All Forum Posts by: Gerald Peters

I’m at 12 single family houses all in my town. Haven’t ventured outside my area.

I have 12 properties in Huntsville...been a great place to invest. 

I think I secretly hold a small grudge against accounts and even lawyers. In my opinion accounts seem to get a pass for a lot of unethical behavior. Enron was made possible by accounts and lawyers but the CEO was the blame and the accountants flew under the radar. Virtually all wall street, banking, housing crisis and even the govt budgeting and spending is all made possible by accounts and lawyers. Yet we never blame the accounts. You can't commit fraud on large scale without the help of an account. 

Yes, I would most certainly agree if your building to scale of 25M range you need help, without a doubt. I forget sometimes some people are trying to do that. I'm a 20 houses and done guy. I have fairly rich friend who like you said outsources everything. He doing multi-million dollar deals he surrounded with people assisting.  I do think you can take the wasting your time of "low value" task to far. His kids have never seen him mow a yard, cleaned their own pool or painted a house, clean a house or change oil. Maybe I am wrong, but there is something satisfying and of "value" of learning to work with your hands and solve your own problems and be able to care for yourself without the assistance of others.

So you get an accountant. The account will recommend you get a book keeper. Then they will recommend asset protection. So you start with more insurance...umbrella policy maybe... then  people will scare you with you might be sued...So you need a lawyer. He will say could could easily sued so you need to form a entity. Which results in you filing another set of tax returns which means you pay your account and often your State more. Soon you share most of your profits with all the "professionals" you surround yourself with.

Natalie do you own rental properties?

I've never met an accountant that added value that I didn't know already. Turbo tax and little study all u need I think. Accountants count money few make a lot of money. I know more let them do my books then I'd let my real estate agent buy my rental houses. Maybe others have had better experience. Count your own money

I had similar issue but ultimately was roots in the lines and grease combined every few months I'm calling plumber. $3000 latter we replaced pipes from house to city all good for last couple yrs. could be more then just grease. Also they have a lease I assume? The moment my tenant told me what he was paying for instead of trying work with me that lease will not be renewed. I tell them that 30 days before their lease ends. I move every person out of the building use it as opportunity to fix whole place up and add more value to unit and raise the rents.

Business cycle is every 5-7 yrs, so natural course is a turn down. I hope we do have down turn I love cheap houses!!

I listen to both guys almost daily. They disagree with each other on many things. I just take nuggets from both. Grant is against single family houses that is nuts. Avg person has to start with SFH. U could own 5 cash flowing houses before u save enough for apt building. I use Dave to pound in my head stay smart don't buy dumb stuff and use grant to motivate me to think bigger.