All Forum Posts by: Nathan Hall

@Bill Brandt my bad, I did. It was the gentleman speaking about how they wouldn't work with 90+ unit complexes.

@Roy N. Wouldn't you then just incorporate common area keys/a separate system? Or even keycards, in that scenario?

@Bill Brandt These are amazing and proven to beat noncommittal break-ins (non-forced versus forced). They're nearly impossible to pick.

That being said, a forced break-in is "forced," and noticeable to the occupant, and there are much easier avenues than a door if someone wants in at any cost.

I like the Kwiksets because they allow me to key my own locks and confound the average opportunistic intruder. I understand that no lock on the planet is unbeatable over time, but for my own and my tenants' peace of mind, this is something I'm happy to invest in per unit.

@Frank Wong Well, in this instance I would want more information from the OP, so that I could give them my best assertion. The numbers they're quoting have promise though.

Apologies if I came across as antagonistic in my previous response. I get on here infrequently, and your initial response to their question just seemed unnecessarily abrasive. I do appreciate bluntness though, as anyone that knows me would attest to.

@Jordan Lucas Metalworker by trade in the Army; heating and mechanical while I was in high school.

If I had to pick a useful military discipline that I have that's transferred/aged well with my real estate ventures, I'd go with both infantry and analyst. In the infantry you learn to make **** happen, even if it's dumb or hard, because that's your orders; you learn to laugh about it later too, and make it a good story. As an analyst, you learn how to sit back and re-piece together disparate data in order to make educated predictions on where something is headed.

@Kevin Whisler from what you described, this sounds like a great first deal to cut your teeth on. You seem to be using the right numbers. Keep the expenses like capex and maintenance in the right accounts, don't touch them, let them build up, and at a certain point you should have either enough saved to help you with your next acquisition, or enough to fund repairs. Preferably both after enough time has gone by. We don't have enough information with what you provided about your income and whatnot to assess much more (keeping things afloat if tenants leave, something breaks, etc.).

Don't be afraid to tell tenants (both verbally and via your lease agreement) that they are responsible for mowing grass and snow removal. It's their home, they're grownups, and you have better things to do.

@Jordan Lucas I'm 21 years older than you and have done all sorts of other, crazy stuff before I buckled down and got on board with my passion.

It's still working fine. YOU will make it work, or do something else. Your young enough and passionate enough now to excel. Go for it bro, the worst thing that happens is that you fail, and at dinner point we all fail. No shame in it as long as you learn something.

As for college, I'd recommend a trade if you want to do real estate. I got a triple-full ride to university, then learned a trade in the military. I use my higher learning as much as I use my thoughts; they're there, and fun, but they don't (and haven't) paid my bills. I joined the Army right out of college and learned a trade. Owned it. That doesn't pay my bills either but it's still fun and I enjoy doing it, because I'm being overtly productive. And it's useful so much more than academic knowledge.

I'm not suggesting the military, btw. I'm suggesting a trade. Learn plumbing, mechanical, electrical, something. Learn enough to do it yourself right, and you'll be able to support yourself ad nauseum AND cut your rehab costs when you start buying.

I'd like to be able to put in amortization schedule (term), rate, down payment, monthly payment adjusted to a fixed point, and get proper accruals of principal and interest by month and year. With the option of "if we pay it off at any point, here's how much you get limo sum."

Apologies if this is a basic request but I'm absolutely terrible with spreadsheet macros in general.

@Albert Bui I'd like to know more about this, personally. Thanks!

@Frank Wong BP is literally here for asking questions. Seems a bit silly to crap on someone for asking for real estate investment advice on a board designed to get real estate investment advice.

I feel differently, but less strongly, than you on this. My advice to the OP would be, can you find a property manager in the area that you're confident could take this on? There is class D and then there is warzone. At 25k (hell, even 40k) with $1800 in rents coming in, with no additional information we should be asking follow on questions, not being jerks. What are the expenses (utilities, etc.) you'll pay? What sort of rehab costs will be needed out of the gate? Are there tenants in place? Any liens? What does "distressed" mean in this context? I get that OP is being broad with the language because it's a potential deal they don't want to lose to sometime else but let's help him ask the right questions. Not everyone can invest solely on A and B class properties, or at least, this game isn't so cut and dry that this is the best decision for everyone always.