All Forum Posts by: Scott Mac

 Wow owns a pest control company!

That's very impressive. 

If he told me that I would ask - How many trucks are in his fleet; how many office workers does he have?

He must be a very responsible guy to have a business like this.

Or is this a situation where we have a Self employed exterminator (nothing wrong with that, but it's best to know who you are renting to)?

 Just my 2 cents.

What I said above does not have to apply to your problem tenant, it could apply to a new tenant.

As far as the problem tenant have you tried being very direct with the person saying stop calling me so much over these things that are insignificant, or just hanging up.

If this is a younger person they might just be trying to help you out, and not knowing any better.

Good Luck!

If it were mine, I would like those leases to come up for renewal at different times.

For instance if one of the units had an 18 month lease for one of the terms that would stagger the leases by 6 months.

That way you would have somewhat less risk regarding the carrying costs on the unit during a turnover when a unit is not generating income.

Just my 2 cents.

 Hello Jack,

It might be wise to call your Father on the phone (or text him) about borrowing money against the house.

If he is on board with it, step two might be to call your mom and ask her if she is on board with borrowing money against the house.

If both of them are not agreeing to this, I mean if only one of them agrees to it or neither of them agrees to it, you might want to consider making some adjustments to the plan. 

If your goal is generational wealth, realize that might be a castle in the sky for you as it is for many (sales seminar hyperbole).  Although you may hit that goal so it can be a good goal to have.

As far as teaching this to your family and doing this as a team- this is a good time to talk to them about that too because it also seems like a big part of your plan.

This might be something that you would consider doing on your own if you have to. That means taking responsibility for all aspects of the business yourself, down payment, working capital, profits and any losses if they come about.

If you have not done so already I would recommend reading Rich Dad Poor Dad, And doing the written exercises in the book Awaken the Giant Within.

Good Luck!

 Follow your passion (and read Rich Dad Poor if you haven't, it's an easy read).

Because language is important, let's tighten up the language a little bit- it's not a field (that's important).

Also your chance of not being a W2 wage slave from this is probably fairly low.

Meaning that you will probably have to do this in addition to some other type of employment.

You say you want to get into investing, it's important to have a silhouette, or a target type of investment.

That doesn't mean that this must be your exact investment, but it gives you something to learn about, and to compare other possible investments.

I'm going to give you a for instance silhouette here; a house for sale in your city not more than 10 minutes drive from your house, that you think renters would be interested in, and that you think you could get for a price that allows you to rent it out and cover all of your ((yearly)) expenses for that rental with some leftover as a little profit.

You need to know what insurance will cost and if you will have to pay that in one big chunk when you buy it.

You will need to know what type of a loan, or loans you might qualify for.

And you'll need to know what type of qualifications you will need to meet personally for those loans.

If you want to work at something where you might be able to learn about some aspects of SFH investment, working as a property manager for a company that manages single family home rentals, even part time, ((might be)) a way to learn about how some of the SFH investment things work in your area.

Good Luck!

You should talk to him about this first and see if he's on board with the idea.

Good Luck!

It will probably take a big pile of money to be a real estate developer.

Abraham Lincoln freed the slaves - work for free???

I don't think there's any type of work that you can do for free, that will teach you how to be a real estate developer.

Without cash, your own cash, and a lot of it, and being such a young age this is a lofty goal.

If you are not from a wealthy family, you might want to consider trying to make as much money as you can as fast as you can and saving it.

And as you've already done meet some of the people who are actively doing this in your community, so they know who you are and you know who they are, and sort of befriend them in a business way over the years.

This will put you in a position of having some money to invest and also having some contacts in the industry.

 Good Luck!

Go view in person -- (several) competing units that are within 5 minutes drive of your unit, that are priced competitively to the price (you think you can get) for your unit.

Make note of how many of them have the features you want to add to your unit, and then make a decision what features you need to have to be competitive with these units.

Also make note of the unit size as well as parking and other features that a prospective renter might find attractive in the competing units.

Good Luck!

Hop on a quick call--(the wheels of commerce).