All Forum Posts by: Kyle Shankin

@Travis Dreyer that makes sense. 

@Derrick Lloyd

Congrats, don't forget to post an update!

Ive been listening to some BP podcasts and a few guests have recommended the book 'Never Split the Difference', so I went over to Audible to buy it and the full audio book is apparently on sale for just $3:

https://www.amazon.com/dp/B01COR1GM2/ref=cm_sw_r_cp_apa_i_Od1sCb0EQ9PQZ

This isn't an affiliate link and I'm not making any money off it or anything. Just thought y'all might like a deal.

@Travis Dreyer congrats on the first deal buddy, keep up the good work!

What made you choose to offer over asking?

@Kenneth White

Any idea WHAT this guy did in real estate?

You said you're just getting started, how much do you know? If you're not aware of the different types of real-estate investing or the different jobs that play a role in those types of deals, then I would recommend researching those to the point where you have a high-level understanding. That way, you won't be completely overwhelmed with whatever this guy tells you.

If he starts to tell you stories about his journey make sure you're listening. Bring a notepad and take notes.

Also, go in with the understanding that one meeting with this investor isn't going to give you the proverbial golden ticket; there's simply too many aspects of real estate to cover in one visit. Not to mention, all of his advice won't be worth anything unless you take action.

As for a specific question,you could ask Him how he got his start and what his favorite parts of real-estate are. That could at least give you a direction.

@Nick Quarandillo what do you want to do in real estate? There are a bunch of different areas to focus on.

Regardless, you're going to have some ramp up time where you're learning the ropes and it won't be much different from school. You'll get tasks that you'll hate doing, but will have to in order to succeed.

As much as I believe that people don't need the expensive college degree to be successful, if you quit, you'll be wasting what you've already put in. It's very important to learn to finish something and not just quit. Could you transfer your credits into a 2-year degree or something similar before just walking away from college?

@Adam Scheetz I've been pondering this myself. I'm giving a +1 to the answer that you have to find your magic number that you're comfortable with.

I'm currently working out refinancing a rental I own where I could pull out enough money to make me ~$30k, but leave me with a cash flow of $85/month. If I want to pad the cash flow, I could take out 10% less of the LTV than I'm planning, and that would give me closer to $160/month, but also cuts the 30k in half.

So I guess it really depends on what's your plan is. If you don't expect to live on the cash flow and can keep it in the black, then maybe take out more when you do the refi.

@Victor S. I'm about an hour away from this place and I do have another rental. Why wait until I have more rentals for property management? 10% is 10% no matter how many properties I own.

@Kelly Iannone agreed. I am ALL about hiring a property manager, assuming they're good at what they do. I've got people in my inner circle that like to remind me that property managers cut into the profits. But if the property is cash flow positive and I don't have to do anything then I don't really care if the profit's lower.

Thanks @Melody R.! Those rules may come in handy, especially the flip conditions. I've never had a good way to quantify knowing if a deal is worth flipping, but that seems like it would be reasonable.