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All Forum Posts by: Paul McDonald

Paul McDonald has started 4 posts and replied 16 times.

Post: Chinese Drywall Remediation (CDW)

Paul McDonaldPosted
  • Real Estate Investor
  • Gadsden, AL
  • Posts 16
  • Votes 2

Congrats

Post: Down payment for multifamily home

Paul McDonaldPosted
  • Real Estate Investor
  • Gadsden, AL
  • Posts 16
  • Votes 2

If not planning on living there and getting a conventional loan for it wouldn't this fall into a usual 20% down situation?

Post: How do you determine the value on a Duplex with no Comps???

Paul McDonaldPosted
  • Real Estate Investor
  • Gadsden, AL
  • Posts 16
  • Votes 2

After listening to 40+ podcasts the past week I would say offer something you consider ridiculously low and go from there. I noticed this was posted months ago so I'd be curious how it turned out. 

Post: Challenge: $30k a month in rental profit in 5 years?

Paul McDonaldPosted
  • Real Estate Investor
  • Gadsden, AL
  • Posts 16
  • Votes 2

I'm just curious after a year and a half how your are doing towards your goals?

Post: When to start an LLC?

Paul McDonaldPosted
  • Real Estate Investor
  • Gadsden, AL
  • Posts 16
  • Votes 2

I'm curious how many people start their LLC before they even have their first property?

Or, how many properties did you have before you formed an LLC?

For perspective I'm looking into doing rentals. 

Post: building a fourplex as my first deal. trial by fire.

Paul McDonaldPosted
  • Real Estate Investor
  • Gadsden, AL
  • Posts 16
  • Votes 2
Originally posted by @Joshua Berube:

That is something that I have been addicted to lately. Podcasts. I work at a place where I am currently able to listen to a device and I have been like a sponge. for the last two months I have been listening on average of 44-48 hours a week. I can actually feel myself changing because of it. Im more focused, I;ve started running, Im eating better... overall just.. better..

Sounds like you're doing great from where you started. I just finished podcast 41 which as of today puts me 1/3 the way through the BP podcasts. It sounds like you're doing a lot better by yourself internally to help like the running and eating better. Crap food makes you feel like crap and steals motivation and energy.

I do have a question on how you're paying for the building itself. I'm making the assumption you are working currently in a wage job. Are you going to save up and build in parts as you can afford the cash. Such as save for the foundation then pay cash for it. Save up to pay for framing and boxing the structure in then pay for it. Then trades as you can afford them until the building is paid for free and clear?

Also, if you're considering building 2 duplexes instead of one 4plex, are you considering building 1 duplex first, getting renters, then building the second duplex?

Post: Building new apartments

Paul McDonaldPosted
  • Real Estate Investor
  • Gadsden, AL
  • Posts 16
  • Votes 2

I'm considering this also. I would love to hear someones opinion in the states of Florida.

Post: Can an llc accept cash rental payments from tenants?

Paul McDonaldPosted
  • Real Estate Investor
  • Gadsden, AL
  • Posts 16
  • Votes 2

I personally wouldn't want to accept cash because I would like an electronic paper trail of sorts. 

Post: UBG

Paul McDonaldPosted
  • Real Estate Investor
  • Gadsden, AL
  • Posts 16
  • Votes 2

Not yet. Everyone in the village was on the river this past weekend net fishing the smelts that were running though. 

Post: UBG

Paul McDonaldPosted
  • Real Estate Investor
  • Gadsden, AL
  • Posts 16
  • Votes 2

While everyone back in Alabama was enjoying Memorial Day weekend I was up in the middle of nowhere reading the ultimate beginners guide. Using the isolation up here in Alaska is actually a big plus for me right now. My education on real estate is skyrocketing due to minimal distractions. I got pages and pages of notes out of the UBG. Very much appreciate the hard work that was put into it. Thanks so much!