All Forum Posts by: Eric Sipe

I decided to make a list of a few of my favorite real estate and/or investing books and to write a brief note of the main (I defined “main” as the most enlightening) thing I learned from it. Here are a few of the books I’ve read with the main idea I learned from each.

Do you have any favorite RE/investing/business books? What have you learned from them?

Wheelbarrow Profits: How To Create Passive Income, Build Wealth, And Take Control Of Your Destiny Through Multifamily Real Estate Investing by Jake Stenziano & Gino Barbaro

This taught me about the benefits of multifamily investing – something I hadn’t considered before reading the book.

The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Smart Buy & Hold Real Estate Investing by Brandon Turner

This taught me how to analyze properties!

The Book on Investing in Real Estate with No (and Low) Money Down: Real Life Strategies for Investing in Real Estate Using Other People's Money by Brandon Turner

This taught me how to use partnerships to my advantage.

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki

This taught me about investing in general and the broken financial educational system.

The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley

This taught me about my misperceptions about millionaires in America.

Set for Life: Dominate Life, Money, and the American Dream by Scott Trench

This taught me how frugality and motivation can lead to a lifetime of success.

THANK YOU to all of the aforementioned authors and especially thank you to BP for being the catalyst to my dreams.

@Nick Love

Hi Nick!

I'm a millennial and I'm about to invest in my first multifamily deal. I'd love to hear more about your mastermind group!

Eric Sipe

@Alan Pederson

That's a great one that motivates! That's what I thought to myself when I started to worry about not finding tenants in the future.

Fear.

Fear drives us, motivates us, and can stop us dead in our tracks if left unchecked.

I'm nearing my first RE purchase and I have fear. I don't fear a bad deal. I know I am competent and will find a great deal for a purchase. I won't buy into just any old property. The property and deal have to hit every single bullseye on my calculator before I even consider buying it.

What I do fear is the tenant. Or the lack thereof. People have told me ways to get potential tenants to look at a property and ways to keep a great tenant, but I haven't been told how to get a potential tenant to bite. How to get a potential tenant to consider renting from me and then actually rent.

When I purchase my great deal, what if no one wants to rent? What if no one decides to rent my units and I become a homeless man living on the side of an alley?

What if. The two word phrase that is fear incarnate.

I will not let my fear and my what ifs keep me from moving forward. I will drive on and purchase my first REI.

What are your what ifs? Will you let fear stop you dead in your tracks?

@Charles Osugo

That's it! Thanks so much for the explanation too!

Hello,

Last week on a podcast (cant remember which), I heard about a book that has a premise of 10 times. Take a goal and multiply it by 10 essentially. Anyone know what book? I cant find it anywhere.

Eric

Thank you for the feedback! That's precisely the stuff I was hoping for. 1) I fixed the down payment issue. 2) The After Repair Value is what the property will be worth immediately after fixing it up. Some houses may be worth the same (if no rehab is done) and some may be worth way more. I think it is called the forced appreciation, and I hope I understood that correctly. I have (in the Property Analysis on "Printout" and "Property Returns" numbers using 2% appreciation and 2% increase in income and expenses. 3) Yes, my CapEx monthly "payment" is me saving for the inevitable large expenses. I have it set at 5% of my monthly income, but I have considered increasing it slightly to maybe 7.5 or 10%. 4) I wasn't sure how to include the depreciation in the calculator. I guess I'll have to look around to see where others put it and how they include it in calculations.

I really appreciate the feedback!! If you want to give it another quick look over, I changed the "Property Returns" page to hopefully clear some things up with the years. It now includes numbers if I sell at year 1, 5, 15, or 30. Thanks!

Thanks for the great ideas! I just revised it heavily (so it has a new URL because I switched sheets) based off of that and what I have been reading. Please feel free to take a look! I am happy with how it works, I am just new to the IRR/EMX stuff, so I'm not sure if I set it up how a more experienced person would. Thanks and here is the link! 

@Dushyant Ravi

Thanks for the feedback! I'll definitely add those then. I'll just have to find a good spot for them first.

Thanks a bunch!

The calculator has been updated with a few changes including better future analysis charts and graphs, better on-page instructions by hovering your mouse, and I tweaked a few formulas.