All Forum Posts by: Robert Beardsley

you are a client one house doesn't make you a developer. you might have goals to be a developer but until you prove it to the builder you are a client. pay them to build 5 houses at one time and you might get a better deal

i dont know much about  Presque isle but maine. i invest in southern maine. what attracted you to Presque isle?

tell seller to fix the issue or lower the price. he doesnt agree let the deal slide and let someone else hold that bag. no need to get a bad deal just to get a deal. its going to take you more then 8 years just to get that 50k back that you put into it the way i see that is you have 0 cash flow for 10 years and you better hope nothing goes wrong during those 8 years( very unlikely)

dont want to ruin any dreams and this isnt to be mean. but to get 10 paid off doors that cash flow like 100 units will take you until your ready to retire. i think the average house in Maine is over 200k. so unless you have a high paying job and can save every penny you have you will have 10 paid off houses in 20-40 years if you are lucky. you can try buying a house that needs alot of work fix it up and then rent it out. that would be the fastest way for growth with this plan

you should make money from day one. as long as your not counting your downpayment and closing cost. if you live close enough to manage them i would manage them 8 units is easy to handle. i would suggest managing them until you grow alot more. every one has there lucky number mine is going to be 16-24 before i let someone manage my properties. i get its not passive but the goals is to get to the passive. also then you can manage the repairs to your liking. one more suggestion on repaire. do them the right way. i see so many landlords take short cuts thinking they saved a buck only to have to make that repaire 1000 times over. do it right once and dont worry about it any more. or atleast manage them take that 10% you would pay property manager and fix everything you need to fix the  first year or 2 then hand it back to property manager after

pay your school loans at what ever the minimum is. then save for the next few years as much as you can. 15k is great but you want reserves. or say screw it and ago all in. cant make money with out risk

any meet ups coming up soon? i went to the portland one recently and it had a good showing.

I dont believe you can discriminate on what job someone has. not to mention no job is secure. you can be high ranking manager and get canned. if she meets your requirements take her is what i say. the other way to look at it is if she is making 4x the amount of rent and rent is 2300 she isnt a small time influence if she for some reason looses her fire im sure she will have no trouble finding work in marketing after. 

Hey Reed, i live in brunswick if your looking at bath Lisbon i would put my money in Lisbon they seem to be turning around the town. although you might get more cash flow in bath. i like the direction Lisbon seem to be going. seems to be getting more upscale as the years go.

another option is to raise rents every 3-6 months until you get to where you want. if you use this option i would suggest telling the tenant what the plan is so they dont get shocked by so many rent increases. let them know they are over 300 under market and that you dont plan on raising it all at once but that you will get there with small increases every 3 or 6 months. if like other say and they have been good tenants and you want to keep them maybe explain that and tell them that although market rent is 1300 they have been good tenants and you are going to raise it in increments but only to 1200 for now.