All Forum Posts by: Tony Hershiser

@Dennis Yosco

Just wrote an offer on a 4 bed 1 bath turn key today we will see how it goes.

I appreciate the advice but quiting my job is almost a non option right now. To completely replace my current income from my job I would need around 66 doors cash flowing well. I don't hate my job I just want to grow my wealth Into something different than my IRA. I get employee match of 3% and that the best money I have working for me right now but diversification is where I need to focus. My issue is time.

Right, one of the ones we are looking at tomorrow is a single family 2bed. 1bath for 69000 my numbers look good to me at 59000 giving an 18%coc 9.5cap rate and $233 cashflow after expenses and that's where I'm at are you suggesting making an offer sight unseen then laying out an inspection or appraisal contingency? 

@Sam Shueh

Even in the are I am in where it's very industrial and there have been very little layoffs? Ohio is removing all covid restriction on June 2 as far as I can tell that should remove those items.

@Michael P.

Agreed. So how do you know when and what to offer when you don't have a team of people built up around you yet?

@Joe S. I have no doubt she could be more successful. I wouldn't mind handing her the reins.

@Latasha Griffin

Thanks. She has been the one finding the properties so far so I can run the preliminary numbers to see if the deal is worth looking at. Right now we moved closer to my job and the kids are going to school half an hour away. She picks them up and drops them off, takes our oldest to travel softball practice and our middle three to softball and little league and watches the youngest 2 while that is going on. Then rounds everyone up and heads back to the ranch usually around 8pm and cooks dinner and waits for me to get home 🙃. We are heading into summer break and that means she will have more time to devote to helping out. Trust me she is not one of those sit back and relax and get my nails and hair done kind of girls. In fact she hasn't went shopping for herself in years.

She will be my most valuable asset moving forward bit I'm not afraid to admit she works longer harder hours than myself.

This is why is wrote this post I really need some help. It doesn't make sense to me I'm the shirt term to higher someone else to watch our kids and suck up cashflow in the first come properties. Seeing little to no immediate return will not result in pursuing more properties.

@Jay Hinrichs

I really appreciate your help Jay. We are going to look at 3 today in and area we are firmilliar with. The numbers look good and I spoke with my lender and could potentially purchase 2 with my pre approval I have. Our market like most is nutty so I am only offering what makes sense and don't need to buy one. If I can land it I will update how it goes.

@Jay Hinrichs

Trust me nobody likes the finance guy. I also know people crave validation and human interactions on purchases after all isn't that what brought us all here.. 😉I use my down time at work to search for these properties I am interested. I dont have the time to walk these locations. Why do you think my goal is to get out of this line. I also can't jump out of this right now and make the money I need to make to support my family. The goal is to leave the auto industry all together in the next 10 years and work for myself. Our youngest is 2 that mean I have 16 years until we are able able live on 3k/month and be ok. I made a mistake and stopped working to save will admitt I spend a bit heavy like most have fallen into the trap I have nice cars and a nice house in a nice neighborhood and my kids have nice shoes. But missing out on them growing up is not something I want. I started as a mechanic worked up to finance to start my departure from working for someone else so I can work for myself and enjoy my wife, kids, and grand kids.

@Eric James. The repairs after the fact are not going to be an issue I have a contractor that I have used in my personal homes for many years and created a good personal relationship with, he knows what needs done and how I like my work preformed without my having to stand over his shoulder. I have talked with him already about my plans and he is on board with taking on the renovations. Would it make sense to pay him to walk these properties?

How does one go about finding a company that provides turnkey properties? Thanks for your response.