All Forum Posts by: Rick Stevens

Lynette,

Sounds very cool.  Great idea to get the kiddos involved!  I just learned a great way to get mine more involved.  Hadn't thought about dividing up the tasks like that before. Thank you!  

Best wishes to you.  Completely understand your approach.  Mine is similar.  I manage my own properties and have a full time crew to do the rehabs as needed.   I'm lucky, my dad who is a jack of all trades is my main guy.  So it works great while I keep my FT job until "passive" income cuts my chains.  :)

@Lynnette E.

Lynette, if that’s your chosen system then best wishes. However, I find off market properties with some work needed, but I have contractors or my crew to take care of the work creating cash for others.

Screening can be simple enough, and there are always property management if you want to shift gears to a more passive approach.

My guess is you like it how you have it set up currently. However there are many that have different set ups with much less “work” associated.

Just my opinion. Best wishes!

@Cameron Riley

All 3, but my mentor is priceless. I would not be where I am now, still a newbie, but acquired 12 doors and 2 commercial spaces in under a year thanks a lot to his advice.

But you still have to put the work in. Walk thru a LOT of doors! Analyze deals often until you know almost at a glance if you found one worth perusing.

Best wishes friend!

Thank you Scott!  Appreciate your thoughts and advice.

I'm in negotiations to buy my first real commercial property.  It's a mixed use building w\ 4 apartments upstairs and an restaurant / store front down stairs. I would plan to lease the restaurant space (no desire for another full time job). 

All the properties I've purchased thus far (SF and MF) were done with a DBA / sole proprietorship. But I'm really concerned about the potential liability risk I would have with this type of investment. The cash flow is there so I like the deal but want to be protected.

What is your suggestion? Form an LLC before finalizing an offer, or go w\ sole proprietor, or something else? Any help you can provide would be most welcome! Thank you

@James Roberts

James, maybe a newbie question, but I love the idea of paying yourself first. How do you deal with that from a tax perspective?

Do you run a PM company so it’s earned, or something else? I like the idea but have always just accumulated the net dollars in the past into 1 account never thinking about that strategy.

Thanks for any input

My suggestion would be to get into longer term rental buy&hold.  Smaller cash flow, but less work and very stable investment.  Best wishes

@Mary Mitchell

Landlord locks. Great customer service

Alvin, I transitioned from doing fix and flips single family houses, to buying small multi family with tenants already in place.  

I plan to do some updates as tenants turn over and BRRRR my investment back out. And repeat.

I’m also looking at smaller 3 bdrm sf homes for rentals as well.  The turnover in my market is fairly low for 3 bed sf if in decent shape. 

@brandonturner  search by location seems to be difficult to use still.  Can you modify it to have a mileage range similar to other RE search tools?

Thanks,

Rick