You could take that 250k and continue to dollar cost average in the S&P 500 over 30 years and your returns would we outstanding. The world 🌎 isn't made of real estate 🏡 just made of money 💰😜

Great questions Andrew Johnson . I have not found a prop and won't even be looking until I have financing and a mentor in place. Possibly a partner. I would feel comfortable with SFH as I have experience in that area but not multifamily. I don't want to start up another SFH business out of fear that I don't understand multifamily. So my plan is to meet the pros, separate the wheat from the chaff, be humble, teachable and start again with what ever multifamily deal is appropriate for me.

Originally posted by @Joseph Gozlan:

@Michael Bracken 

What I do (regardless of deal size) is stick to the basic rules of real estate:

1) Make you money when you buy

2) location, location, location - after all that's the one thing that you can not change about a property

3) Cashflow, Cashflow, Cashflow - hope is not a strategy!

4) Real estate investment and wealth building is a long game - flipping is a job, investing is wealth building.

Sticking to these rules will help you avoid a lot of mistakes.

 Let's get down to it. See you Wendsday. ; )

@Crystal Smith That is really good insight. I have spent time working neighborhoods in south Dallas. People sometimes refer to as "war zones". But if you know the area and the shifting demographics there are properties to be bought with reasonable risk in blocks that are on the move. Also sometimes people use the phrase "war zone" for "out of my comfort zone". I would encourage anyone to drive the neighborhoods during the day and see for your self.

@Joseph Gozlan I would like to talk some time. I've been invited to meet with a property management firm in the area just to talk and learn from them. I'm gonna officially abandon my plan for a 10 plex out of state. A local 4 plex will be nothing to sneeze at for where I'm at. That will be a challenge in this area right now especially to work in professional management. It will be a great learning experience.

Plan:

(a) I've applied to the Veterans Commission for paperwork to get my 5 years no franchise tax LLC.

(b) Cozy up to a local credit union to refi cash out two properties.

(c) Receive conventional financing from credit union from 4 plex.

(c) Use MLS and compile list of properties and cold call (I've done with success) owners.

(d) Interview Property Managers

(e) Purchase property. Since I like to talk and have been in business in the area for years I already have a business CPA, real estate contract attorney, contractors and friends that do local fix and flip full time. What could go wrong??

@Jeff B. That's right. I have a SFR I've managed for years but you know what? The tenants have all been great. I can count the mistakes I've made on 1 hand. I need to count on two!

@John Jacobus Great advise. I have a meeting this weekend with a great money guy and house flipper. But not multifamily investor. Thank you

Your on the right track! I like to listed to every one of the podcasts. I find I learn something or get ideas from every single show.

I once did one of those free seminars that turned into a free exclusive seminar that turned into a big money seminar that turned into extra special big money personal coaching. Actually more than once. While not technically a scam, it was totally overboard. I don't think BP was around back then. Take my advise. Learn from your friends on BP and spend your money here. Its a much better value and I truly feel BP has your best interests in mind.

Now I have experienced a true scammer. But in lieu of a slander lawsuit I'll zip my lip : o