All Forum Posts by: George M.

As far as when’s a good time to buy? Who knows? If it’s a deal for you that conservatively cash flows, get it done. If you are speculating or stretching numbers to “make it work” on paper, It’s probably not going to work.

Your best properties are going to be the ones that you know it before you even run the numbers.

Dennis and Russell’s comments resonate with me. I was not in the RE game during the recession but just out of luck I was starting my professional career. I had formed a pretty good relationship with my landlord at the time since I wasn’t a dirt bag and proactively informed him of little stuff and took care of many things myself. Somehow or another we got talking about investments and his advice was “if you can afford to invest $100 a month, find a way to make it $150, this is an opportunity of your lifetime.”

While all of my friends were YOLO’ing, I was plowing every disposable dime into American stocks. Because really if the economy had collapsed, That money wouldn’t have been worth anything anyways.

Now if I only had a dollar for every time one of my friends said “must be nice to have _____”

5 years of sacrifice set us up for life

I am naturally introverted, it is possible to get comfortable socializing, presenting, or talking with people. It may take a while. Just ask open ended “how” and “what” questions. You won’t have to carry the conversation if you keep along these paths. Plus extroverts love to talk about themselves so they’ll think you’re very sociable, but in reality you aren’t saying much. +1 to the person above who mentioned recharging the batteries after an event.

I have used the Giani countertop paint for a college rental. I would definitely recommend this product for a low end rental or something like a college rental that will be abused. It extended the life of a crappy abused laminate countertop that had chips and burns on it for another 2 years and running for $100 out of pocket. Is it perfect? Nope. Would I install it in my house? Never. But is it solid for students who will be jumping off them and doing keg stands. Yes.

Trust your gut feeling. Every time I have gone against my gut feeling it’s turned into regret and headache. Don’t get nervous if the place isn’t renting. You’re better off to drop your rent and get a great tenant vs. roll the dice on a sketchy tenant for more $.

As many have said here. Hire a CPA. Although you may find that your options for offsetting your Income are slim If you make above $150,000. High W2 income is a good thing....save and invest.

Many of the tax deductions mentioned previously (depreciation/repairs/maintenance) cost more than the benefit. The Tax Man comes back for depreciation recapture on the back end and repairs have a real cost. That cost exceeds the benefits of a ~30% recoup from tax deductions. Don’t let that discourage you from real estate investing. Real estate can help you build wealth if you invest prudently (or lose it if you don’t....)

Everyone has different goals. Maximize wealth vs cash flow. What do you want to accomplish? Own a small number of properties with a lot of cash flow or a large number of properties with less cash flow. I have a “very scientific method” that I use to determine my success. $/headache haha. I’d rather have less headaches.

@Dustin Hickey. The outside looks fine. Spend your money inside for maximizing rents.

Welcome to the site!

Originally posted by @Steve Vaughan:

Way to go, Frank.  Funny how others take all the success and advice you so truthfully and generously mentioned and only respond that they would do it differently.  LOL

A few of my favorite tips are work hard, budget and marry right.  Nobody will out-earn their own or their spouse's stupidity spending. Luck is hard work meeting opportunity.  We make our own.

I met a new BP colleague at a unit I was turning yesterday.  Work clothes, under a sink with plumbers putty and pipe dope on my hands.  This is where the magic happens I said.  Get a unit, save and get another. Pay them off.  Not too sexy.  I am nothing if not pragmatic and bluntly truthful. Like you outline here in your excellent post.

Congrats to you. You've certainly earned it!

 Well said.  Pretty much my exact thoughts of the situation.  “Wow all these people hating on Frank when he did it right, won the game, and can sip the cuba libres on the beach”. Haha.  Well done Frank.  Why risk it all with leverage when you’ve already won...

I have not yet had to deal with them in my units. I have been bit in a hotel.  They were the itchiest bites I’ve ever had.  Those pics are horrible.  How did they let it get that bad?!?!?