All Forum Posts by: Account Closed

Remind me of me in regards to the produtivity level. I run a very busy restaurant. 75+ hour weeks are very common and regular. Any extra time? REI! haha

Listen, you sound like a hard worker. You did 7 years pre-med (that aint easy) and you work long hours taking over the business.  You are clearly intelligent as well.  These qualities will definitely get you far no matter what you choose to do.

My recommendation is this. Work. Run the firm. Make those bucks!!! Do REI on the side, for now, and turn every penny your REI makes right back into your REI business. Survive on the CPA firm money. That will grow your REI business much quicker. That's what I am doing too. I survive off the decent salary in this company I work for and turn every penny I make back around and put it back into my side REI business. I set myself a "10 year plan". I will keep doing this very exhausting, intense job for 10 years, all the while turning every penny I make from REI right back into my business. I can't imagine how quickly this will grow my business. After 10 years, I plan to drop my day job and just do REI. At that point I will be 45. Plenty young enough!! You are even younger than I am! You have so much time to make this happen. Not saying it has to be 10 years, but you have an amazing advantage SO many people will never have with this accounting firm. Take advantage and grow your money even faster!! Hell, if you don't want to, call me, I have a degree in Actuarial Science with a minor in Finance. I will do it! ;-P

Lastly,  make this your own.  You want a lender that doesn't have such restrictions on you. Do take your dad's experience and lean on him for advice, but I would really suggest maybe talking to some conventional and hard money lenders to see how hard it would be to do this yourself.  

Just my two cents... 

  Why were you pre-med for 7 years? College takes 4. This leads me to believe you weren't willing to work hard and/or willing to do whatever it takes.

College/pre-med/applying took me 4 years and I went straight through. You could now be earning $300-500K per year not needing your dad to fund your deals. Focus and stop looking for the easy way.

@Account Closed , Oh ok interesting you lived in Kansas City , never been there but heard good things. I've never really looked at prices there but $350k sounds high. With 20% down (loan of $280k) the note alone would eat up all your cash flow. 

Would this be an appreciation play? 

Edit: I just did a real quick search on KC on redfin and saw this. I'd probably be looking at stuff like that if I was looking in that market. Might be in a real bad area though since I know nothing about KC.

https://www.redfin.com/MO/Kansas-City/3212-Benton-...

A duplex for $64,000 . Listing shows  rents or projected rents of $  775 , $750 . 

@Account Closed - I didn't read through all the responses you've gotten but from what I've seen, I would definitely heed your dad's advice about not buying in LA/Cali right now. We are at the peak of the market and it's very very tough to find a good deal here. I just closed on my 4th flip in Highland Park and I'm gonna sit it out unless something falls on my lap. When it comes down to your dad willing to fund your deals or help with them, my mom is also willing to help fund my deals even though she has no clue about RE and she also has the old school mentality. She actually thinks I can still find something for $85k here in LA if I waited for the right time. LOL But the same as your dad, if she doesn't like the deal she won't lend the money. I've come to realize that I shouldn't rely on her help then. That I should know her money is an option if a super good deal came up but she wouldn't be my first go-to lender. If you have different ways of funding deals like your own money, I definitely would look into other markets. All this to say, listen to your dad about not buying here in the local market right now but don't just sit and wait and do nothing at all, definitely put your money to work elsewhere.

I'd be more than happy to grab coffee sometime if you'd like to chat in person. 

Wesam Saghir

Using your father's money to invest sounds like it is more a burden than it is worth.

As others have said, I strongly suggest you step out on your own. Find other real estate mentors aside from your father. There are a lot of ways to invest in RE, and it may benefit you to learn more about them.

I think one of the greatest gifts many of us received was the fact that we had to learn a lot about investing on our own and start with little or nothing.

 I think you are right especially if pops doesn't own the  accounting firm.

Something doesn't add up.  Why don't you have any money if all you do is work?  Girls?...............lol.  Dealing and accounting for deals are not the same skill set,  compatible but still different.