All Forum Posts by: Guy M.

I have a BSc in Management and an MBA. But to answer your questions, I think I could have done well without the degrees. If anything, the degrees (and my military retirement and pension) created a safety net for me; I'd even say the net is too safe, if you know what I mean. I think that having degrees gives me a sense of accomplishment and shows that I can reach goals. And... I also think it's better to have it and not need it then to need it and not have it. That's my excuse.

The real answer, though, is a degree is a massive waste of time and money for a smart, driven, entrepreneurial person who can get things done. I can imagine how sickening it is to spend tens of thousands of dollars on a piece of paper that you may or may not use. Oh, by the way, the time that could have been used to close deals was spent in a classroom for 4-6 years.

In your case, it sounds like you messed up from the jump. You wasted time and money on something you THOUGHT you were passionate about only to learn it does nothing for you. I think one of the posters here is a medical doctor who wants out! Talk about an investment not measuring up to what it was supposed to be. I think a management degree or MBA is the best way to go no matter what a person is into. There's some value in those degrees for entrepreneurs (artists, songwriters, scientists, investors, it don't matter). Just my opinion...

This response is beautiful. Great way to look at the benefits of owner financing. 

Hey, Shane...

Real talk: I don't like it. It's not hard to learn about acquiring rentals on your own. I don't understand why the hell coaching would cost $3,600. I get that an investor's time is valuable and all that, but everybody knows that success depends on the person being taught. If you're not disciplined enough to learn on your own, you are (with certainty) throwing your money away. Whoever that "coach" is knows damn well he can't make you be successful, but he'll be happy to take that money, though.

I'm as sharp as a spoon and I have done a little bit with what I got. Again, this isn't hard, and there are too many sources of free information. Save your money, brother.

I'm not knocking the folks that suggest that you NOT withdraw from your 401K... I get it. They're right about the tax hits, for sure. BUT... as someone mentioned, you can borrow from your 401K at a great interest rate. I've done it before with no issues. 

If you've got a great deal that you are sure you can make a decent chunk on, you'd be a fool not to borrow from yourself. Look at the alternatives: borrow from a bank; borrow from a hard money lender; borrow from a relative; borrow from a friend; owner finance; subject to; take from your savings account (which you shouldn't have that much sitting in there making pennies anyway, and if you do, it's for emergencies). Your 401K performs the best, and any money borrowed has low interest attached to it. Also, some employers match what you put in up to a certain percentage. That means you are literally being given free money. Sounds pretty solid to me.

@Lesley Resnick

I'm scratching my head on this one, too. Unless they are doing an Airbnb thing, maybe it might make sense. I sub-let several times in Virginia Beach, and it was a nightmare. 

You should ask specific questions about how they are going to make money. I wouldn't dismiss them, but I would want to understand them.

Hey, brother. Congrats on the leap of faith. 

I was an agent in Virginia for a few months while I was retiring from the Army in 2016. I had no plan B. I was going to transition in RE on my last day, so I couldn't waste time. I was able to close three deals within a few months, one of them was my own rehab. I had to move to Ohio to help my wife take care of her father. I have not gotten my license here yet. 

Other than that... I'm not that experienced. I can give you some good advice I got from other seasoned pros that helped me a lot:

1. DO NOT procrastinate. This will destroy you ASAP.

2A. PARTNER WITH A SUCCESSFUL AGENT for free. Print their flyers, make their coffee, and listen, listen, listen. Partner with them on showings and other meetings, if possible. You want to know what makes them successful. 

2B. GET TO KNOW RE PROFESSIONALS like title companies, law firms, contractors, inspectors, etc. Build relationships with the best of those. These people can help you help your future clients.

3. Target some areas around Cherry Hill and learn those areas as well as possible. Stick to what you know and if you don't know, get some help from your broker. Familiarize yourself with the MLS ASAP and know how to analyze property value and your market climate.

4. While you're getting familiar with your target areas, partnering with agents and brokers, and learning stuff... go knock on as many doors as possible and hand out your card. Get to know some people.

5. Don't go home until you've completed 8 or more working hours of doing the above.

I grinded every day like this until I had a system that worked for me. The desk at my brokerage had dust on it because I was selling houses and beating the pavement. Just don't stop for anything. Everyday do something that moves you to your goal. I can't stress this enough.  

To answer your question @Charlie Moore:

Do not shut off the water. Get the cash to pay the bill. Do not renew their lease if it is set to expire or seek to evict ASAP. Pay the utilities for the next tenants and raise the rent to cover the additional costs. 

Hi all,

I'm not sure how to focus this...

So I have done a couple of minor to easy rehabs where I didn't need to tear down any walls or build structures. My skill level is limited to upgrading an existing space with new paint, fixtures, flooring, and lighting; this includes exterior painting, roof shingle upgrades, and deck building. I am looking to start getting into some more complicated rehabs (high-end type). My questions are:

- What does the planning phase look like? Especially if you're moving or tearing down walls or re-configuring an entire layout.

- Do you hire a general contractor to manage the job?

- Are there experienced Columbus, OH investors I can partner with if I were to find a deal requiring this scope of work?

Thanks!

He tried to sell but with no luck. It's OK. I do want to make sure there are no liens, though. 

Thanks, Jay!