All Forum Posts by: Justin Escajeda

Good point @Linda Quinton , even though wholesaling is not technically investing money in real estate itself, it can produce a lot of money.  Bottom line is what the end goal is and that is attaining the all mighty dollar.  I don't care what my method is to reaching it, as long as it makes me money, I am ok with it.  I own a couple businesses, aside from buying income producing properties, and I gauge them all on how efficiently they make me money (and how much time I exert in them).  Basically, who cares what anyone says, if it makes you money and you are good at it, do it.  I do agree with @Bill Gulley when he says people will cast judgment who are seasoned investors towards those wholesalers who refer to them selves as investors. 

I am a buy and hold investor at heart, I really only care about continuous checks months after month - and am constantly searching for more.  That being said a couple years ago, when wholesaling was introduced to me, I tried to learn how to do it to make a couple bucks. 

Needless to say, I did not like the amount of time it would take to make a lot of money at it.  So I do admire the ones who have mastered it.  I did 4 deals total, and think I made like $3,500.00 total.  If nothing else, I did actually buy 2 of the houses myself that I tried wholesaling. 

I agree with Bill, its investing in a business.  Some people look down upon it, but it is not an easy job, you really have to be a hustler, and smart. 

I have also bought packs of filters and set the right next to the furnace.  Id take one out of new pack and put it in.  Then in a couple instances, Id go back 6-12 months later, and theres the new pack still sitting there with only still one taken out of it.  Amazing.

Im glad that many others of you have been called a slum lord too, I just say that I don't recognize that terminology.  Someone else said, you WILL NEVER make everyone happy.  When I first renting property, I used to serve as a slave (it seemed like) to my tenants, always trying to appease them, always trying to ensure their happiness.  Ive come to realize that it is not your job to appease anyone by your actions, THEY ARE THE TENANTSAND I AM THE LANDLORD - act accordingly.  Ill do my job, just don't wreck my place and pay me on time. 

As far as other people out there, who cares what they say about the way you acquire a house ( I mean within some ethical limits), but that's a pretty creative way to make a contact with a distressed landlord man, great idea. 

People are going to hate on you the more successful you become and if your doing something different.  Case in point; I started my own masonry company when I was 29 (now 32) and quit my union job.  I got (and sill do) get a lot of **** from older masons - who taught me- about what I am doing, about how I finance work out to people, etc.  It used to bother me, but I feel better when I bring home double from 1 little job then they do from a entire week of work. 

Bottom line is, trust your gut and never ever let anyone discourage you from trying anything just because they don't agree with it or are too scared to do it themselves. 

@Daniel Miller has made valid points, I am by no means a storage locker analyst but do have 2 small facilities.  We have made them as customer friendly as possible (still have kinks to work out), but as an owner know that one 76 units facility will by no means be a walk in the park.  You WILL need some managing assistance. 

For instance, I have a total of 70 units between 2 facilities, and it takes me unitil at least the 20th of the month to have all the books right with rents.  I have about 50 rented, I definitely need assistance, with all the late payments, calling tenants, certified letters, etc.  For me, it is for sure nice to have the 50 extra checks a month, but YOU WILL work for it.  Ive been too greedy in the past to hire someone, but it is infringing on my other businesses right now. 

Is this for a rental? Flip? Financing? Yeah maybe stay away from acrylic, use a kit from Lowes like @Nicole Pettis 

said, you'll need two kits for a bath and shower - OPEN A WINDOW, its has a horrible smell that is intense.  They cost like $20 per kit.  Ive used them, they work.

As of right now I own 10 units, 15 mobile homes, and over 75 storage units of varying sizes.  Ill tell you, and I think many will agree, when everything is going smoothly, its feel great and financially so worth it.  However, when you get a perfect storm of things going wrong (and it will), that's when you'll decide if this is for you or not.  Because, we as landlords have to put up with A LOT, and if you are not committed, as if this is a hobby not a business, you will not last. 

Yes, quitting my job was great, but I also started other business unrelated to real estate to help with that.  I think @James Wise 

said its not worth it until you have 15 units, I think that is very true, you really need to have consistent checks coming in every month to comfortably quit your job. 

Yeah it is great being a landlord at times, I just want hundreds of checks every month , never looking for a huge pay out all at once.  Best of luck.

@Rob Kulp 

In my experience, pulling permits is a fine line to dance on.  I am a contractor and do / organize almost all of my work (except electric & gas/plumbing).  I can only speak for the Greater Pittsburgh area, but I would have to say it all depends on the area. 

When I am in a very dense area of city, Ive had building inspectors come down before work was even commenced.  On the other hand, Ive been able to replace 100% existing joist with engineered joist system without ever executing a permit because of the area.  If I need a dumpster permit, I always say its remodeling / restoration work.  If you have a very thorough inspector in that area, then you will probably see him.  If you know what your doing, I don't see the need to pull a permit, then open up the "can of worms", they will be sniffing around everywhere, and you obviously don't want that.  I take this issue on a case by case basis.  I always get the city electrical inspector to certify my electrical work and a dot plumber for my gas, but other than that I try to keep the building inspectors the hell away from me. 

This a good place to begin gathering information, learn from other's mistakes.  Since you are new to the site, I am wondering if you had checked out any of the beginner videos or books/blogs here?  There is the standard rules of thumbs they discuss to make sure your in range of something cash flowing for you.

I mean I live in Pittsburgh, but I would be more than willing to chat with you on the phone about possible deals 412-760-4621.  You should check out multi-families too, depending on the area. 

Are you putting your properties in an entity? You can actually do it yourself without paying a lawyer, I have experience setting up 3 LLC's. Only $125 to the bureau of corporations. Some lawyers will charge anywhere from $600-$1000.

Regardless, as the deals that interest you come, just post about them on this site, and you'll get A LOT of feedback on them. 

Best of Luck

Agreed above, at least you tenant is somewhat tasteful.  If they are good tenants, which I assume they are because you said you were not sure if they were renewing or not, I would not say much about it - sometimes you have to pick you battles, but at the same time you don't want to create a snow ball effect where you let one thing (like curtain rods) slide, then before you know it they are late on rent. You give them an inch and they take a mile.  I would just mention to them that when they do leave, return to original condition.