All Forum Posts by: Nicholas Spohn

@Guy Gimenez I've had a BP account for years.. In fact I got on and read reviews on BP before I bought Blair's course. Maybe I don't qualify as "semi intelligent" but I have 3 single family homes and 4 duplexes under contract right now using the system on top of adding 30 units already this year.

I mean pretty much every sales system ever is set up to be "impulse buy" lol. I took Blair Halver's course and implemented every step along the way and it changed my life. I added 30 units to my portfolio this year almost all of them no money down, generated some great wholesale income from the leads and work less than 10 hours per week now. It was a pretty big time investment but now I have an actual real estate business. I watched his webinar did one sales call and I knew it was the right program for me. The "course" is definitely and investment but to have coaching calls every week is invaluable. 

@bruce 

@Bruce A Lopes Jr everybody wants to buy but nobody wants to be sold right? I don't think the salesman is reflective of the course, I've actually brought in 3 of my friends to the program because I thought it was so good. 

And as far as when to buy real estate... when you buy with massive equity and great cash flow you can buy in any market at any time and not worry about what the economy is going to do. :) good luck

great topic, I quit my job with the idea that I was going start a property management company, but I kept finding great deals growing my own investment business. So when people would ask me to manage their properties I would think why would I waste my time doing all the work for you for 10% when I can do all the work for me and collect all the profits (cash flow, appreciation, amortization) etc. I just focused on managing my own. Managers in this area have a terrible reputation and I buy from people all the time who are losing their a$$ because of management. My growth strategy is to hire someone in house and train them to use my systems to manage once I am large enough. My thoughts are that if the property manager were good at their job they would just take the one extra step and buy the property for theneselves. But for some reason it doesn't seem that property managers here are running their own investing  business in parallel. I think those that have the skill and the " cajones" to do a great job investing don't want to be property managers . 

I am a buy and hold investor, (typically) with a good understanding of finance, analysis and property management. The rehab piece I am learning. I am trying to put together a list of standard supplies for my properties but am kind of overwhelmed. Does anyone have a list of standard supplies they would be willing to share with us? Flooring, toilets, vanities, paint, cabinets etc? I plan on customizing it to my market and preferences but need a good baseline. Thanks in advance!!!

Hey @Michael Pease, I am working on list of certified contractors for my business too. Lets get together and compare notes. I like QC Honey Do, I don't worry about quality issues, but they aren't always the cheapest. I have a decent plumber, painter etc, but would like to have a deeper bench in case one is busy or just to keep them honest on pricing. 

@Brandon Turner I use a portfolio summary sheet to give my lenders with all of this info as well, good tool. However one tool I use that I haven't seen is a "weighted average cost of capital"  worksheet. I input projected profit from each property and estimated market value as well as the interest rate. This tells me which mortgages to pay off first or refinance, and which properties to sell if I need to sell one. I should sell properties that have the lowest return on equity. I can also see the difference between the cost of equity for bringing in new partners, vs the cost of debt. If my interest payment is 5%, and the return on equity is 3% I should sell that property. If the return on equity is 15%, then I know when finding a partner that I would be giving up 10%: 15% minus 5%, my opportunity cost. 

I had the same issue. The tenant is responsible for that bill. It is there job to let you know if something isn't working properly. I had a students mom call me asking me to pay. I said I cannot be responsible for something I didn't know about. Of course I fixed it right away and told them to ask for a waiver. The tenants should treat the house like it is their's, it is not your responsibility to babysit. 

I found a triplex on Craigslist... The owner still lives in it, and has renovated the whole thing over the last few years. It is pretty nice. Its in a part of town with huge old homes, some rundown, some really cool. Its kind of a mixed bag. She lives in top unit and would rent it back from me for $900.

unit 1: 900

unit 2: her sister lives in the first 2 bed for $525 (which is probably under market rent)

unit 3: 2 bed Just vacated, was renting for $600.

Market rent is probably $2,100-$2,200. She wants $120,000. She may be willing to do a small amount of seller financing. My concern/hesitation is that it is an old home that needs to meet "historic" standards, which I have never dealt with. She pays water and sewer at $150 per month, and it has a huge hill for a yard that is going to get expensive to pay to mow. Gross rents are at 1.8%. This should be a pretty good deal right? 

I have 4 properties in the area and I live 1 block from that intersection. Its not bad. You have some shady people, but I get good renters. There are a lot of pretty nice houses there too. You could get Ambrose kids, but they like to live one or two blocks off campus and that is more like 1/4 mile so you will get fewer. I have 6 over by ambrose as well. 

@James Wise i've tried a couple different things but can't get the image to show up