All Forum Posts by: Frank Manning

My thought would be to start small with family and friends. IRA’s are a very sensitive investment—anything related to a retirement nest egg is. I see it being very difficult to 1. Convince investors to hand over retirement money and 2. Pry that money away from their Financial Advisor that they likely have a relationship with. I think your best bet is to do it on a smaller scale with people you already have a connection with. Just my 2 cents. Good luck!

I am seeing two 12 unit Multifamilies in Milwaukee WI this weekend. I’ve run the numbers a bunch and am having trouble coming up with a good number to budget for cap ex and repairs. For Capex I have an estimate for what the roof, water heaters, interiors, etc will cost over the next 15 years. I’ve then divided that into monthly payments. Is this a good way of analyzing it? For repairs, I’ve done it on a per door basis and have budgeted $100/door/month. That one I’m a little less sure of. Units rent for between 550-750 and the property is in decent shape (C class). Any advice on how I should be thinking about or calculating these costs would be greatly appreciated!

It definitely can be overwhelming. Even the podcast makes things a little difficult because you hear so many different strategies. I’m in the same boat as you—just had my first deal fall thru before closing. I realized I need to be more specific in my goals and more proactive in speaking with people who have been successful. Most of the podcast guests say the biggest thing that separates successful investors from those who quit, fail or never get started is having the courage to start. Everyone’s got to do it. I’m right in the same place as you. Good luck!

Hey Patrick,

I would recommend using cozy.co . My family has used that for the past year and the service is amazing. Would highly recommend switching over.