All Forum Posts by: Elijah Faas

Quote from @Michael Smythe:

Opportunities like this don't come around often, so may be a hard decision.

Is he willing to allow you to keep working on your apprenticeship, but you shut down your window cleaning company and work every other available hour with him?

Also, don't fall for a crafty old guy looking to take advantage of you. If this guy wants to do everything on a handshake - insist that everything has to be in writing. Find a good attorney familiar with partnerships (NOT a jack of all trades attorney!) to make sure anything he draws up doesn't take advantage of you.

We had talked about trying part time to get a feel for the business and I would work around my electrician job. 

It is definitely a good idea to get everything written up by an attorney. Thank you for the advice.

Quote from @Account Closed:

How much is he paying you?

 He said he could start me off part time and pay me around $20 an hour although that is negligible. I would guess full time would be around 80k to start but I am not positive. I emailed and asked him to know for sure. He mentioned lots of profit sharing and additional equity based on my performance. 

So this may be a long winded question, but I am in need of some life advice.

I am an 20 year old real estate investor with one duplex. My W-2 is an electrician and I own a window cleaning company that I started about three months ago. However, an opportunity has came up in my life. 

I was doing door to door sales for my business when I knocked on a guys door who happened to own a CPA firm and real estate investing business with 200+ properties. He works solo besides a property manager and maintenance people. He is 74 now and is not wanting to slow down. Anyways, I cleaned his house and he then wanted me to clean the windows of his office building. I of course did them and when I was nearly finished he stopped me and essentially offered me a "partnership" in the company with an equity stake. We later had a more formal in person meeting where we talked more. He said he would offer me a full time job as a partner helping with marketing and building the business. I asked him "why me" he explained that I was punctual, on time, and very driven. 

To take this opportunity, I would have to leave my full time electrician apprenticeship job that I have been working my entire adult career towards. It is not a dream job but it pays the bills. I have 2.5 years left in my apprenticeship until I am a Journeyman electrician. 

Long story short, I am looking for some advice. This opportunity seems too good to pass up especially when my goal is to own a real estate investing company. The only issues are that he is expecting 45 hours a week in office, no working from home, when I am very used to not being stuck in an office as an electrician. He would also prefer I put my personal RE investing on hold and put a halt to my business.

I know this may be super random but any advice is greatly appreciated. Thank you everyone for your time.

The biggest returns would be in your bathrooms and kitchens. Depending on the age of the house there might be some hardwood under the carpet too which is great way to generate a large return. While the size of the kitchen will vary, you can usually renovate one for around 5k with new cabinets and countertops if you make it a rental property and are not making it extremely nice. Just the standard white cabinets from Lowes would be your best bet for a rental.

So this last July I purchased my first duplex using traditional financing which has been going very well. I now have found a land contact deal for 170k purchase, 6k down, 4.75% interest, and a 5 year balloon. Comps in the area are around 150-160k. Rents should be around 1500 and there is also a detached garage that could be rented out for ~$100 so the whole place should cashflow around 300 a month doing a long term rental with reserves accounted for.

Is there something I am missing? This seems like a no brainer for 6k down but I just need some opinions. Ideally I could talk the seller down to 165k pp and 4.5% interest. Thank you for any input! 

Hey all,

A deal has recently fell into my lap. It is a land contract for 180k with a 10 year balloon, 15k down, 4.75% interest. Its a 2 bed 1 bath in a area of town built around the 60's. P&I would be around $860, $200 for taxes, and $65 for insurance. Monthly cost of $1125. Rent would be around 1450-1500 for gross cashflow of around 350-375.

I am currently 20 years old and just purchased my first duplex in July so I am sort of tight on money. I like the deal however the house is priced high for the area. The highest comp I can find in the area is around 165k. Additionally, I could get half of the down payment financed by the seller at 6% for 6 months. (Just an option)

What is everyone's thoughts on the deal? I will need to borrow most of the down payment as I am tight on money but the house has a brand new bathroom and waterproofed basement. Am I just excited simply for the fact that it is a land contract and not bank financing? Any thoughts good or bad are welcomed.

Thank You!

Hey Preston, 

I would be very interested in getting to know each other!

Do you have a facebook, instagram or phone number that way we could get in touch?

Thank you for reaching out,

- Elijah

Hello everyone,

I am a 20 year old aspiring investor who has been reading and listening to podcasts for almost 2 years now. During that time I was saving up money and going to school. I currently work as an electrician in La Crosse, Wisconsin.

I am in search of a similar aged accountability partner or group to gain and give knowledge. It would be great to meet new people from anywhere. Thank you all for your time in reading this!

- Elijah

Hey everyone!

At the moment, I live for free at my moms house after I finished college. She said I can live there as long as needed until I get my first property. I'm in an electrical apprenticeship program and will be done in 4 more years of working full time. My pay substantially goes up each year until I am done with the program. I wanted to house hack and buy a duplex or triplex and force appreciation by improving the property while living there. 

My problem right now is a lack of capital. I am saving about $350-$400 per week which is 80-90% of my paycheck. I wanted to house hack but because I would get an FHA due to low capital, I would have to live in the property and it would most likely negatively cashflow a small amount. If I continued to live at my moms house, I would keep living for free.

Would I be better off saving up 20-25% to put down on an Investment property that would cashflow or owner occupy a FHA property so I could get started now with the money I have even though the property may not cashflow.

Currently have about 10k saved up and are pre approved for an FHA loan under 200K

All input is welcome, thank you all!