All Forum Posts by: Jake Davis

Not a property manager, but I would say that just because they aren’t “required” doesn’t mean they don’t look good on paper. I know it’s different spectrums, but you don’t need to be ASE Certified to be a mechanic, but it may allow more pay, more “respect” and Etc... 

Depending on how much they cost, I can’t see it being a bad idea. If it’s thousands of dollars, that’s your call. I wouldn’t at that cost though. 

@Nicole Heasley Beitenman that actually sounds like an awesome idea! I’d love to be able to provide an education to people who want to be involved in real estate. I just haven’t personally done any deals as I’m in the process of doing my homework! I’m sure there’s good events out there for sure, some just prey on those wanting the quick buck. 

@Parker Staten Rish yeah, essentially. I would say depending on the age of the house roll that 10% of the Management fee into the CapEx (Older house= more major repairs) or you could also bank that 10% for future renovations. I would just say avoid pocketing that cash as cash flow because then you'd be inclined to spend it. You don't want to take away from the investment. You want to build it.

@Parker Staten Rish I think you might be getting confused with the repair vs cap expenses. Those two should be tied together, so 10% vacancy (you still account for it when unit is occupied), 10% CapEx (includes repairs) and 10% management (good to include even if you are managing yourself, for future plans). Rental rates vary by area so do some digging. There's plenty of resources. Just look anywhere to be honest.

@Nick C. absolutely. I wasn’t going to spend a dime on that although I did go into it open minded hoping to get a different result. 

@Parker Staten Rish did you factor in your CoCRoi too? For me at least, I always factor that in as well as Cap Rate too. 

As far as doing budget in terms of how much cash flow you’ll get, I try and shoot high with my numbers by also factoring in a Management fee. Usually 10% vac, 10% cap ex, and 10% management. $150 cash flow a month isn’t bad at all but in terms, I’d try and run the numbers as the “highest” you can so that you aren’t shorting yourself when you actually have a tenant. 

@Abel Curiel absolutely. There’s so much in terms of resources out there to kick start a career in anything. The issue I found with this seminar is it only shows the 1% of success stories, not the 99% of failure or how many times that one percent failed. It does make you excited to think “hey that could be me” but wouldn’t you rather hear about how they failed and why the failed rather than who succeeded overnight. 

A friend and myself saw an ad on Facebook for a free seminar and we thought “what the hell”. Neither of us have been to one of these before so we figured what’s the worst thing to happen?

Well everything that I’ve read online about these “free” seminars is unfortunately true. It seemed to be filled with people who wanted a “get rich quick” scheme and people who had nothing better to do. There was even some people sleeping! 

The first 10 minutes were spent talking about reverse wholesaling and leaving out important parts of the actual activity. The remaining hour and fifty minutes were spent talking about a 3 day seminar that costs $500 but if you sign up today it’s only $197! We also weren’t able to have our cell phones out due to “disclosure agreements” 

The whole thing felt like a waste of time and a scheme. Now that was my first event and I don’t know if they are all like that, but I feel bad for those who feed into this stuff. 

I’ve learned more in 5 minutes on here (for free) than I would at a 3 day seminar trying to sell me a $5,000 package.

Okay rant over lol. 

@Terrell Garren I like that answer. Being an investor you’re pretty much playing a game of chess and a realtor is just a piece on the board. Yes, I’m not being an investor for it to be a job in the long term, I would love for it to give me the financial freedom I want. 

Do you have any tips for balancing a full time job with an investment career? It Almost seems like I’m running myself into the ground trying to fit the real estate part into my work schedule since I’m working 60 hours a week at my current job. 

If I plan to own real estate investments as a viable source of income in my later years (hopefully sooner) would becoming a realtor be beneficial to me?

I’m 24 years old, I’ve been a mechanic for the last 5 years and the toll it’s taken on my body is misery at this point. I’ve never really been interested in being a mechanic it’s just what I grew up knowing.

I’ve always been interested in real estate investing and investing in general for a long time. The older I get and the more financial literacy I learn, I’m learning that my current career choice is not the direction I want to go in. Don’t get me wrong, I love working on cars. I enjoy it more when I can do it on my own time and not rely on it as my income.

So my question is, would it be worth changing careers towards a real estate agent than staying in my current field to pursue my investment career