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All Forum Posts by: Paul OConnell

Paul OConnell has started 2 posts and replied 58 times.

Post: Need Help - LLC and Investing

Paul OConnellPosted
  • Property Manager
  • Farmington, MI
  • Posts 61
  • Votes 20

Why not write a seller note on the property for the full $75,000? Then when you sell it, you pay your dad off and take the balance.

That way you arent coming out of pocket for any money and he doesnt have to worry about it.

Post: Feeling Guilty

Paul OConnellPosted
  • Property Manager
  • Farmington, MI
  • Posts 61
  • Votes 20
Originally posted by Joel Owens:
I think sometimes you get lucky and land the ideal tenant.

If your parents had multiple properties over time I am sure they would have some bumpy rides in there.

To expect to have the same luck as them might not be very realistic.

When you buy plan for the worst but hope for the best.

These are seminary students, I am guessing they dont throw nearly as many wild parties as the average tenant.

Post: Allow tenant to install storage shed?

Paul OConnellPosted
  • Property Manager
  • Farmington, MI
  • Posts 61
  • Votes 20

I would definitely want approval over the design and construction. I would actually want to hire the contractor myself, that way you know it is built right. Also, increase his security deposit. There will be costs associated with hauling it away when he abandons it.

Post: Jobs Are Back!

Paul OConnellPosted
  • Property Manager
  • Farmington, MI
  • Posts 61
  • Votes 20

Sorry Brian, considering every single jobs report in the last two or three years gets revised downward in the months that follow I am not nearly as excited as you. The reality is that there is no "recovery" on the horizon. There is no source of growth out there. The auto (huge incentives) and defense (two wars) industries propped the economy up in the mid 2000s. Both of those are done.

To put it in business terms, it will take time for individual Americans to rebuild their balance sheet and income statement following the collapse of their most valuable assets and the contraint on their cash flow from increased debt service and decreased revenue in many cases. And when you add to that the fact that interest rates will rise soon, further constraining people with variable rate loans it does not paint a pretty picture.
Remember an increase of 14,000 non-farm payrolls in June doesn't even come close to covering the high school seniors who are trying to get low wage full time jobs.

I believe in Michigan this would be illegal as the tenant would then be performing "Property Management" and would be required to hold a broker's license.

Post: Has anyone analyzed the balance sheet of Equity Trust Company?

Paul OConnellPosted
  • Property Manager
  • Farmington, MI
  • Posts 61
  • Votes 20

As Bill said, accounts at institutions like this, or banks for that matter, are generally considered Liabilities. The balancing entries would likely be cash or investments. They may have the assets titled Investments - Customer Accounts or something like that to denote that they have no control over the investments and cannot liquidate them for their own uses.

Post: Is blogging worth it?

Paul OConnellPosted
  • Property Manager
  • Farmington, MI
  • Posts 61
  • Votes 20
Originally posted by Joel Owens:

I do not like ALL IN ONE sites.I believe in highly targeted sites especially with investors.

For instance even if you are on page one of Google and then someone wants to learn about hotels and they get to your website and it has a ton of tabs to click everywhere.The odds of that lead digging through a bunch of pages to find the info is slim to none.

With a targeted site you appear to be THE SPECIALIST and the content is related to only what they are searching for.I did not also see a form on every page.You want a form to capture their information on every page you have.

Your website also I did not see it was keyword rich for the area you are targeting.

Blogging can be great.Some people are not that much of a writer.You can do pod casts or videos,radio shows instead if you are more comfortable.

There is no law that says you only have to have one website/blog. You can have a number of blogs that from your perspective are all "your blog" but from the readers perspective are all highly specialized expert sites.
They can also all link to one another or link straight to your home site. They can even share web design costs if you want them to have one look to help create a brand.
Just a thought.

Post: RE Licensing School Exam: Pass or Fail?

Paul OConnellPosted
  • Property Manager
  • Farmington, MI
  • Posts 61
  • Votes 20
Originally posted by motiv8td:
for those interested, I did end up passing.

Congrats!

Post: How much is my real estate website worth?

Paul OConnellPosted
  • Property Manager
  • Farmington, MI
  • Posts 61
  • Votes 20

J Scott I will buy it for $4,000 but I need you to sign on for a 5 year contract...$0 salary...multiple daily updates.

Post: How much is my real estate website worth?

Paul OConnellPosted
  • Property Manager
  • Farmington, MI
  • Posts 61
  • Votes 20

The site's valuation techniques totally ignore anything but banner ad revenue and is more suited for parked pages than 99% of most business related websites which are designed to generate other forms of revenue.