All Forum Posts by: Steve M.

Personally, No.

I have little to no experience with resident managers (which you will undoubtedly need).  I feel like I would be way in over my head and prior to going that large ~ I'd be a bit more comfortable working up to that point.  Remember, you can always 1031 in to larger properties.  Start with a Duplex/Quad and work your way up.  You learn each and every level, the fundamentals of a larger & larger properties, and exactly what goes in to successfully owning & managing a property that big :)

Just my $.02 cents :)  Good luck!

Prior to ANY offer I send, I always have the final number I am willing to pay logged.  If a deal can't be made under that final number, I walk.  

Don't let the emotions in negotiating get the best of you and overpay.  What's the value of the property?  Whats the condition of the property?  What (if any) sort of leases are in place?  Etc... Etc...

Before moving further ~ Find that absolute final amount you are willing to spend.  If its not met, walk.  If you see it still on the market 30 days from now, start over :) 

I'm still at an incredibly part time stage in my investing career (Although I've been doing it now for 5+ years)  I run 3 successful non real estate businesses plus I just became a licensed realtor.

Should that status change to a more *full time* approach ~ I'd seriously consider one of those dumping trailer.  The amount of use alone and it would probably pay for itself with a year or two :)

@Mark Gallagher

Depending on the size of the debris/trash ~ I normally build up the sides with larger material and dump the loose stuff towards the middle.

However ~ I'd have no problem framing in larger sides if I really needed it :)  At the end of the day, nothing a little grinding, steel, and welding won't take care of :)

Correct ... 

They do make dumping trailers ~ They'll cost you a pretty penny but they can be had for $5-6k.  For me ~ it just isn't worth it for as few times I'd utilize it ... Any large large jobs ~ I still utilize a dumpster.   If this was something I was doing multiples of per month, it'd be a different story.

Dump Trailers

http://sleequipment.com/dump-trailer-7-x14-hydraul...

http://www.pjtrailers.com/trailers/dumps/

Trailer?  Use it when you need it, park it when you don't.  You can find some pretty good ones for $1000 - $1200 ... 

Our local dump allows FREE dumping assuming your DL is in the same county as the dump.  

I picked up a trailer and I use it for just about everything :)  Could never imagine living without one again!

Nice Job!  This rehab has given me lots to think about as far as finishes are concerned.  I tend to "over-do-it" a bit ... 

1)  I'd start with $5 Million in the bank.

2)  Not put all my egg's in the same basket.

3)  Move $2.4M in to a basic 3 fund total stock market taxable portfolio. 

4)  Spend $2.0M on LOCAL Buy & Holds ... Preferably newer homes (less than 15 years old).  

5)  Hire a property manager (although the homes are local) ~ so I can manage her/him managing my prop's.

6)  Hold $600,000 in cash for 2 years worth of expenses (emergency fund) ~ if indeed, I somehow spent $300k per year.

7)  Travel, do some hobby stuff, grill out and drink beer, and spend time with the fam.

Outdoors or have him utilize a vaporizer which would negate the smoke essentially.

Pulling tax information via your state's online search tool?

Those tax bills have to be mailed somewhere.  You can also try stopping by the property and talking to the neighbors.  Lots of times a neighbor may help keep the outside of the property in pretty good shape for the homeowner.  They'd likely have the info needed to contact the owner.