All Forum Posts by: Ian Tudor

@Dhanush Kondoth - I do this in my mobile home park. 

One of the tenants is a maintenance man and property manager. He is an independent contractor since he can work on his own schedule. Have a contract for the work for he is to complete. If he doesn't perform, then you can fire him and hire someone else. He carries his own insurance, which covers me from liability. I spoke with my insurance company to make sure I was covered.

He sends pictures of the mobile home before and after. The fire marshal went in behind him and clear a unit so I felt comfortable going forward.

Sometimes you have to take a risk for part time work. The perfect worker who works for low wages is hard to find. If it requires a permit for plumbing or electricity, I call a professional in.

@Anita Ahuja - Sometimes the best way to find answers is to invert the question. Why do you want to hold onto it? 

@Christian Clauson - I've been fortunate with several great mentors over the years. But, I will say you have his attention if you are investing directly with him. When his money is at play, he tends to answer questions quicker and be more of a resource. 

Deals are the easiest way to do this. 

People always seem to answer to my emails faster when I tell them I have a good deal. 

@Stephanie Swanson - hustle

@Rosston Smith - A good rule of thumb is to not let someone get more than a month behind because they usually don't catch back up. If the market is good by your area, I would let him go. It's fine to be empathetic in certain situations, but a "few months" could easily be forever. Better to move on. 

Is $550 market rent? 4 years at the same rent seems like the previous owner never raised rents or the area is depressed. 

@Adriana L. - try to break the properties apart in valuation. In other words, what would the value of the residential be if it were stand-alone? Then do the same for the commercial piece. Add the two together to get an idea of what one might pay. 

I would take an income approach more than a sales approach for this one.  

@Chase A. - Network. Learn. Take Action.

You might not know what track you want to take in real estate and that's fine. There are a lot of ways to do it. There are 100+ ways to do real estate, so continue to explore. I suggest you start to learn the business by doing. Find what you like and dislike. Make mistakes. Don't sit on the sidelines and read for 4 years. 

Here are a few ideas:

- Get your RE license and sell (I personally would lean towards commercial, but there is value in residential too)

- Find local mentors to learn the business

- Wholesale properties

- Work for a flipper

@Shaun R. - Good advice. I love that you shared this. It's important for people to hear. A supportive and understanding spouse is key part of a real estate team. 

I started a real estate company at 26. To date, I've closed over $2M in deals. You might feel like I'm bragging. But, the only difference between the person living their dream and the one thinking about it is that the first person bit the bullet day-in and day-out until they’re dream became a reality. The majority of excuses that people have aren't real. It's an illusion of the mind. Your post confirmed this. 

There is no reason why you aren't enough to start today. Good luck brother!

@Brianna H. - Continue to invest some into 401K to have some money in case your real estate ventures doesn't play out. It's a solid vehicle to build wealth especially if you can get a company match.

However, if your goal is to use rental income for an early retirement, the 401K is an indirect way to achieve your goals.

Quick story - one of my mentors is in his 40s and a multi-millionaire. However, most of his money is in tax-deferred accounts. He doesn't love his job, but he continues to work because he has a daughter. He has accomplished what most people are after but he is somewhat stuck. Choose financial freedom over a big number on a computer screen that you can enjoy at 59 1/2. 

I'm sure there are ways around this as I'm no tax expert, but I think people should invest for income replacement and cash flow. It's easier to transition and jump off to something else if you want to even if you give up some on the back end. Life shouldn't start at 59 1/2. It should be a fun journey throughout. My 2 cents. 

@Matt Kieffer - Yes, weed out the people to save everyone's time. I put that I do a background and criminal checks as well as the income they will need to qualify. In addition, I tell them I'm not a Section 8 landlord at this time. This should reduce the silly phone calls.