All Forum Posts by: Earl Hatmaker

@Greg H. You sure they need all those chickens!?

@Max Walker not possible unless you use other people’s money and even still you’ll need more capital for the unknown...

Magic formula: buy under market value, add value, sell or hold.

For a newbie, get your credit up and get an FHA LOAN. House hack a duplex or quad depending on your finances.

Good luck!

@Greg Gibson my company does something a little different and it varies county to county on what the logistics are... I’m in the process of buying a $100k place for pennies on the dollar. DM me and I’ll send you some information and you can dig a little deeper to see if you would be interested!

Small risk, big reward.

@Jeremy England I hope all your calculations are correct.

Keep us updated when you start to cash flow. 

In the future you should look for something that cash flows right away. You already maxed out your rent and your loan, what is the upside here?

SO you were all in for $78,000 and then after 6 month you still owe $78,000? What did you do with the other $22,000? You say you paid back a "lump sum" but didn't specify how much.

If you have negative cash flow on just the re-fi before taxes, cap-ex, repairs, etc. why not sell it for $95k you said you can get and take your $10k and walk away from this as a learning curve and you made some money. Find another deal do it again. 

People are saying in todays market they cant find a property that cash flows? Why are you buying the deal. If the market turn, which it will, what are you going to do when that house is only worth $75k? Your re-fi isn't being covered, your renter moves out, you have your turn over cost, holding during that time, etc.  You'll be bleeding money into a house that isn't worth what you owe.

DUMP IT... Don't get emotional about the place, if you can make something and learn a lot, SELL IT

UPDATE:

First off let me say thanks to everyone who posted on here and for all the confidence boosters!! 

Secondly. Wow! I went in with a plan and things went really well. I have pages of notes and what his genuine opinion on what I should do next. Best of all I am able to have a yearly meeting and possibly more in the future depending on what gets done between now and then. This will give me a lot to accomplish over the next 12 months. 

I wasn't really sure that I would get into multifamily but now I am 100% this is the way we will be moving in the near future.

PLAN, TAKE ACTION, SUCCEED 

~Earl

@Kirk Perecich get another job. Open you own business. Do something.

You don't seem like a problem solver to me and that is what it actually takes to get involved in REI not the 20% of a "nice place" or 100% of a turd.

Figure out how to make more money, legally, that seems to be your issue.

@Robert Leonard thanks Robert!

Thanks Zach! I originally sent a letter asking to his understudy, to him directly, so I a hoping this is an "interview" for something along those lines!!

Hey BP family!

I decided to take action this year and have already made some waves in the pool. After a year of fear and second guessing myself I sent a letter stating my search for a mentor to the founder of a local REI firm.

This week his assistant reached out and set up a meeting for TOMORROW (1/19/19).

He and his company has over $2 billion in apartment holdings and I am wanting to make best use of our time together. I am sure not everyone gets a chance to meet with this individual but one of my other companies allowed me access to him and I didn't want to regret not taking a chance.

With that being said..... 

What would be some advice for a 1 hour meeting with someone who could completely change the way I am doing things?

How can I structure this meeting to not waste his time and also best show my knowledge? 

Has anyone found a mentor with billions in assets right from the start? 

What questions or main topics should be covered?

What would be the one thing to NOT discuss?

Am I in over my head?

I am very nervous about this as I do not want to miss an opportunity to find a mentor who is at the top of their game. This could completely change things and I want to be sure to crush this hour I have been allotted.

THANKS in advance BP