Big Decisions! (by NE [PA]) Nov 8, 2017 6:14 PM
Big Decisions! (by Kyle [IN]) Nov 8, 2017 6:56 PM
Big Decisions! (by Dave [MO]) Nov 8, 2017 8:31 PM
Big Decisions! (by cjo'h [CT]) Nov 8, 2017 8:41 PM
Big Decisions! (by Livethedream [AZ]) Nov 8, 2017 9:43 PM
Big Decisions! (by Robert J [CA]) Nov 9, 2017 12:26 AM
Big Decisions! (by Q [NE]) Nov 9, 2017 12:39 AM
Big Decisions! (by razorback_tim [AR]) Nov 9, 2017 3:25 AM
Big Decisions! (by Shelby [IA]) Nov 9, 2017 4:26 AM
Big Decisions! (by Shelby [IA]) Nov 9, 2017 4:40 AM
Big Decisions! (by Nicole [PA]) Nov 9, 2017 5:13 AM
Big Decisions! (by Doogie [KS]) Nov 9, 2017 5:15 AM
Big Decisions! (by Richard [MI]) Nov 9, 2017 5:47 AM
Big Decisions! (by NE [PA]) Nov 9, 2017 6:13 AM
Big Decisions! (by NE [PA]) Nov 9, 2017 6:15 AM
Big Decisions! (by RB [MI]) Nov 9, 2017 7:00 AM
Big Decisions! (by Lynda [TX]) Nov 9, 2017 7:28 AM
Big Decisions! (by WMH [NC]) Nov 9, 2017 8:26 AM
Big Decisions! (by Robin [WI]) Nov 9, 2017 9:17 AM
Big Decisions! (by Roy [AL]) Nov 9, 2017 9:53 AM
Big Decisions! (by Julie [KS]) Nov 9, 2017 12:16 PM
Big Decisions! (by AllyM [NJ]) Nov 9, 2017 5:27 PM
Big Decisions! (by MikeA [TX]) Nov 9, 2017 6:15 PM
Big Decisions! (by cjo'h [CT]) Nov 10, 2017 6:30 PM
Big Decisions! (by cjo'h [CT]) Nov 10, 2017 6:46 PM
Big Decisions! (by BRAD 20,000 [IN]) Nov 13, 2017 2:25 PM
Big Decisions! (by mike [CA]) Nov 20, 2017 5:12 PM
Big Decisions! (by NE [PA]) Posted on: Nov 8, 2017 6:14 PM Message:
What are some of the biggest and most "turning point" type decisions you have had to make in your RE investment career and why?
--50.107.xxx.xxx |
Big Decisions! (by Kyle [IN]) Posted on: Nov 8, 2017 6:56 PM Message:
Buying the first one was a big step. That helped me understand all that was really involved in owning and managing a rental. Deciding to go full time was another major turning point. Knowing the rents have to pay your bills helps force you to keep focused on the business and growth to work towards FREEDOM.
Within my business, hiring more out has been a helpful turning point, though I am not finished making that turn yet. And, getting my lease and policies and procedures straightened out so everything is set up to work for my business the way I want to run it. Once a situation comes up one time, whatever the solution is becomes policy for the next time, taking a lot of the stress out of what ifs. --73.102.xxx.xx |
Big Decisions! (by Dave [MO]) Posted on: Nov 8, 2017 8:31 PM Message:
I’m currently at a turning point of turning a fourth of my portfolio of rentals to a property management company, I’ve interviewed 5 companies,and spoke with other investors who used these local companies to manage their properties, so this helped sort through the agents. Also, talked to my accountant to get his advice. So far, I’ve turned one over , and will slowly release the reins as the others become vacant. On the bright side the agent did speak with me about the final applicant for my approval on the first house. I have been contemplating this move for about 2 yrs. --72.24.xx.xx |
Big Decisions! (by cjo'h [CT]) Posted on: Nov 8, 2017 8:41 PM Message:
NE, one of the biggest decisions I made was whether to come here or to go to Australia.Now my biggest decision is whether to get up or go back to sleep for another little while.Going back to sleep for another little while is not so good because my nights are getting mixed up with my days,now you NE have to come up with a workable solution for me,I know it's not what you wanted to hear when you asked your question,But that's what you get for asking crazy questions. Charlie...... ..... .... ... .. . ..... --174.199.x.xxx |
Big Decisions! (by Livethedream [AZ]) Posted on: Nov 8, 2017 9:43 PM Message:
Biggest was risking my house for seed money in the boom. Next I guess was leaving CA, and focusing more on my other business. Now that I'm getting older and slowing down fast I'm looking toward fully retiring and moving again to a smaller, slower, COOLER place. Just haven't found it yet. --47.216.xx.xxx |
Big Decisions! (by Robert J [CA]) Posted on: Nov 9, 2017 12:26 AM Message:
When to sell and exit a curtain market. Neighborhood changing for the worst. Slower police resonance. Crime up. Tenants take no more pride in their neighborhood. --47.156.xx.xx |
Big Decisions! (by Q [NE]) Posted on: Nov 9, 2017 12:39 AM Message:
Some of the decisions that made the biggest impact...
Sticking to the #1 rule of not renting to friends, family or coworkers. I've had to tell many of these people No over the last 10 years, but it is worth it.
Periodically inspecting my properties for damage and cleanliness.
Being more and more willing to take risks and moving forward on deals before they slip away.
Q-Out --97.121.xxx.xxx |
Big Decisions! (by razorback_tim [AR]) Posted on: Nov 9, 2017 3:25 AM Message:
Hiring a maintenance/turnover employee. It makes responding to service calls a breeze. Previously that was one of my least favorite parts of the business. --97.68.xxx.xxx |
Big Decisions! (by Shelby [IA]) Posted on: Nov 9, 2017 4:26 AM Message:
My biggest decision was going from sitting home waiting for renters to pay me at my house, to setting up a bank account for them to deposit rent. Luckily I set this up the morning before my water broke. ;) It’s a huge turning point for me. Makes everything so simple. Between this group and that being the way my little sister pays her rent, I would have never changed my ways. (Or thought to) --174.217.xx.xx |
Big Decisions! (by Shelby [IA]) Posted on: Nov 9, 2017 4:40 AM Message:
As far as biggest decision change at a house though I love that my husband built a full size deck at one property where there was an area that used to have a hot tub and small tiny deck. Renters would let weeds grow (taller than the privacy fence) and it was a catch all for garbage bags and what not. Love, love the big deck and no more garbage, weed mess. It’s my favorite home improvement to this day. --174.217.xx.xx |
Big Decisions! (by Nicole [PA]) Posted on: Nov 9, 2017 5:13 AM Message:
changing up my type of rentals - appreciation vs income producing / slums vs "better" neighborhoods.
continually changing in learning how to deal with payment issues. Tried "zero tolerance" many years ago, did the "work with us", and everything in between.
realizing the world isn't black or white (not talking race) but is filled with grey is what works for me. --72.95.xx.xxx |
Big Decisions! (by Doogie [KS]) Posted on: Nov 9, 2017 5:15 AM Message:
Hiring someone. The first person I hired was an accountant to do monthly statements for me and keep the books in line. Holy cow, that was the best decision I ever made! She is gold! I'm at another turning point now. I've recently decided to start hiring more of the maintenance and repairs done because I can't keep up. I've been having a handyman do it, but I'm debating on hiring someone for my company so I have a little more control over their schedule. --72.202.xxx.xxx |
Big Decisions! (by Richard [MI]) Posted on: Nov 9, 2017 5:47 AM Message:
Deciding to leave Calif. The prices just got too high. I sold out and retired. Moved to the Florida Keys and drank rum. Got bored.
Eventually wound up in Michigan. That was near the bottom of the dip in the market. Places were DIRT CHEAP, so I got back into it.
I think the real biggest change was in accepting the fact that my tenants were going to be C types, mostly smokers, drinkers, people with dogs and cats and often several of them. Constantly broke. I've had to accept that they won't take care of places and just make the places as basic and plain as possible so when there is damage it's cheap and easy to fix. Nothing fancy at all. also, of course, they need constant management. You have to go by on a regular basis and correct them like little children because they will try to get away with anything. Right now, one of them in a place in the country has a deer hanging in the shed that he has gutted and stripped the meat off. It's attracting bugs. I've given notice to get rid of it. (At least he did not hang it from the light in the bedroom, like one other tenant did). Ah, the drama. Still though, he pays. The shed can be cleaned. --66.188.xx.xxx |
Big Decisions! (by NE [PA]) Posted on: Nov 9, 2017 6:13 AM Message:
I'd say for me, one was getting over my fear of flying to attend the convention for the first time. It's was a good choice.
2 others were parting ways with partners. It just had to be done. Partnerships can work until they no longer work.
Quitting my job cold turkey and without a safety net at the age of 24 was a huge and probably my best decision in regards to RE. Man, was I terrified.
Haven't looked back since.
--174.201.x.xx |
Big Decisions! (by NE [PA]) Posted on: Nov 9, 2017 6:15 AM Message:
Another big one was letting go of my electrician this past spring. I had used him for over 10 years and it just got worse and worse and worse.
I felt bad, but he had to go.
I won't get on a friendly personal level with hired subs again. --174.201.x.xx |
Big Decisions! (by RB [MI]) Posted on: Nov 9, 2017 7:00 AM Message:
After the first Wife of 20 years told me one to many
times that I loved (my) Houses. (From Sun Up to Sun Down)
Divorced Her and bought More Houses.
--71.13.xx.xxx |
Big Decisions! (by Lynda [TX]) Posted on: Nov 9, 2017 7:28 AM Message:
My biggest decision was to hire a property mgr. My 2nd was to train HIM!
I was alone (DH was an overseas contractor, gone for a year at a time),and I was one-deep. I was working a full time govt job and had 2 teenage daughters at home. I often went straight from work to meet tenants, or contractors, or to purchase materials I wanted used, deliver to the property, etc. My girls were latch door kids, and sometimes had no supper till late. I was always worried for them, and I was always exhausted.
I interviewed 3 and hired one. He treated me and my properties like he got away with his other owners, making all the decisions himself, spending my rent money as he saw fit and giving me the remainder. We had a fights. Finally I decided we would have a separation of duties. He would advertise and vet the applicants and *I* would choose.He would take the repair calls and call ME with the news. Then *I* would decide the importance, the speed, and the contractor to do the work. He had been keeping his stable of contractors busy be sending them out on sorts of nonsense calls and charging me. This stopped! I made him get 3 bids and one was my low-cost guy who always beat out his expensive operators. Took me a year to train him, as the issues happened, I decided on a policy.Now we have a good understanding. He does things my way and then I never have to get on his back. --108.87.xx.xxx |
Big Decisions! (by WMH [NC]) Posted on: Nov 9, 2017 8:26 AM Message:
1) Going to the 2010 Convention. Changed our lives. Was supposed to go to 2009, had a water disaster, didn't go, should have.
2) Going to the Boot Camp and learning how to manage the process and deal with tenants and attract COOPERATIVE tenants instead of combative ones.
3) On the advice of an attorney, letting two houses that were killing us emotionally and financially go back to the bank. It turned out to be a win-win: the bank sold them for more than we owed, so no penalties, not even a hit to credit. And emotionally it was such a relief, you just can't imagine.
4) Deciding no more being slaves to banks, and starting to buy all cash, even if it scared us to watch the hard-earned retirement money go down. The income produced is far and away better for us than the cash sitting in the bank.
5) Deciding on small houses only. Nothing larger than a 2-bedroom, and if we can make it one plus, we will.
6) Deciding we don't care one whit about appreciation, so we can buy less desirable homes and make them really nice rentals.
All this allowed us to grow and increase our income and for DH to quit his W-2 job...and here we are. --173.22.xx.xx |
Big Decisions! (by Robin [WI]) Posted on: Nov 9, 2017 9:17 AM Message:
Deciding to keep our rentals despite moving 8 hours away.
Hiring out work instead of DIY.
Joining local LL associations.
Bringing DH into the business.
Taking equity out of our house to invest in RE.
Private lending to diversify and put our cash to work faster.
Only time will tell on some of these whether they were positive changes or not! --204.210.xxx.xxx |
Big Decisions! (by Roy [AL]) Posted on: Nov 9, 2017 9:53 AM Message:
Making my own financial decisions concerning investments instead of relying on people who claimed to be experts in their field,..ie. stock brokers, financial planners, bankers etc.
In other words, at age 47 I made a conscious decision to quit following the herd to the slaughter-house and create my own path to prosperity. So far it has worked out pretty good. --68.63.xxx.xxx |
Big Decisions! (by Julie [KS]) Posted on: Nov 9, 2017 12:16 PM Message:
Making the conscious decision to spin down & sell our original PM business in 2010. We were collecting well over a $1M in rent a year managing about 250 units in our little college town. It was very lucrative but very intense & we were both burned out. Totally fried.
Because of that move we were able to expand our own portfolio dramatically. Enjoy (for the most part) the search, the deal, the rehab & then the cash rolling in.
We're in serious negotiations now to slow the Mr.'s plumbing/mechanical biz in 2018 & focus solely on our own projects. Would love to do more of the flip side of the biz. I've got almost 25 units, most of which are paid off, we're debt free so we ain't gotta work this hard right now. But it's a hard habit to break. 2018 should be interesting....... --63.245.xxx.xxx |
Big Decisions! (by AllyM [NJ]) Posted on: Nov 9, 2017 5:27 PM Message:
The biggest decision was to rehab the twenty units after dad passed and not sell them cheap as is. Took twenty years to get it right, some really hard work hands on, and not much money all that time. But my needs are simple. I have to say it was the right decision and I'm living off the money of a couple sales and still have six units in three nice duplexes. --73.33.xxx.xxx |
Big Decisions! (by MikeA [TX]) Posted on: Nov 9, 2017 6:15 PM Message:
The first purchase was a big decision, trying to decide if I knew enough to do this.
The second was to not grow so fast as to get over extended, at one point I had everything financed at 90+%.
The third big decision was to quit buying unless I had the cash and get out of debt.
My next big decision which will come this spring is to get rid of the day job and go full-time. --74.196.xx.xxx |
Big Decisions! (by cjo'h [CT]) Posted on: Nov 10, 2017 6:30 PM Message:
I came to Canada with £20 @in my money belt, two years later I came down to the States, Seeing the character in Fifth Avenue and Pennsylvania Ave Im now debating with myself.If that was a good decision or not,maybe should have stayed in Canada at least they're not making themselves the laughing stock of the rest of the World.NE I came over here by ship and had a great time,all five nights, took many trips home by air and never had a problem ,the only time I was apprehensive was when I went from Belfast to Liverpool,and we had to touch down in the Isle of Mann, the fog was so dense,you couldn't see the near engine which was only eight feet away don't know how those guys did it?They were the best,Must have been former RAF dough-boys,My thanks to them.Also my congratulations to all of you on what you have accomplished,You are the Best of the Best.So glad to be associated with you! Charlie..................................................................................Thank you again............................ --174.199.x.xxx |
Big Decisions! (by cjo'h [CT]) Posted on: Nov 10, 2017 6:46 PM Message:
Now you have me wondering.What ever became of that money belt?....Charlie.................just don't know..................... That's odd.................... --174.199.x.xxx |
Big Decisions! (by BRAD 20,000 [IN]) Posted on: Nov 13, 2017 2:25 PM Message:
NE,
When I decided NEVER AGAIN.
(Say this with your teeth firmly clamped for the full effect!)
NEVER AGAIN would I let a boss (or anyone else) determine
-my worth
-my family's standard of living
-when I could take a day off
-the stock market control my retirement
NEVER AGAIN was the decision. Once decided, everything else seems to fall in place.
BRAD
--68.51.xx.xxx |
Big Decisions! (by mike [CA]) Posted on: Nov 20, 2017 5:12 PM Message:
treat it like a business. tenants are all your best friend when you're tossing them the keys but need to be constantly managed and reminded that there are other places they can live.
old chinese proverb "buy, no sell" if they are paydays --76.176.xxx.xxx |
Reply:
|
|