All Forum Posts by: JM Payne

Check with your local REI group to see if anybody recommends a particular GC, although investors often guard good contractors because they want their own projects to be priority. Alternatively, check with good local property management companies and see who they recommend. These guys are often more familiar with day to day product instead of high-end/spec homes, and good property management companies will cull a list of responsive, reliable, and affordable contractors that are licensed (if required) and insured. Hope that helps you, and best of luck.

- jm

Searching the Ohio SCC should give you the name of the Registered Agent.  Often times this is an accountant or attorney, but they are the gatekeeper to whom you would address your inquiry.  Googling the entity name might yield more information about who the key players are, and you can use the tax assessor website to search by name and see what else they own, and if there is a lead to be had through one of their other holdings.  Hope that helps and best of luck.

-jm

Long story short, if you're paying money for anything other than direct, hands-on mentorship, then it may not necessarily be a scam, but you can find the same information betwixt here, youtube, and books if you're willing to look/read/research. 

If you want to know specifically which ones are scams, then I won't mention names, but do a search here before you spend any money.  Common signs are promises of instant or easy riches, high pressure sales pitches, and "free seminars."  Hope that helps, best of luck to you!

- jm

The rest of your points are good too, but this is gold.

-jm

Only other thought is is it currently occupied?  If not, check with your local authority...around here if a pre-76 unit sits vacant for 2 years, it can not be reoccupied and must be removed.  Best of luck!

- jm

Is it newer than 1976 (HUD standards implemented) and has it been affixed such that it is real estate, or is it still personal property? Those are the big items to focus on, as they will control whether or not you can get lending (and possibly insurance) in the future. If you're just going to buy it outright and never want to pull anything out, then less of a concern. Best of luck, just bought our first two as well.

- jm

I'll second this, as I was laying in bed last night thinking that this is the exact book that I would write.   How to make sure I'm paying myself correctly?  How to pay an employee?  Different strategies for pulling money out and reinvesting it?  The fundamentals of building an investment business.  @Brandon Turner @Mindy Jensen

Until it happens, we're all just borrowing worry, although what did you think would happen?  Years of blown budgets, raised debt limits, and deficit spending and they have to find the money somewhere.  There is nothing more permanent than a temporary gov program, and god knows they aren't going to downsize.  So they'll keep printing worthless money and find ways to squeeze whatever they can to pay the tab...and we'll keep grinding along until we run bankrupt.

There's always act 20/22 in Puerto Rico...seems like a nice place to invest, but speaking realistically, 1)1031's, while nice, can be a pain in the *** and 2)If you owe taxes, it isn't all bad...you're making money, right?

I'd ditch the $600k primary residence and find something cheaper. 

Also, Roth contribution limits are up to $6k. 

Paying down mortgages does not put liquidity in my pocket, so I'd use $75000 to generate more cash flow. 

BUT...you didn't define what retirement looks like to you, so if it looks like waiting 25 years and then sipping mai thais and watching the market, I'd focus on generating the 25x index portfolio. 

If you want to retire earlier and don't necessarily mind managing the managers, then I'd focus on increasing rental income and would most likely find another market since Fort Collins, like everywhere else, has no deals. :-)

Best of luck!

- jm