All Forum Posts by: Hugh Ayles

There are too many variables for anyone to provide a range.  How much is your payroll?  What trades are your employees?  How much office staff do you have?

My agent does all of my business insurance.  If you already have an agent for your budiness indurance, check with them.

If you belong to NAHB, ABC, etc they dhould have a good list of agents to contact.

Your description of New Wesren is a bit off.  They are not turn key providers, they are wholesalers.

They so far have shown me properties that need rehab and some are better suited for flips while some are better for buy & hold.  Due to timing I have not purchased from them yet but they have shown me some good deals.  

Dan Castro is pretty active with lenders and investors.

A smaller community bank is the way to go.  However they want to see 2 years of history typically.

 From right here on BP.  You guys had a couple of good reviews.  I wish we had known about your system earlier.  It would have saved us about $2k in stolen tools as well as time lost dealing with cops and replacement tools.

Buy the system once and reuse it- that is a no-brainer.  It is easy to install and the system works.

 I have lived in Austin since 1991 and not until early last year was I beginning to start worrying about water.  I though it would take years to recover from the drought.  Lake Travis went from 620 to 677 (681 is full) in about a month.  It has held steady since the flooding.

Dripping Springs has become an alcohol mecca.  They have a few breweries, a vodka distiller,and I believe a whiskey distiller there now.  I think houses tend towards the higher end of the market.

I am real curious to see the full effects of the new medical school which is slated to come on line in 2017.

Since I moved here, there have been growth spikes due to large projects coming on line like Motorola, AMD, and Dell.  I anticipate more medical growth to take place over the next 2 years.  Hopefully this results in a biotech spike much like how Sematech was the birth of the tech boom in Austin.

@Rick Pozos

It is as simple as the Internet.  There is so much information available right now.

Then the gurus flood radio and internet with "make $20k per month just by attending my seminar."

Some newbies don't realize this is actually a business and not investing.  By that I mean with stocks you spend some time researching, you buy a fund or stock, and you quickly start making money.

In real estate there are many moving parts.

My first deal closes in a couple weeks and we will net a tidy sum that many would like to make in a year.  I am an overnight success 25 years in the making.  In other words I have 25+ years of commercial construction experience, I have owned a business for 7 years, my wife has been a Realtor for over 10 years, and we put in many hours to make this happen.

My advice to newbies is to find a way to work for a company involved in real estate in some form to gain experience.  I did not go the guru route but I know a few people who have and are doing quite well for themselves.  They are hard working people.  By reading this forum it is obvious you really must do some due diligence before going the guru route.

In another thread it was said that colleges and gurus are liars because both entities say you will make money by attending.

I think that comment was wrong.  Both entities will give you the tools to succeed but YOU have to do the work and use the tools.

Some wuestions you need to think about before you meet with the banker:

Why should they lend you the money?  Do you have vetifiable experience in real estate?

What assets do you have as collateral?  Real property?  Verifiable AR?  Cash?

Do you have a business plan?

I assume you already have an EIN.

What is your repayment strategy?

LOCs are typically short term loans.  They don't want to see you max it out and take the full term to pay it back.

@Brenda Whittaker

Sounds like you need some tough love.  First, if you have tried self help programs and have not had success, please consult a professional. If you are tight on funds, I bet you can find some help that fits your budget.  Just ask.

Second, many of us have hit tough patches.  You need to pick yourself up,dust yourself off, and keep moving forward.  I say this as I am coming out of a tough spot myself so these are not hollow words.

Look for some positives in your life and focus on those.  It can start as simply as I woke up today.

For me, it involves my dogs and my wife.  Saturday literally was the first day I have not worked since August (not including Christmas which I also took off, so I guess I had two days off since August).  I viewed that day as a gift and appreciated it for all it was worth.  It was nothing but time to myself.

Stop beating yourself up over things in the past.  You cannot change them but you can learn from them.

Thanks, @Luke Calhoun

Now I need you to find me the next one!