All Forum Posts by: Steve Mason

@John Thedford lost me on the acronyms 😄

I'm kind of at a stand still for the moment. I have 2 doors and a flip I'm about 80% thru. Had an issue w the latest rental w bedbugs and had to move the tenants out to fully treat. Balancing the carrying cost expense along w the newer rental now. I'm sure it will work out but just cash poor right now. A little scary. I'm probably 2 weeks away from being able to move new tenants in the latest rental. Should smooth things out. When the Flip sells, should net about 25k, just NOT THERE YET! Patience Grasshopper, my wiser self tells me. So until then, yeah, I don't feel like I can risk another deal until I recover some cash. What would you do as far as actions?

I'd say if you're going to live with her, just marry her and avoid the awkwardness! What did my parents say? Why buy the Cow when you can get the milk for free? LOL, ok, I went down a different road, but think about it. An awkward break up, then you're paying rent by yourself. Just my 2c. 

@Jordan Lucas Nothing wrong w going for a license at 18. I would suggest, if you want to differentiate yourself from the pack, study Commercial Real Estate. That's an area where a lot of Residential Brokers typically lack in knowledge.

I'm sure they consider a good fee, whatever they can get, lol. I think most don't want the responsibility that comes with being an investor. In and out, on to the next. 

I personally would not do it. It sounds impressive he has 3 homes under contract already, but he hasn't gotten to the profit part yet. No guarantees there. I'm assuming there's a comprehensive plan in place, but I would look at Bigger Pockets as your mentorship. You can learn a lot for a small price and own it yourself, not needing a mentor. I can't imagine how long it will take to reach that 500k. I'm afraid I'd start feeliing resentful to them taking all my money. Some will disagree, that's ok. You have all you need right here, all I'm saying. My first year here, I have 2 rentals and 1 flip in progress. Long way to go, but nobody's hand in my pocket. What is the only ship that won't sail? Partnership. LOL, little joke there but you get what I'm saying.

Likely they have expensive lawyers to protect them. So sorry that happened. I wouldn't depend on their high moral fiber to do the right thing. 

They say the first deal is the hardest. I've found that to be true. My opinion, if you get a property where you only cash flow $100 a month, if that's the best deal you can find I would say take it. Start there as your baseline. Over time you can pay the mortgage down, possibly get a LOC to put down on another. Slowly edge rents up. To me, it's important to get in the game, then your brain starts looking for a better way to make more profit.

Hi welcome and great job on turning around your Air BnB. I think we all would do our first one different if we had to do over but that's learning. I'm finding as far as buy and holds I'm looking outside of Nashville we're so inflated now hard to turn a profit. I suggest looking at wholesalers facebook has some pages for them. Best of luck. Feel free to reach out we both can learn. 

I would say consider being a Long distance Landlord. Establish a relationship with a Management company in another area or State. Sell the money loser buy in another state.