All Forum Posts by: Chris L.

@Doug Martin

I have exceeded these goals by accumulating a large package of SFR's. Competent property management in an appropriate market is the key ingredient.

I am now expanding into other sectors as well but my bread and butter is my package of SFR's.

I would be happy to discuss with you if you would like to get on a call at some point.

Good luck

Hi @Jason H.

@Ross Greene had the connection for me.  I received multiple solid referrals and my Aunt went with Ross's connection.

I will let him connect with you for that referral.

Chris

Hi @Jordan Dekker

The 50% rule of thumb is a quick way to judge a property.  If you have not researched that topic before, there are many threads about that but it is essentially a rough and quick method for estimating your expenses.

My recommendation is that you find a good property manager.

Good luck with school.

Chris

Hey @Austin Hughes

I posted this on another thread a few months ago but thought I would share it with you.

I wanted to share a few thoughts on overcoming setbacks. I do not know any successful investors who have not had their share of challenges enroute to financial independence. (Over the course of my investing career, I have taken losses of around 1 Million dollars.) I wanted to share this topic because I am in the middle of what was supposed to be a turnkey flip that has not gone as projected. It has been a while since I have had a project not work out and I have been contemplating the steps that I take to overcome a setback and thought that I would share them with you.

• 1.Take responsibility. No matter how or why the deal went south, you are ultimately the one that made the decision to pull the trigger and get involved in the project.
• 2.Forgive yourself and move on. Once you have taken responsibility, quit beating yourself up. There is no value in self-flagellation. Remember this: Sometimes we succeed and sometimes we learn.
• 3.Learn this phrase: “It’s all solvable.” No matter your situation, there is knowledge or resources somewhere that can help extricate you from the mess that you may be in. Once I learned this principle, I was able to remain calm as I worked through to a solution.
• 4.Keep a Lessons learned log. Keeping a written log of lessons that you have learned will help you from repeating painful lessons.
• 5.Hit the books. I find that a failure spurs me into further research to avoid making similar mistakes and often is the catalyst to finding an idea or investment that I never would have considered without that setback.
• 6.Seek out more experienced investors that can help guide you. I have had very little opportunity to learn from others more successful so I relish those times when I have that opportunity. I unfortunately have had to learn mostly from my own mistakes. A wise financial mentor can help you eliminate years or even decades on your journey to financial independence.
• 7.Keep taking action. Once you have researched your various courses of action, make an action check list and get to work. You cannot solve your problem with a Netflix marathon or endless entertainment distractions. Only sustained directed action will propel you on your journey to financial independence.

I believe that it is your response to failure and not the failure itself that will determine your ultimate success.

Good luck on your journey to financial independence.

@Joe Abughazaleh 

@Ross Greene

@Jeff Quayle

Thank you for your inputs.  I will be calling these companies today and then make a recommendation to my Wife's Aunt.

My wife's great Aunt owns three SFR's in Las Vegas and needs a property manager. Her daughter was managing them but died of cancer earlier this year. I am looking for a referral for her to a company that will not take advantage of her.

Any recommendations would be greatly appreciated.

Thank you.

Chris

Welcome Jordan,

Where are you going to school and have you started any real estate investing yet?

Chris

@James Park

Are you talking 100K annually or monthly?  I will assume you are talking on an annual basis.

I started in the stock market and transitioned to real estate in 2003.  Since I had a base amount of money it was an easy transition with plenty of lessons learned along the way (read that as deals that lost money).

I started with Duplexes and vacation rentals followed by some commercial properties. In 2008, I started buying SFR's and now have a nice collection of 93 SFR's that produce very well. My ROE is about 12%.

I have subsequently invested in some notes but have decided that I prefer SFR's. I have evaluated up to 100 unit apartment complexes but the returns cannot match my SFR package so I just keep adding to the numbers.

I am fortunate to have a top notch property management team which makes all of it work.

Chris

Adam,

You have received many great inputs and I wanted to add a simple thought for you.

I believe that the only thing of value that we will leave behind us in life is the investment that we make in the lives of other people.

Best wishes to you on your journey.

Chris

I wanted to share a few thoughts on overcoming setbacks. I do not know any successful investors who have not had their share of challenges enroute to financial independence. (Over the course of my investing career, I have taken losses of around 1 Million dollars.) I wanted to share this topic because I am in the middle of what was supposed to be a turnkey flip that has not gone as projected. It has been a while since I have had a project not work out and I have been contemplating the steps that I take to overcome a setback and thought that I would share them with you.

• 1.Take responsibility. No matter how or why the deal went south, you are ultimately the one that made the decision to pull the trigger and get involved in the project.
• 2.Forgive yourself and move on. Once you have taken responsibility, quit beating yourself up. There is no value in self-flagellation. Remember this: Sometimes we succeed and sometimes we learn.
• 3.Learn this phrase: “It’s all solvable.” No matter your situation, there is knowledge or resources somewhere that can help extricate you from the mess that you may be in. Once I learned this principle, I was able to remain calm as I worked through to a solution.
• 4.Keep a Lessons learned log. Keeping a written log of lessons that you have learned will help you from repeating painful lessons.
• 5.Hit the books. I find that a failure spurs me into further research to avoid making similar mistakes and often is the catalyst to finding an idea or investment that I never would have considered without that setback.
• 6.Seek out more experienced investors that can help guide you. I have had very little opportunity to learn from others more successful so I relish those times when I have that opportunity. I unfortunately have had to learn mostly from my own mistakes. A wise financial mentor can help you eliminate years or even decades on your journey to financial independence.
• 7.Keep taking action. Once you have researched your various courses of action, make an action check list and get to work. You cannot solve your problem with a Netflix marathon or endless entertainment distractions. Only sustained directed action will propel you on your journey to financial independence.

I believe that it is your response to failure and not the failure itself that will determine your ultimate success.

Good luck on your journey to financial independence.