All Forum Posts by: Waylon Gates

Hi @Mike Hottinga I am an investor in Lake Havasu, I have done many different types of RE investing here.  I would love to get together with you, maybe lunch or breakfast.   I started with flips and now am working with RE notes and new construction.  Like many realestate investors, I started with very little and built a full business out of it.  I agree that the local market isn't necessarily as good for many types of investing. but that being said on of my recent deal produced a pretty good amount of immediate cash as well as passive income that will comefor years to come.  I am an open book and love to work with others and help people as much as I can.  

Feel free to reach out anytime,

-Waylon

Learn about trusts..  That is a very simple way to accomplish what you are trying to do.

please send me more info about this.

Telling potential tenants likely will produce the best long term results.  If you don't say anything and then they find out later you potentially could have an upset tenant.  I would go by the open book policy, that it how I handle all of my deals, and I have found that it works very well.   I would consider human psychology in this decision.  With information being so freely available it is likely they will figure it out anyway, so consider how they will react if you don't tell them upfront.

@David Hodge You have posted something that will draw everyone that is looking for money.  They will all promise what you want and some of them may be able to deliver.  There is a fair amount of Due Diligence on your part to separate the wheat from the chaff.  I would recommend using all of the suggestions as ways to potentially accomplish what you are looking to do and let the money grab people give you ideas, but don't give them any money.  Education is very valuable in this type of investing, as always with investing it is nearly impossible to guarantee any certain results.  

I agree with @Jay Hinrichs comments above and would encourage a strategy that puts your mother-in -law in a position that loses last, not in a position that she could potentially lose up front.  

I have sent a message privately and would be happy to help educate on an option that could be a good fit.  This option would not be placing any money with me or any company that I am affiliated with.  You could do this in your own backyard, which could increase the comfort level considerably.

Most of all I wish you well in your endeavor, and wish you well in your investments.

@Blake Hansen The advice that is given above from @Brian Garlington is the most sound advice on this entire page.  I have offered low offers on literally hundreds of properties, I have purchase every singe one that got accepted.  This approach takes an agent that understands and also is very good in dealing with the rejection and pushback that will come from sellers and their agents.  I have also found that you need a realtor that will present the office in such a way that it is taken serious.  

Good Luck with your investing!

I would agree with what you are doing.  If the typical life expectancy in the area is 8 years, then you were lucky and got more out of it.  I would also be a little wary of the plumbers opinion who is replacing it.  Many times I get an opinion from someone and specifically tell them that I am not going to hire them no matter what just to hopefully get a more unbiased opinion (the plumber makes more by replacing the unit).  When it comes to items that I can get replaced fairly easy I usually wait until they break, I have found many instances that various mechanical items last much longer than expected. I also can see good reason for having a schedule, but I would base that on the entire picture.  If I am promoting the property as a vacation rental and am getting very high rates then I would do more pro active work.  If I am nursing a C or D class property it might just make since to fix when items break.   Since your W/H is serving more than one unit that is another reason to replace it because you would potentially effect more people if / when it does break.   

I would check with local plumbing contractors and see what the typical lifetime is of water heaters in the area.  In my area it would have already gone out..   

@Wendell Wilkins Lake Havasu City, AZ,   new contruction, multiple projects, always work on 75% ltv or lower.  What do you offer?  

@Jacob Stuckey Did you see my response to the other post about driving for dollars? In my opinion you are probably on to something already, get some deals going and from that you will learn tons.