All Forum Posts by: Jake Andronico

"Patience is not waiting. It’s figuring out what you do in the meantime.”

                                        - Alex Hormozi

This quote and way of thinking has been instrumental for me in real estate. 

Realizing time goes by no matter what I do, I might as well be doing everything I can to progress, learn, and have tenants pay down debt. 

Another thing he said that resonated was that "I thought I wasn't being patient, but all of my actions were those of a patient person". 

Often times our thoughts and feelings about our actions do not match the reality of being consistent. Sometimes the way we FEEL does not actually match reality at all. 

Not every small action feels like a win (a lot of times it can feel like a loss), but that doesn't mean it isn't an action moving us towards a goal. 

Quote from @Ray Hauge:

Real estate is a long-term investment, and market downturns are inevitable. What strategies can I adopt to safeguard my investments during challenging economic times? Should I set aside a portion of net profit to pay down the principal, or is there a better approach that won't hinder portfolio growth?

Great question. 

1. Reserves.

2. Being creative to make sure you make the payment (renting by the room, downsizing your own living situation, etc.) 

When you're not forced to sell, you can wait. 

And a better phrase for "wait" is "figuring out what to do in the meantime". 

Always make sure you can make the payment. 

Imagine if s**t hit the fan, how much could you rent out the rooms for? If you moved out and rented a smaller place, could you cash flow or at the very least cover the mortgage? 

You may have negative equity, that's always a possibility. But, you can mitigate those risks buy buying under market, renovating, etc. 

If you make the payment, you will not lose the property. 

Quote from @Tom Hall:

How to figure it out what state is worthy investing? i know it is a board question, what I mean is look at Brooklyn NY people bought houses 15-20 years ago dirt cheap and now they are millionerds or Jersey city NJ people used to avoid it, now the value has increased significantly. How to predict what's gonna be next Brooklyn Hoboken ...

There are investors making money in every market. 

Single Family Homes is the largest asset class in the nation. 

I think Rick Albert has great advice. 

I would add, WHY do you want to invest? What does YOUR life look like and what do you need to feel financially free? 

For some people it's $5k per month, for some it's $50k, 500k, etc. 

It's much easier to work backwards from your end point. Don't get caught up in what other people are doing, but REALLY think about it for yourself and YOUR life. 

Has helped me tremendously. I chose Reno, NV because of the exact reasons Rick was saying. 

Such a good quote: 

"Rates can only go down or up.

If rates go down, you can refinance

If rates go up, you would've wished you took out more debt"

Thank you for putting these wide words out there! Couldn't agree more. 

Looks gorgeous!! Way to stick to your guns on your purchase price and keep emotions out of it. 

Huge skill to have. 

Quote from @Jason Turner:

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Los Angeles.

Purchase price: $360,000
Cash invested: $150,000
Sale price: $665,000

Purchased, took all units down to the studs and completely renovated this, now beautiful, triplex. Fully rented within in weeks.

What made you interested in investing in this type of deal?

It was the worst house on a good street and the numbers made sense.

How did you find this deal and how did you negotiate it?

It was an expired listing. I approached to agent and purchased with a conventional loan.

How did you finance this deal?

Conventional loan, personal capital and a ton of sweat equity.

How did you add value to the deal?

Total renovation, added a loft in the cottage, new driveway, new appliances and repiped. Built to last a decade with no major repairs.

What was the outcome?

Sold for over $100K profit and saved a great old home that built for the B actors/actresses from the nearby studios to live in. Has a great history.

Lessons learned? Challenges?

Too many to list but all were invaluable.

Congrats!! Would love to see the before and after :)

Wow, that's awesome!! 

Adding sq ft. through a basement renovation can be extremely powerful. 

It looks like you're a contractor, did you do most of the work yourself? 

Love this post. 

Buying a property to hold for a 1-3 year outlook just isn't a phenomenal strategy. 

It's a long game. Way to stick to your guns and keep it rolling!! 

Quote from @Nick Sanders:

I have use the same product that @Kenny Smith uses for the past 4 years or so, It holds up really well on shower walls, tubs hold up okay but depends on whats being used in the tub and care of it. I dont use the spray cans as it leaves streaks and is not always even coverage and uses to many cans. I generally buy the 26oz brush on type and use one of the 4inch paint rollers to put it on evenly. 

 https://www.homedepot.com/p/Ho...

Agree you might want to wear a mask this stuff will make you a little lite headed unless you like that kind of feeling

Made me laugh. Thank you for the link. I've seen tutorials on using Homax before with impressive results. 

Good to know about the paint rollers. We used a 6 inch foam brush w/ Tub n Tile and the chemicals ate the foam quickly, but it did go on evenly. 

Curious to see it holds up over the years!