All Forum Posts by: John Clark

How about liening the property?

Quote from @Chris Lo:

Quote from @Bill B.:

Add the outlet it’s universal and cheaper. 

I assume the $1,500 was charger and labor? If so it seems high. 

I am literally having one done this week. I went with the “expensive guy” as I saw him do the neighbor’s last week. I provide the charger and he charges me $550 because my breaker box is full, otherwise it would have been $450. 

 1500$ was for installing an outlet. In this company was charging 1500 and another one charging 1300. It seems like this is about the range of the price. I have no idea why since I’m only trying to install the outlet next to the house. 
my main breaker only has hundred amps, but since the AC has a separate meter one guy was saying it’s OK to hook it up to the main panel though

If you have only 100 amp service, don’t bother. A level 1 charger will pull 40 amps, level 2 85. Either load is too much for a 100 amp service when you figure other loads (washer and dryer, fridge, etc.). Get your service load up to maybe 300 amps and then talk to electrician.

Contact the City of Chicago on this. They will gladly help. Also, keep in mind that some aldermen have opted their wards out of AirBnB and the like as a blanket ban.

It's also a bummer to be a creditor to someone who's over leveraged and putting investments on credit cards even if they are interest free for 21 months.

I wonder what your reserves are like, both for your investments and for your ability to withstand a loss of a job or income.

I just checked out his web site and teasers. All I can say is that in my opinion you can almost certainly get better value for your money without his courses. 

There are no secrets. There are no shortcuts. No magic pixie dust. Study on your own. Network. Invest locally.

Quote from @Richard Pagano:

Hello, 

I would love to hear from someone who has completed Paul McGraw's Underground Real Estate Mentorship. It's a huge upfront investment but I see the value in what I discussed with his assistant. The only thing holding me back is talking to someone who has completed the course and is successfully making a career out of it a few years down the road. If that is you please DM me as I am struggling to find any legit reviews good or bad unless it is straight off his website or from angry people screaming scam alert without actually having done anything with it. Thanks!

Of course the assistant is going to claim there’s value, that’s what he’s paid to do and say. 

Get as much free/very inexpensive knowledge as you can. Network. Then ask him what you will learn from MCGraw that you didn’t get from the books/youtube. If he’s vague or claims it’s proprietary, run away.

Investing out of state as a rookie is a major mistake, like starting a land war in Asia. If you are a rookie and are considering OOS, get your head examined. Start hyper-local. House hack if you can, pool funds for a local investment if you can't (get an agreed exit plan in place first).

Remember, you may not even like being a landlord.

Out of state investing gives you all of the headaches of local investing plus the costs of plane tickets and travel time.

Also, never trust people, especially as a rookie. Physically verify everything. A friend of my wife put it it best: "The last time I trusted someone, I had twins."

Do NOT set a time for your first deal. You are buying because of the numbers for a property, not because a calendar told you to. Do NOT make the rookie mistake of being motivated by a fear if missing out. You wait, and do the numbers.

Stay hyper-local for your first several deals. Chicago is off the table. Also start small. Remember, you might not even like being a landlord. I would start with a duplex that you live in, three-flat at the most. Stretch your boundaries and your comfort zone, don't jump them.

Lastly, if you would not want to live in the area, or building, as a renter, then don't buy the building, nor in the area.

Quote from @Noey Santiago:

Quote from @Mike Grudzien:

What is your credit score?

 580

Depends on why you're at 580. If it was unforeseen medical debt, and you've made progress in straightening things out, you might find a private lender to work with you for an eye-wateringly high interest rate. If you're 580 because you worked at being a 580 -- one finger salutes to your creditors, etc. -- then you are toast, which is probably just as well.

Cease communications. Have lawyer send a demand that they restore dwelling to original condition within 30 days or they will be evicted. Then evict.