All Forum Posts by: Karen Harris

@Jason Hartley

Jason, I so agree with you about having contingencies in place because though we hope, work, and plan for the best, we don't know how things will work out for certain - especially with the first deal since it's a learning process. Sorry you had those failures during the housing crash, but at least you've learned lessons you'll probably never forget. Thanks for passing them on to newbies like me!  

@Sid Leibowitz

That really was a horror story, Sid, and I'm sorry you had to go through that! This is the negative image that my husband seems to hold in his mind about rental properties and being a landlord. I'm definitely thinking more seriously about flipping now, at least in the beginning. Thanks! 

@Shawn Ackerman

Thanks, Shawn! I believe that. 

I’d like to thank everyone who has contributed to this discussion thread! Your input has helped me to realize that I’m not alone in this, and that by itself has been an encouragement! You’ve caused me to think through some things and helped me to gain wisdom in approaching my reluctant spouse. So often we hear the “success” stories, but don’t hear about the process and the pain it took to get there. Thanks for taking the time to share yours! Godspeed!

@Joseph Walsh

Joseph, I really like the idea of using a good property manager! I plan to do that as well. Most require 10-15%, but if you work your numbers right it might still allow you good cash-flow. Having your wife onboard is a definite plus! Wish you the best! 

@Andrew Ware

I think you’re right, Andrew – I need to get inside of his head and figure out what his main concerns are. He’s made it pretty clear that he doesn’t like the idea of being a landlord to bad tenants. In his mind, he associates buy and hold properties with having to deal with bad tenants who won’t take good care of the property. Though I’ve mentioned to him that proper vetting and having a good property manager could help prevent that, he still holds this negative image in his mind. So at this point, I’m starting to consider flips more seriously.

You've made a great point: "Address the main concerns with your strategy." Fortunately, there are many available options with REI. I hope you find one that works well for you and your wife! Wish you the best!

@Augustine Cherukunnel

I hear you, Augustine! Hopefully she’ll come around as she keeps seeing that extra income from your rental properties roll in. I wish you well!  

@Shawn Ackerman

Thanks for the encouragement, Shawn! I must say that the feedback I’ve received in this forum has really helped to fine-tune my instincts.

@Ethan Atkinson

Ethan, thanks for your good advice! You suggested that I hire a pro to work with who will know if the numbers make sense. Who would that be, and how would I find that person? Some of my investor friends have given me great insights. My financial advisor has offered to help me analyze deals. I’ve found a couple of property managers (though I’m not sure how to determine how great they are), and I’ve had investor friends and family members over for dinner. I like your suggestion of working along side someone so I can learn from them. Hadn’t thought of that! Appreciate your input! 

@Josh McKnight

I agree with you, Josh, and that's what I plan to do. But I wonder how sound his solutions or advice could be if he doesn't first educate himself in REI?

@Ruth Bayang

Sorry that it came to that for you, Ruth. Thanks for the encouragement! Wish you the best! 

@James Phillips

Wow, those are GOLDEN NUGGETS: 

"If you can get to the heart of another, they're more interested in what you have to say." 

"The path to the heart of a person is usually through their deepest desires."

Yes, it makes great sense! Thanks!

@Vina Real

That's great, Vina! I wish you well in your endeavors. 

@Ryan Cameron

That's so true, Ryan. It's good to hope and plan for success in REI, but the reality is things may not always work out the way we'd like. I'm in the process of doing just as you said: educating myself though books, courses, and BP; and seeking out other investors and asking them to share their experiences (did this just yesterday). I'm convinced that these things are essential, and believe that doing them will increase the likelihood of reaching my goals.

Your comments reminded me of the story of Babe Ruth – that he was known as, "The Home-Run King". At the same time, what many people don't realize is he was also, "The Strike-Out King." Even the best professionals in REI (or in any industry) have had their share of failures, and great lessons have been learned from them. As you said, we would all be wise to glean wisdom from their mistakes and "horror stories". Thanks for making a great point!

@Dane Peterson

Dane, I'm planning to re-read ‘Rich Dad, Poor Dad' also. It sounds like you've asked your wife to read it and she's doing so willingly. And if she's been an open and willing participant in your conversations about REI, and is supporting you, that's fantastic! I take it that you haven't always seen eye to eye on everything, but doing these things has helped you. Is that right? All the best!

@James Phillips

You’re right, James – communication is so important! I believe that I’ve done this pretty well, but perhaps there are areas I haven’t been clear enough on. How would you suggest that I go about determining this?

Effective communication doesn’t guarantee that there will always be agreement, but at least it helps to pave the way and remove stumbling blocks.