All Forum Posts by: Matt H

Ya we could if you want. In the mean time go to ebay and buy Carlton Sheets "no downpayment" course. It's like $40bucks for a used copy. Best tiny little investment you'll ever make bro. If you wanna become a serious REI you need that course.

I think the fact that having a contract is place will compell the buyer of the property to pay you. I think it would be very rare that you'd get a buyer not paying. And if they don't pay just send them a professional letter asking them to pay you, mention that it will go to court if they don't. And remind them of the contract you have. Then what you do is at the bottom of the the letter write down: cc: Fraser Milner Casgrain LLP or whatever lawer you normally would deal with. You don't actually have to send a copy to your lawyer. But it just freaks the reader out because it makes them think you're sending a copy of your demand of payment to a lawyer already as future evidence. Often works.

ImFlippinCrazy.....

Wow offering 8 grand, you go balls brother! I thought you were joking at first. But wow I guess in some situations a seller will basically take whatever they can get. Ya those numbers sound very good. So it sounds like you'll gain a great deal of experience and also make about $45k in profit. And if you can do that in the time frame you're talking about that could be big money. If you did 3 of those deals a year you'd already be making $135k net. That amount already gets you in a positions were you could be looking at apartments. But it sounds like flipping would be your specialty so ya just keep looking for bigger and better deals. Good luck on that first flip. I know for a fact that once you get it all done the experience of it you'll realize is priceless. Because now you can go out and make that money over and over again.

That's what I mean though, exactly like you say. Basically you have to penny pinch and do all the work yourself to make that 100 bucks a month cash flow. It's not worth it. And then if you have to replace a roof or something major you've lost all your profits for the next several years.

emerlad....

Now what would you do with 10m ?

Ya that's the thing it's different everywhere you go. Here it's super hot right now. People getting rich off one conversion of a small building. Other places there's probably no point in even trying.

Well when you're bandit signs go missing at night just remember that there's other bandits out there.

horsesense.....

Get rid of the management company immediately. You already make little to no cash flow. With them in the picture you make "no cash flow". So get rid of them. To fill a unit put a classified ad in the major local news paper and a sign in front of the house and another sign the busiest street near by pointing traffic toward your duplex along with a phone number to call. Like said so many times there's no cash flow in SFH's, duplexes and fourplexes. The only thing you can do is if you keep them, and if they have basements, renovate those basements and turn them into additional units. So a full duplex becomes a 4plex, each side having up and down suites. Or potentially if you can get enough for them and combine it with your HELOC you might have enough to buy a small apartment building. That will cash flow for you better than a duplex will. And when you get new tenants do a background check on them. And have them pay you first/last and damage up front. That way you're covered if they don't pay. But stay with rental properties. You will have a retirement if you do. Remember you're asset is appreciating each month plus you're earning mortgage paydown each month. So when you factor those in you're making probably double the cash each month that you thought if not more from your property.

Well if I told you then I'd have to kill you now wouldn't I. Ha ha. Well I just realized that after doing some number crunching that I could likely net 10m right now if I condo converted everything I have. Which might take a couple of years. And I calculated that if I wait about 5 years to convert I could make about 15m net. Just debating it all. Because I'm not sure what I'd do with that kind of money, plus I think having that much liquid cash is very risky. Far safer to keep it in assets I'd think. But at least I wouldn't have to worry about dealing with tenants anymore.

innova....

Sounds nice. Ya that sounds pretty good. Get a cabin somewhere to go out too. I should think about that myself. There is this really nice lake I know of but unfortunately the prices there now are through the roof. But who knows.

Actually the interesting thing is that I haven't been into REI for too long. Only since 03. Everything you need to know can be learned by simple getting the Calton Sheets No Downpayment Course" and getting into the habit of turning your drive time into study time. The drives to and from work each day are your 2 daily classes teaching you how it all works.

But I think from all of that teaching the simpliest way to become successful in REI is to simply do house flips at first because you can generally make five figures net profits from each flip. Then after you flip for a while and you've saved six figures, look for an apartment building to purchase.

Because once you get to that point where you're doing a lot of flips and you have enough funds on your side you can quite your job and just do it full time. And once you get your first apartment building I guarantee you'll probably stay with that because there's no risk and the cash flow will set you up for life. As as I said so many times you can buy an apartment easy with 10% down. In some cases maybe even just 5% if you're lucky.