All Forum Posts by: Tim Hall

@Misael Herrera Granados get some quotes. Get an engineer in there first to see what the issue really is. It may just be a case of some guttering something simple and easy to fix. Get all the info first then start seeking quotes then and only then figure out what you want to do. Cheers

@Kudzani Koketso hey this is very doable if you have a trusted team in place. If you don’t then do not do it. Your first will be your last. Spend time on your team first. Then go after the property. Knowing areas that you want to invest in is a must. Sometimes the cheapest option is not the best option. I bought a property for 12k, put $100k into it and sold it for $225. Sounds great but it took 4 years to mess around with this one. I did it while I was flipping easier and more profitable houses.

@Katherine Roberts here’s my advice, don’t close on it. You’re out a few thousand dollars but you’re going to be out more if you do close on it, so don’t.

@Becca F. It depends on where you're finding the properties. I don't like generalizing. There are properties out there that cash flow but they're hard to find. It's how invested are you in finding them. I bought 2 unicorn properties during Covid, everyone said there were no deals out there. If you want cash flow don't buy properties that don't cash flow, Simple. If you want easy don’t buy properties out of state. Or set up a bullet proof system that makes it simple to manage the property from afar. If you want to quit your w2 make a plan, set a goal and then take massive action. It’s that simple

@Rianna Mcgee if you want to be financially free you have to start at the beginning. Where you live because you can get a head start if you start right. You live in an apartment surrounded by other apartments. So buy an apartment building and live in it. Boom you’re on your journey to financial freedom on your first purchase.

@Alton Pettit if I had 5.3m hmmm even if I parked it in a savings account at 5% interest rate I’d have a return of $265,000 and that is totally passive.

I could then become the bank for other savvy more experienced investors that would get you 10-12 percent and that is also relatively passive. You’ve just got to make the connections. You could become part of a syndicate and that also is passive and can see returns at 8-10% These are my options if i want to be truly passive.

If you want a job then you can buy a str, at the moment it’s pretty hit and miss but you’d be busy.

You could buy 1 big multi family and that would give you lots to do too until you systematized it.

You could buy lots of different houses that would give you lots to do too.

You could leverage the money partner up with an experienced re investor and go balls deep. Whoa what a ride.

Depends what you want out of life.

@Stephen Michels hey man, hope you are amazing!! Happy Christmas.

@Ofir R.

@Mike Schoeffel Mike, just relax. I know it seems like the end of the world but it’s really not. This is just Tuesday in real estate. This is the best education you can buy and yes it can get worse. However it’s just a hurdle that you need to proceed through. Get a lawyer and start the eviction process if you haven’t already. Foundation issues are not going to make the tenants stop paying rent. It could be an excuse but in reality they’re just looking for anything to stop and this is just handy. Go get an engineers report and then a framer/concrete guy and follow the engineers report. I bet it’s less than a third of that quote.

@Mike Schoeffel sorry you’re going through this. Don’t go crazy trying to sue people. The joists don’t effect the livability of the property, right? They didn’t collapse, right? So I’m guessing you’ve got a contractor that’s feeding your anxiety and telling you that the sky is falling. He’s trying to get rich off of you the filthy rich landlord. Personally I would get a engineer over there. My engineer cost me $500-1000. They’ll tell you what you need to do. Then you shop the report to framers who will give you prices. Once the work has been done get the engineers out again and get them to sign off on the work. That’s it. Get the blood suckers out of there and move on.