All Forum Posts by: Scott Mac

Hi Lisa,

Congratulations!

Now all of the relatives will have a favorite place to go for the Holidays too.

Scott...

Hi Michael,

If you contract for a Palm Trimmer ask for some close references from the past 4 weeks and go visit them to see his work.

There are butchers who will leave cards or knock on doors and destroy the look of the tree and you don't have an way to verify what their previous work looks like.

Just my 2 cents.

Good Luck!

Where ever my family is.

Hi Logan,

College will teach you nothing you need for this business.

For this business you need CASH money in the bank and a good Debt to Income Ratio to be able to borrow, and  knowledge of how this business works.

Also it helps to have a good tax CPA who is a real estate CPA, and to personally understand how your IRS 1040 and the real estate schedules that attach to it work (which is big boring learn).

"Entrepreneurship Sales & Marketing" will teach you absolutely zero useful skills and probably make you take out a student loan for it, but on the plus side you might some nice girls there.

Good Luck!

Hi Logan,

Because you think you might need your parents to help with tenant selection and tenant management,

you might want to make sure to include them in the decision making process regarding tenant selection and management, but YOU be the guy who deals with the tenants.

Also, make sure you know the Mass. laws for landlords, including how to evict and how much it costs to evict, as well as any town landlord regulations.

Good Luck!

Hi Krystal,

Nice house, I like it. I like the garage feature too, and the interesting blue color makes it memorable.

If it were mine and I was having this problem, I'd go over to the local churches on Sundays and sit through the service and after church ask some of the local ladies if they know of anyone who is in the market to rent a house at the price your asking but with the 1st month free (no different than not renting  for a month, just get a 13 month lease, 1st month free) but tell them you can't hold that offer open for too long because you have bank loans on it (this is to get them quickly on the phone if they know someone).

Hopefully you can find some family with both working at very stable local jobs who will stay for a long time.

Maybe go over to that grain elevator in the background and ask around there too--you never know.

Good Luck!

• Excessive filth remedy = cleaning.

• Original enamel is completely gone = I see the enamel, it looks white. From the photos it does not appear to be completely gone.

Good Luck!

Hi Jason,

Without A/C in Texas you will not have very many prospective renters. Vacancy rates will rise quickly.

Maybe you could try an Iron A/C cage on the outside and a separate security deposit (maybe around $300 or so) to cover the A/C.

The cages are ugly, but in many window A/C communities the residents understand that their neighbors (and their neighbors visitors) may be, shall we say sometimes "theft prone", and the bars can be explained as break in deterrents to keep their belongings safe.

They also blend in better in a light color vs. black.

If a prospect balks at the $300 and you want them, you could always offer to wrap it into the first 10 month of payments. You know, finance the deposit at zero interest.

Just make it very VERY clear to them (verbally) that they are not buying the A/C and that if it's missing or damaged they lose the deposit.

$300 to a Texas window A/C type tenant is a LOT of hard earned (or borrowed from a family member) money.

Good Luck.

HI Kaden,

1. Do not build as long as is there is something you can buy, (building takes time, buying starts you in business as soon as you close).

2. #2 is probably your best choice to start. (you and your family get to have privacy and the resident of Unit 2 will probably be more stable cash flow than the summer doldrums of college students).

3. Put as little down as you can, and keep as much cash money in your bank as you can because you will need a "Cash Cushion" to be a landlord. (There are always turnover costs when someone moves out and unexpected things YOU are responsible for, like a tenants furnace going out in February).

Just my thoughts on this.

Good Luck!

Hi Bryce,

If you want to be a Real Estate Broker you will probably need to pay a college to get a degree.

In that case look at the Broker Requirements in your state and see if the classes at the college match those required. Then only pay for a school that offers those classes.

Then you can be a salesman/boss of salespeople.

If you want to be a CPA you will have to take Accounting classes, and probably to a masters degree level, then take the CPA exam after paying for an outside study course to prepare for the exam (because the college degree does not prepare you for this).

Then you will probably have to work for a couple of years for a CPA firm to get enough hours to get certified. Then you can do taxes for small business people and real estate investors and charge CPA fees. (but you will then probably have to learn Quick books and some form of tax preparation software, because none of the things you have paid for so far will have taught you that.

If you want to be a truck driver. The median annual wage for a trucker that works for a private fleet, such as a truck driver employed by Walmart, is $73,000, although most make around $40,000 a year.

If you want to be a real estate investor/owner you don't need any college, just investment cash and time to work at it, plus a knowledge of how it works, and a good debt to income ratio to borrow. Plus there is no guarantee you will ever get rich doing this--it's all up to you. 

Which one is the best for you? I don't know. Everyone's situation is different and the ALL involve work and risk. There is no golden carpet of easy money in any of them. You will have to make this decision (possibly with the help of your parents).

If you need some clarity on this decision read Tony Robbins book "Awaken the Giant Within" and write out the life plan things the book recommends. (That little step (hard work) has helped a lot of people gain clarity for their future.)

If you read the book, you will need to do things like design your perfect day, and write down if you could have anything you want, what you have. Things like that.

Good Luck!