All Forum Posts by: Michael Mannina

@Zariyan Sachedina I would go granite and find a “Hydro Shield “ dealer to seal it for a few hundred bucks. It’s a commercial grade sealer with a 15 year warranty. Plenty of videos on you tube and FB. I just did my house.

@Caleb Keating.. I feel the same way. I have a good W2 and enough capital to buy a a couple SFR. I just don't have all the knowledge or the time yet. I'm going to keep saving and learning.

@Caleb Keating..I’d say you need both. You can’t have one without the other. What good is it to have a pile of money with no knowledge on how to invest it wisely? Or a pile of knowledge with no capital to invest.

@Andrew Martherus..I’m in a similar situation I can bring some financials to the table but no time or knowledge. Your strong point can possibly be your time. I’ve read on the forums a lot and the consensus that I gather for a newbie seeking a mentor or partner so to speak is “time”. Most say to seek someone out and develop a relationship with them by doing odds and ends to gain their trust. Go to some local meetups and start networking.

@Desmond Sandy

Thanks for the advice. I have some time. It's just so sporadic. I work offshore.. I have internet and phone access. Just not 24 hrs a day. I have been talking to more and more people about REI so I'll get there. I'm working on meeting people to eventually find someone to team up with.

Hi everyone,

I’m new to rental property business. I’m in South Louisiana. I don’t own anything yet. I’ve been reading books/BP forums, listening to podcasts, and attending local meetups for the last three months. It’s very intriguing and has become my goto to occupy the little bit free time I have. I’m self educating myself every chance I get.

I read that the first step is to find a “WHY”. My why is to spend more time with my son. I have a very demanding and great paying W2 job. It requires me to work 24hr call in the oilfield where I’m away from home anywhere from 15-20 days a month. This is great bc I was able to become relatively debt free with a good debt to income ratio, and a 750+Fico. So with this said I have my financials in order which makes me very lendable. Also one of my relatives that I have a great banking relationship is the Vice President of a local community bank. So that’s two of the most important steps in the bag.

Things going for me:

-I have a good “WHY”

-capital for down payments/rehabs

-good credit score

-good W-2 income

-small amount of debt

-bankable

-great local bank relationship

Things not going for me:

- TIME!!

This 24 hr call job greatly hinders me. I can’t schedule anything. It seems every-time I schedule something I have to cancel.

Sorry for the rant. Just seeing if anyone else is in my position?

Regards

Mike

@Jordan Wight.. It’s really up to your partner and you how it is structured. 50/50 is probably the easiest if both are putting up the same capital and will be doing equivalent work.

The two of you need to sit down and discuss it then come to an agreement. Then sit down with a lawyer to fine tune it.

@Jordan Wight

Partnerships are great. Make sure to discuss all of the details and possible scenarios good and bad. Once that is done don’t be cheap on a lawyer and get a proper operating agreement. It will save you more money in the future.

I got burned pretty bad in a different type of business with a friend. The reason being is because I trusted him bc of our long history together.

We didn’t really discuss much of the details on how it would go. I hired a lawyer that was also a friend who drew up this generic agreement with very little specifics.

Good luck

All good points guys. The 4 plex strategy was my original gut feeling and the route I’ll take.

My goal is to have a larger enough portfolio to leave my W2 job. It’s hard to do that because of the wage I’m paid. It’ll take me many units to be in that position. I have to start somewhere though.

Hey guys and gals,

I’m a new soon to be investor. I don’t own any properties at the moment. I’ve been reading, studying, and attending local meetings to learn before I jump in. I have a really good paying job but it’s not so fun anymore. That’s what led me to real estate. I’m a big investor in my 401k plan as well as some other stock market investments. I feel I have enough there and want to diversify in to real estate.

I’m looking for opinions good and bad. Please feel free to shoot me down and give honest feedback.

I can come up with about 200k cash without touching my retirement and have a 800+ credit score. I don’t have a particular deal at the moment but just exploring all possibilities.

Would you buy: ( all deals would have to look good numbers wise)

18 to 24 unit complex with PM?

A 4 plex at a time with PM?

SFH 1 by 1?