All Forum Posts by: Stanley E.

Hi @Cynthia Campos. I used funds from my self-directed 401K. I got the property for 18K. I sold it last year for 21K. It didn’t perform as expected. I still have the first one I bought for 12.5K. It is and has always performed great. It brings in $625/month consistently. Both of them together barely cost me 30K and they are not in slum neighborhoods either.

Hi @Daniel Emison. I have recently seen a few properties that meet your specifications. I also saw in a recent post about Arkansas a couple of property management companies you may be interested in.

1. Solid Rock Property Management
2. Conquest Realty

I plan to check out these PM groups also down the road just to get prepare in the even I need to move management services.

I hope this helps.

Thanks @Brian Wagers for the intro.

Stanley

@Christopher Lewis my initial response was to say “hell yes, fire him.” However, maybe you should consider what he has said and integrate the advice with your goals. Perhaps you could become a financial consultant or start a financial consulting firm, another asset. If this guy has provided you good mentorship in the past, then just because this very candid suggestion does not jive with your original plan, let’s not throw out the baby with the bath water but rather use it to your advantacge and accelerate your achievement of FI.

Great answer @Joe Villeneuve.  @Michael Miller, I think that protecting your assets in a LLC also has tax benefits to you as well that you may not receive otherwise. I could be wrong, but of course, consulting your accountant/tax strategist may shed some additional light on the subject.

I've purchased the 90 days of intention journal and my second top goal for the 90 days is to gain a REI mentor to help me accelerate my wealth building plan in REI. I did not have a mentor per se, but my realtor has been a great guide as I was referred to him by a family friend who has been investing for more than 30 years now. This kind of changed the dynamics of our relationship, but I am still in search of an actual mentor that will help me scale my operation. My only suggestion is to be intention and drive your search for a mentor.

Hi @Account Closed. I must admit, to me the longer the DOM, the more excited I get about a property. If it fits with my other criteria then I investigate further, conducting my due diligence of course. The longer DOM gets my spidy senses to going off because I am in hopes that this will provide me the opportunity for better negotiation. I think here, asking the questions and conducting your due diligence is key.

Hi @Malia Irvine. I only read some of the first few post and here are some things I would suggest. First, stop saying what you can’t do. You will need to overcome any peraonal hangups you may have before you can even successfully begin. Second, I disagree with depriving yourself to terribly to save. Deprive yourself terribly to save. You won’t have to donit forever, but the more you deprive yourself now, the sooner you’ll get to where you want to be...the Starting point. It will be imperative to your success that you begin to say, HOW CAN I, as opposed to I can’t. I wish you as much Success as you act to have.

Thanks Caleb. I Googled it.

Hi Caleb. Thanks for the response. I’m not familiar with the acronymn CMA. What is that?

Hi BP.  I just completed rehab on a couple of properties.  I am sure they are more valuable now than when I acquired them.  I got them for buy and hold.  Would it be a good idea to have them appraised now to help me calculate my net worth?

Thanks.

S.Ellis