All Forum Posts by: Rodney Sums

I'd like to cosign @Steve McGovern

Use your cleaning business to get you an "in". For example  I want to invest in apartment complexes.  If I owned a cleaning business, I'd offer to trade my cleaning services at a discount or free in exchange for thorough mentoring.  And I don't mean a chit chat over coffee I mean a practical apprenticeship.  I'd get the education and a new referral source for my business, which increases income, to fund future investments.  

I'm disappointed at the criticism offered by some of you that didn't take the time to thoroughly read the man's post. Even as a newbie I could see it was 850 on first property and 30k was not his quoted profit.  There are green investors like myself that thrive off any educational experience we can get especially when it's  FREE.  Richard didn't have to share such personal detailed information next to his first and last name with location included.  If you think someone is feeding you nonsense to "look cool" please just ignore it. At best ask for clarification.  But don't hate on somebody that is helping the rest of us, I would hate for seasoned investors to refrain from sharing knowledge.  

@Diane G. perhaps the 850/mo is just on the first property mentioned

@David Faulkner I came across your reply while digging through the crates and looking for info related to a horror stories thread I just posted.  With that 50's complex you mentioned, did you ever consider or build a MF brand new?  I'm certain it's fairly complex and a different ball game.  Looked for a few threads on the subject and saw the same themes.

Dear experienced, and even newer multi unit investors:

If you could go back in time and give yourself advice, what advice would you give?  

If you knew then what you do now, what would you have done differently?

What choices have you made that didn't produce desired outcomes and became learning experiences?

What are some of your horror stories, and how did you overcome them?

I'm currently reading a couple commercial real estate books (one of which is a textbook) where the author speaks of some of their own experiences (for example, incorrectly verifying all owners of a MF he was trying to purchase thus being unable to sue for breach of contract when they backed out).  

I would love to learn from your experiences if you're not too proud to share!

@Account Closed

I've started doing it not because I like money but really I hate money.  Look at the influence it has over people, how it can change their attitude, perspectives, relationships, and perception of what is important in life.  The fact is, barter is a part of any society.  My why is not only the traditional reasons such as not having a boss or a regular job, freedom and choices (big reasons) but likely the biggest reason is to have enough to not need more of it; escape from having it control me like it does all of us that have had to dread going to work to get an insufficient amount of it.

I'm just curious from a general discussion point of view.  I understand it's all about the numbers and comparing the would be deals to give a definitve answer, and obviously it makes more sense to go with the option that produces more proft.  With that being said, generally speaking from those of you who have experienced both or had to decide between one or the other:

As an investor, compare and contrast the benefits/disadvantages if you had the same amount of resources to purchase several multiplexes with fewer units each vs one larger multiplex with many yet nearly the equivalent number of units (i.e. you can buy four 4-plexes or buy a 16 unit property with the same money)?  Again, generally speaking, and I understand it varies by market and prices and other variables etc....

@Elizabeth Wilson funny thing is I started there first because it makes the most sense and I buy even personal high dollar items used, like cars for example.  I think every investor in Maricopa County is on craigslist because everything I saw is about the same price new or in a condition not worthy of paying 40 50 bucks less haha but I will certainly keep looking there and other second-hand sites

@Thomas S. Thank you.  As I mentioned in a previous comment this has nothing to do with my personal preference.  It's all about the quality of tenant, what they'll spend, being competitive, and getting the best return for the investment.  The challenge I'm having is the fact A, B, and C properties are within blocks of my property and it's pretty much in the middle of it all.  Second, there is a mix of kitchen features among the comparable properties in the same price range.  Only the "A" properties have both consistently.  From your and Travis' feedback, it sounds more like a lean toward no upgrade for either, which makes sense.

@Travis Hughes Thank you sir