All Forum Posts by: Justin Foster

@Ryan McKenna we use Asana

@Ben McFarland What kind of numbers are you trying to hit in BA?  Do you have an ideal property type / more specific area you are focused on?  I have a couple of rentals in BA and have started marketing heavily for more deals in this area for the same reason - they are close and I self manage.  If you have just a few, a 30 min drive is no big deal but at a point, the closer ones begin to be your favorites!

@Ben McFarland Im from BA and invest full time now.  Where are you looking to do your first deal?  Hit me up, would love to connect 

My mission is to "Cultivate spaces of belonging and home for others" 

I believe knowing your mission and why you do what you do in anything you do is worth spending a lot of time on.  For me, my mission isn't just a statement, its the core of why I'm doing this and what makes this business significant for me.  To make a profit is about success and that's fine, we need success in order to keep going.  But success can come just by operating on the circumference.... just doing what you are supposed to do to be successful.  Significance, meaning, purpose, real impact come from the center and people will sense the difference between an operation on the circumference and an operation out of the center.  If you really want to operate from the center, you have to ask the question why a lot... and if you know the answer to why for yourself, you might not go further than other people but you will be satisfied.  The danger of not knowing why is that you might not ever be satisfied.... so don't take the exercise of a mission statement too lightly. 

@Michelle Reid I only have friends that do this out of state.  I invest locally. I’m in a mastermind where half the folks are investing out of state.  Up front they put in work and travel to the city they want to invest in.  Meet people, find a good property manager and then get to work.  

@Michelle Reid If you don't have 20 or 25% down, I'm not sure how you'll do it. If you have some time, you may be able to buy at a deeper discount and rehab from a distance. I know quite a few investors doing this with the BRRRR method. They have a great Property Manager or a great contractor. They'll pay someone a few hundred dollars to check on the status of renovations (like a local realtor) and do video chats with contractors etc. obviously there is plenty of risk doing this from afar. But there's a lot of upside and it's not difficult if you have the right people in place you trust. If you buy at deeper discounts and rehab yourself you can scale with BRRRR in most cities in the Midwest.

@Jay Hinrichs thanks for the feedback.   Just some quick clarification... I never said I like my job.  I only said it’s comfortable and meant to convey that from an outsider looking in, it’s a “good job”.  

Inwardly the job feels terribly incongruent and at this time I almost can’t stand it.   Real estate investing is something I love to do and that feels much more in line with my own sense of Self.

It’s not about the money.  It’s about becoming congruent with who I am both inwardly and outwardly.  Sorry if I’m getting too personal in that sense... but sometimes what’s most personal is universal.

Very good discussion.  I am planning to leave my w2 job in March.  I’m definitely nervous, but we have enough passive income to cover our most basic living expenses  and my wife works part time and loves her job.  Truly it’s not purely passive since I self-manage 17 units but I’m not leaving my W2 to retire at 32 anyhow.  I’m leaving it because I love Investing in real estate.

I make great money with a Fortune 500 company working in account management - much of my job is entertaining customers and it’s extremely comfortable and flexible.  This is how I’ve been able to scale fairly quickly to 17 units on the side.  I could ride this job out for 3-5 more years and never have to work a day in my life by the time I’m 37; however, I don’t want to do that.  Many are asking me why?  My answer is simply that the voice inside of me has been convicting me that full time real estate investing is my call.  Vocation can often just be a means to an end and I have lived that reality for much of my life.  Real estate also can be just that... and those things are OK.  But I believe that when it comes to your vocation, it’s worthwhile to listen to the voice inside of you and let your life speak.  

If I’m honest, I do feel scared in leaving a cushy job - I’ve been at this for 10 years and worked VERY hard to get to where I am... but on the flip slide, I’m more scared if I don’t leave.  For me, this comfortability is something that I think would kill me in the long run.  So I’m chalking it up to fate that whatever the future holds - successes and failures - it will be fulfilling and FULL of Life!

I'd allow it for the right tenant.  I have about 20 chickens myself though so I'm partial to people being able to grow their own food.  In reality, with the right density of birds, 3 - 5 birds in a yard are MUCH less risk than a dog in the house... depending on your city I suppose.  

I would only allow it if its legal and I could charge a pet fee.  Try to get whatever number you think they would pay.  Then sign a pet addendum that states if neighbors complain, they will have 7 days to get rid of the birds.  Make everything clear in writing and get some extra $ out of the deal.  

Also, I would make sure they don't build any permanent structure.  People can get ready made coops at the tractor store that you move around the yard.  With the right management, its free fertilization and great entertainment... not to mention they are making the space more of their home.  If you have good tenants, you want them to be able to feel like its home so they stay.  

If they are not good tenants, don't allow it.

You hit the nail on the head here, Sue.  I have worked with many chronically homeless and mentally ill and this is exactly the problem I saw.  It did not make financial sense for folks on disability to make money because they could not make enough money to live, and as soon as they tried, the rug was pulled out from underneath them altogether and they lost ALL benefits.  Make for a terribly co-dependent population and only furthers peoples problems, and hence our societal problems.