All Forum Posts by: George M.

Keep your current vehicle and write off the business mileage. You’ll likely come out ahead. Discuss with your accountant. Vehicles are such a drain on purchasing power, especially when starting out.

Industry can’t get enough qualified tradespeople. A two year program in welding, machining, or HVAC can write their ticket. For people who want to work, 100% JOB PLACEMENT WHILE STILL IN SCHOOL BEFORE GRADUATION.

Or consider joining an apprenticeship at your local union hall. Get paid to learn. Need to change a service panel in your rental? If you’re a licensed electrician, no sweat...

High voltage lineman school? Two year program, make 100k out of school.

@Frank Wong +1

Everyone is selling. Most just don’t realize it. Once you flip that switch...

@Joseph Russell if you are looking to update infrastructure so it’s less maintenance, then just coordinate with the tenants. If it’s cosmetic, consider doing on turnover or renewal of lease with the increase of rent.

@Kelsi Dockins. I wish you the best. This seems very risky as an out of state investment. Any opportunity to sell to the tenant? Might be a quick way to double your money and unload the risk.

Electronic deadbolt with a keypad. It’s worth the $100. You can enter multiple codes such as a master code for all properties that you don’t give out to anyone. Store contractor codes that you can provide and delete when the work is done. Easy.

Put it all on red?

I likely spend 50% of my free time trying to source deals. It’s a lot of time. I do it because I live for it. I outsource most of the hands on stuff because I don’t want to deal with it.

My $/hr is probably low, but I don’t care because I love finding/making deals.

You can make anything look good on a spreadsheet. Beware of low down payment deals with thin margins that have high COC returns. It only takes one event to make that property a loser for the year. You will try to use logic and say "but I'm paying down the debt too!"

Trust me, you will hate that property.

If you save up and put in a healthy down payment and have solid cash flow that covers incidentals, it’s mindless. You won’t be going back trying to squeeze every penny out of the house trying to get it positive. You can focus on what really matters. The next good cash flowing property.

@Dennis M.

Good points. Also I recommend managing at least your first property to get a handle on what’s reality.