I need to be doing this full time within 6 months! - Posted by Ken L (Mi)

Re: IT CAN BE DONE ------ ** L–O–N–G ** - Posted by Bobbie

Posted by Bobbie on May 01, 2006 at 09:47:19:

Hi Todd,

Actually YES, we have sold two “AS IS” – Love it! We were planning on selling the last one “AS IS” but the buyer wanted it rehabbed. NEVER AGAIN will I allow a buyer to dictate the deal.

I am in total agreement with you – if possible, sell “AS IS” and move on. It’s so much easier.

Bobbie

That’s how we just did our first - Posted by Lynn

Posted by Lynn on April 28, 2006 at 22:17:34:

…deal and hope to do all our deals! Our first deal started off exactly like Todd’s–a rehab. However, all we got done in the ONE week we advertized it was to replace two door knobs and a storm door. We sold it “as is” to a couple who really want to rehab it themselves to their own liking. NOW the thought of rehabbing depresses me. I just tweaked what kind of home I’m looking for a little–not too far gone–and all my deals will be “as is.” Good advice, Todd! Thanks, Lynn

Re: Thanks for the great advice - Posted by Eddie-Mi

Posted by Eddie-Mi on April 28, 2006 at 18:13:31:

What town in rural Upper Michigan are you from? I do some business up there also.

Re: RE: Full time within 6 months! - Posted by Joe

Posted by Joe on April 28, 2006 at 17:05:40:

Sorry about that Ken. It’s just that we’ve grown up with computers, so it’s in our blood. I’m 22, and started out with Ataris around 10. I’ve been hacking around with computer equipment ever since. From my experience in talking to tech support, I know more than the majority of them just from my background. And, I’ve never even considered doing any computer-related job. Although I use them day-in and day-out.

We’re not trying to be mean :stuck_out_tongue:

Re: RE: Full time within 6 months! - Posted by JP (in PC

Posted by JP (in PC on April 28, 2006 at 16:59:27:

I understand completely. I was going to get take my computer background and certs and find a ‘day’ job geeking and do MHs in my off time but when I started looking at what was available I found I couldn’t find a job that would work for what I wanted to do. Either I was overqualified for a helpdesk/net admin position where the pay sucked and the hours were inflexible or I didn’t have quite enough experience to get the cushier (if that’s a word) supervisor of the above jobs. Either way, it was going to take longer than I wanted to stand working for someone to get the income and hours I was looking for.

We’re moving up to IN so maybe can get together in a few months and compare notes.

Re: Tony/Scotts course - Posted by Sailor

Posted by Sailor on April 28, 2006 at 21:15:31:

I highly recommend the Boot Camp in August. There is only one this year, so try not to miss it. I just wish I’d attended one before I bought my mhp–would have saved a LOT of $$$.

Tye

Re: full time within 6 months! - Posted by Sailor

Posted by Sailor on April 28, 2006 at 17:44:22:

Actually, as an individual you can’t replace good benefits–they just aren’t available. An employer pays so much per month for insurance, but if I do not have that coverage I have to pay full price to the dentist & eye doc. I had dental & eye care, + matching 401k funds. Even my scholarship donations were matched dollar for dollar. You also have to bring in & maintain operating capital (post-tax) to maintain jobless status. I think one could do it for less than 3X salary, but I still maintain that the standard of living would not be exactly equal. Understand that I have always been a financial conservative–

Tye

Re: I was quoting the Blues Brothers - Posted by Sailor

Posted by Sailor on April 28, 2006 at 17:29:54:

Afraid my cultural references are a few decades prior to yours, kid! Now if you had referred to an Everly Brothers lyric I have recognized it. Glad to hear you refrain, Ken. My best friend of 50 years has been hooked up to an oxygen machine for several years now, but still sneaks out on the patio now & then. My generation didn’t really know much better, but it really bothers me to see my tenants (& yes, one SIL) spend their hard-earned $$$ on the tobacco companies when those funds could buy their financial freedom. I started smoking when it was 18¢ a pack, & quit before it hit 50¢. I’m too cheap to have continued.

Happy to hear you’ve got the health benefits covered–'course when you get to stay home & watch Dr. Phil, your spouse might get a tad restless in her job. Let us know how your plan develops & the progress you make–

Tye (who took her Premarin this morning & isn’t half as cranky today)

Re: Thanks Tony! - Posted by Tony Colella

Posted by Tony Colella on April 28, 2006 at 15:20:56:

Couple of comments.

Just be sure that we understand NET income. Too often we see folks compute a Lonnie deal as the $200 (or whatever they payment the sell the home for) per month and count this a NET. They multiply that deal by 10 and come up with $2k per month.

Business and reality are different unfortunately. The taxes on those deals are high and there will always be vacancy, turnover, repairs etc. that consume not only capital but income.

The note does expire in the short term but a growing portfolio of them can certainly get you started.

From what you wrote there will be offsetting financial penalties in your favor. Day care costs will no doubt represent a good savings alone.

I also like your thinking in regards to hiring your brother instead of partnering or perhaps partnering but only in regards to his labor. Something like he makes $500 when the home sells, you keep the payments and any balance from a down payment. This way he has the incentive to get the home done quickly and you are not dipping into your income to pay him while the house sits vacant.

For what its worth Ken, I have read many, many, many, many (get the picture) folks who post here with desire in the hearts and grand (not to mention fast) success in their eyes but once reality hits they disappear from here.

Think about the “Newbie Challenge” posters who a month later are never heard from again. I am all for a group challenge but when goals exceed reality, ability or true desire, failure hits hard and fast.

One thought you wrote and have me believing makes you stand apart is your willingness to do whatever it takes. So many write that but when we begin to show them the path, they find that they are not really willing to do what it takes. They were hoping to just write a check or put a deal together, collect payments and not have to get dirty.

For me landlording was a dirty word until I saw how many truly wealthy folks I knew actually started and built their wealth that way. I walked in eyes wide open and decided to get over my preconceptions and ego and got dirty.

If I can do it, anyone can.

Best Wishes,

Tony

Re: Thanks for the great advice - Posted by Ken L (MI)

Posted by Ken L (MI) on May 01, 2006 at 21:14:46:

Escanaba is where I live.