All Forum Posts by: Michael Pilarski

One of my best friends has the Apple Tv and loves it. He consumes ALOT of Apple products (iTunes, movies, etc.) With that being said there are things the Apple TV does great and others it can't do at all, so he also has Google TV which he also loves. He has Hulu+ and Netflix as well. The cool thing about the Google TV is there are apps where you can get local TV programming. I don't have either of these products, but have seen him use them and they are really cool. This may be a way to do away with cable all together.

Again I'm new, but from reading the posts on here from the heavy hitters there's a lot more info that they'll probably need to help you out. The first question I would want to know would be why is he selling? How much is owed on it? What type of rehab will need to be done what has his occupancy rate been? The $1200 a month, does that cover mortgage, taxes, insurance and cash besides the utilities? Answering these should help get the answers you need form the experienced ones on here. Once you get that you may want to start a thread in the analyze my deal forum.

@Jason Stanley Welcome to BP! You'll have a wealth of information available to you based on your market. There are a lot of active investors on here with a lot of knowledge about the ATL market. Good luck! Tell us about your current rental. How you got it, etc.?

That's a great question I wish I could answer for you. Since I cannot I do know there are threads on here that describe how to determine that that very thing which include the formulas for determining purchasee price, percentage of rents that go toward pay off, taxes, and future repairs, and that give the profit margin. From what I've been reading on here most landlords are looking to get anywhere from $100 on up positive cashflow per unit after mortgage, insurance, taxes, and future repairs are paid per month. I may get this wrong but there is also the 50% rule to take into account. Search that and you'll be reading for days. wish I could help more, but I'm still learning and haven't nailed down my startegy yet. I will be putting a business plan together though. Have you put anything on paper yet as to what you want to accomplish, how to do it, and what guidelines you will use to determine you goals?

@Jason C. once again welcome to BP! I have some questions for you since you've been reading and looking at properties. The first is based on your readin what strategy are looking at using for investing? Are you looking to build wealth or just make money? Wealth building would be more of a buy and hold strategy (single family home rentals,2-4 plexes, etc.) or are you looking for the "quick buck" (I use this term loosely but generally for building cash that would be a buy and sell quick for profit strategy (flipping)). Based on looking at the properties in your area are you able to determine the market value of the properties you've looked at? Tell us what interests you in real estate investing and you may get some help, ideas, and strategies... and of course the search function on the site will get you reading and off on tangents for hours. Good luck!

@Lynn M. thanks for the direction into what you've done. After you had your plan together, is that when you started your LLC and, if you don't mind me asking, how did you fund your company to start out? What is the method you and your husband are using to invest? I really need to get my thoughts put down and layed out on paper then. I know what I want to do and have an idea of how to get there, but I need to solidify my criteria on paper.

@Steve Babiak I have both Dave Ramsey's books and Robert Kiyosaki's Rich Dad books and have read them a few times. I found my Dave Ramsey books, but the wife has been "cleaning up" around the house so who knows where the Rich Dad books are. I need to find them and re read. I believe for personal finance no debt is the best way to go, but for business related finances the Rich Dad mentality and there is good debt and bad debt philosophy is the way to go. Yet another reason to go with an LLC so everything is kept separate.

Lynne, thanks for the insight. I plan on doing that just haven't had the time. I'm still going to talk to the lawyer, but mainly to help with the wifes fears since she knows the laywer I'll be talking to. The reason for the LLC is to separate assets and not expose her to any liabilty. will definately research it here before doing anything. By the way, did you have abusiness plan together when you put your LLC together. I'm curious as to how many REI have one prior to starting out and if they ever put on together? I guess thats another thing I need to research here.

LOL! Oh yeah, plenty of that.

Jason C. welcome to BP. I would suggest several things. One is research on here what type of investing it is you would liek to do (flips, wholesale, Single family rentals, etc.) All the info you need is here with great professional advice. Then I would suggest you join your local Real Estate Investors club and start networking and building your team. Reading and looking are one thing and doing those is great, but if don't feel prepared for the task you're not ready and some professional guidance from the professionals mentioned above (this site and REI club) will go along way. If you have questions about a deal you're looking at, start a thread.

My wife works for Lowe's as a head cashier and she said her store always gets compliments based on the crappy service given from HD across the street. I believe managemnt there realizes they have an oppurtunity to capture the disenfranchised HD customers. I know the master tradesmen at the Lowe's my wife works at are very helpful and knowledgeable. They have helped me and didn't even know I was an employees spouse. I can't say this for all Lowe's because I've been to a different one in our area and they were worse than HD.