All Forum Posts by: Scott Mac

Hi William,

16 years old.... To cut your own aggravation over dealing with a teen,

you might want to think about having a carrot and a road map to increase the likely hood he will follow through and that you won't have to nag him to follow through.

• The carrot, maybe something he likes, or thinks is adult-like, such an afternoon at the driving range and lunch out somewhere he chooses for the two of you.
• The road map, a (short) bulleted list of say 3 books (maybe eBooks he can read on his phone)
• A test to ensure he has read them by pretending you have not read them yet, and have him "Teach You" what was in the books before he can earn the carrots.

And if it were me I'd start with Rich Dad Poor Dad as number 1.

Good Luck!

Hi Terrell,

It always amazes me when someone makes a decision to spray paint on the interior walls of where they live.

I could never imagine myself ever doing that, but it seems to happen often in some areas.

Scott...

Hi John,

The answers to those questions might be neighborhood dependent.

Class, A, B, C and D neighborhoods will have different answers and price points.

Some tenant profiles will expect better and some will expect lower end.

Just my thoughts.

Good Luck!

Hi Derek,

Why not just call the underwriter on the phone and ask them what they want.

It might be as simple as bulleted list signed by you, or they may have a form.

Good Luck!

Hi Cameron,

For this business, no degree is probably better than any degree.

Why, because:

1. They will not teach you how to make money in this business.
2. You will spend a lot of time jumping through their hoops vs spending time on this business.
3. Unless you're free at BYU you will have student debt to pay off.

The positives to a degree you probably already know, possible job, possible social standing with some people, etc...

This business is unique.

Hire a CPA that knows this business, and you personally read the IRS rules on Deprecation, and 1031 exchanges.

Hire an attorney that knows this business to form your LLC, and read an ebook about how to run the LLC.

Make as many business friends as possible in the area you want to do business in by attending Real estate meetups. Have business cards.

Either have cash money to invest, or know friends and relatives that have cash money to invest, or partner up with a business friend who has cash to invest.

Ask a couple of your business friends after you know them for a while if they will mentor you. Not the blind leading the blind, but someone with experience doing what you want to do.

Realize that not every deal will be profitable, you may lose money and time on some, so learn to "feel" which risks are worth taking and which ones are best left alone.

and above all else understand the numbers of this business

No college will teach you this.

Good luck!

Hi Carson,

Animal control will probably put the dog down.

Personally, I'd look up a "No Kill" dog shelter, many areas have them.

And in the mean time it will need water and food, and since you have the key...

Just my thoughts on this.

Good Luck!

Hi Quito,

At least for the assisted ones, Senior Housing seems to be it's own "business" separate from real estate.

I've had 2 separate operators of these "Old Folks Home" type places offer them to me no money down. (I turned down both without even seeing the numbers.)

Both owners had the same story, quickly burnt out by the business end of it.

Both remarked on the staffing issues being a huge headache, and the low returns.

People must be making money on it though, because several nice looking new places have been constructed near me in the past few years.

But as for me, I'll stick to regular market rate rentals.

That's just my thoughts on it.

Good Luck!

Hi Ryan,

Why not drive over (instead of calling) to the local board of Realtors office and ask them that question (in person).

That way you have a face with the answer you will get.

Good Luck!

Hi Katie,

I don't know if you've thought of this but,

in many areas rooming house situations tend to attract a totally different (less financially stable) tenant base.

Just my thoughts on this.

Good Luck!

Hi John,

If you have not already, Read Rich Dad Poor Dad.

Good Luck!