All Forum Posts by: Mack Benson

When starting to push content it is very common to feel like you are screaming into the void. Persistence and consistency is key and along with volume. A blog post, or a YouTube video isn't much, keep going and pushing things out. I started listening to the BiggerPockets podcast years after it was launched and listened to every episode. Content you put out today can be consumed months or even years from now, this is a long game, not an instant gratification game. Taking the steps you have taken are a great start and as long as you stick with it you are headed in the right direction.

You're probably going to get as many differing opinions here as you will get replies. Some people do it one way and others do it another, what works for their situation may or may not be what works for yours. In the end you need to seek the advice of your team, if you don't have a team then get one. Attorneys, CPAs, agents, title offices, and contractors all need to be included. Trying to do this online by yourself or places like legal zoom are a surefire way to end in failure or worse, in litigation. Your team is not the place to try and cut costs.

I'd view it through the eyes of a buyer. If a first time homeowner recieved the same inspection report that you received what would they think? Your inspection says it is not a safety hazard, will a buyers inspector come to the same conclusion? I wouldn't want to list a house knowing that there is a potential issue that could bite me when the home is under contract. 

Next, what does a deck add to the value of the property? If it adds value and if the $3,800 price tag makes sense the go for it, if not then find an alternative.

I've said this many times over the last few months and the advice, while generic still fits.

Education x Action = Results. Spend time educating yourself then take massive action to get the most results. This education can come from books, podcasts, videos or from a mentor. Education is the basis of everything, as you gain knowledge you gain options.

Get clarity with your goals and your purpose. Why do you want to do real estate? Do you want to own residential, commercial, industrial? Are you looking for long-term generational wealth or just some side cash to supplement your current salary? I think this is one of the most important things to focus on because it can help guide you on your path and keep you on task.

Stay the course and do not get distracted by this weeks shiny object. There are so many different paths one can follow to success in real estate and as you gain knowledge you will be tempted to stray from your goal. This week it could be wholesaling, next week it could be BRRRR, the following week you might hear about syndication. Knowing your goals can help prevent shiny object syndrome and keep you focused on the task you set out for yourself. If you are bouncing from one task to another you can never master a single one. Instead, focus on one until you master it then look to the next.

Good luck!

I don't think it's possible to make a hard and fast rule saying anything built between x and y year should be avoided. There are nuances to be aware of based on age and location but a strong education of the market and building types can help mitigate surprises. The first home I bought was built in the late 60s and I was completely unaware of aluminum wiring until we started replacing switches and fixtures. Now I know that I need to budget for a rewire if I run into this in the future. It needs to be baked into the purchase price and may or may not make my offer less appealing to a seller. I'm not going to discount a property based on what I find but my offer will take it into account. There are also a couple brands of breaker boxes that insurance companies will not insure so will need to be replaced, again, that cost will be baked in to the offer price. 

Knowing the typical building materials used in an area during the timeframes is also important. Lath and plaster is completely different than drywall and can scare some people off but shouldn't. Also, older properties used different dimension lumber, a 2x4 used to measure 2"x4"...

A good team and proper education is absolutely key and necessary.

You need to have a good handle of the numbers before you close on a deal. If you are looking at LTV vs LTC financing you should run your numbers both ways and see which way is best for that deal.

Like most things in real estate... it depends. In the end though, it depends on the investor. What do they want, what are their goals, what is their risk tolerance, what will their lifestyle facilitate? 

Syndicators will say invest in a syndication (my preference because that what I focus on). SFR investors will say SFR, note investors will say notes, storage investors will say storage, MHP investor will say MHPs and on and on and on.

In the end the real question in what do you want to do? What is your risk tolerance? How much time do you have to devote to the investment? How does the path interact with your choice of lifestyle? I could try and pitch you with what I would like you to do but what is it you want to do? Go all in and do the research and get the education you need to make it as safe of an investment as you can.

The first thing I'd do is head jump on a quick flight to Vegas and put it all on black.

Joking aside I know what I'd do, I would likely continue to do what I am doing because that's what I am passionate about. It would just let me get to where I want to go faster. However, because I don't live in that hypothetical I would have to do some deep soul and goal searching to determine if that is what I want to be doing in the long term. If, after the search, I find I need to pivot then I'd go all in and get as educated as I feel I need to be in order to make a wise investment.

For anybody else it's hard to say because it's all about passion and goals. Some people like the hustle of SFR's and self managing others like the passive nature of being an LP in syndications. Others like to invest in the stock market either in individual stocks or in mutual funds.

I wouldn't limit myself to a single source. Post it to as many places as you can and track where the leads come from. If one lead costs you more than others you can make sure your ROI is worth it. Track and measure so you know in the future where best to focus your efforts.

For me it would depend on my lifestyle, goals, and if I had the capital available or not. 

For a pros and cons list, it's hard for me to quantify because a pro for one may be a con for another. There are a ton of blog posts out there, even here on BiggerPockets, I'd take a look and do my research. Here are a few I found right off the bat:

https://www.biggerpockets.com/...

https://www.biggerpockets.com/member-blogs/6486/74145-

https://www.biggerpockets.com/...

https://www.biggerpockets.com/...