Thread: SUCCESS Story: KyJoe

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KyJoe-

Thanks for sharing your story.

Where are youre units located? Did you 1031 lots, or refi and cash out to get other units?

And do you have mgt in place for these, or do you do some of the mgt yourself?

All topics that many of the posters here would love to hear about, if you're willing to share.

-Russ H.

Most of my properties are more than 3 units. I have really focused around the local university. Most are really old homes that have been converted into apartments. I did the first with bank financing, but most after that were with owner finance. I have sold a few of them through the years, but kept most. I have been doing it since 1991. One real problem I have is that most were built in 1890 to 1914. I have mastered(?) plumbing, wiring, roofing, drywall, etc. My days are really like a handy man. Today I finished pouring concrete on my driveway, filed an eviction, checked on a contractor on my latest project, fixed a stopped up bath tub, handled a few calls , etc. It's not what people think it really is. It does build wealth however.

I have done several 1031's. The rules have changed on them through the years. You used to be able to pull out money at a closing, now you have to do it after which means a refinance. I have resisted the urge to borrow on anything. I have great equity because of that. I know several wealthy real estate collectors. They have one thing in common, they shun debt.

One real problem I have is that most were built in 1890 to 1914. I have mastered(?) plumbing, wiring, roofing, drywall, etc.

This is a favorite topic of Diane Kennedy's.

Once you read it, you may not be so unhappy about owning all those old houses.

We currently own about 18,000 square feet of buildings (mostly houses) built before 1907.

I love old houses.

-Russ H.

Hi Russ, the real advantage in the old homes, is the change of usage. When I bought most of them, they were looked at as apartments. Now most go back as condos or homes. Most that I have sold went back to owner occupant$$$.

I love hearing these. Thanks for sharing!

I might add, nice guy too!

Joey,

We should hook up again soon.

We can't drive 'em with the weather like it is, but we can talk shop!

Since selling my companies, I am sooo bored!

Dave

PM Me.

Djs13, I have not read a book that covered it all. It's good to read as many as possible, you will find some truth or something you can use in most. Real estate school really didn't teach me much on investing. Russ whitney seminars are a joke. Carelton Sheets is ok, although I never finished it. At any rate, it's good to read everything.

It would probably be a good idea to read about your local tenant acts & laws. It would also be good to learn how to fix a few things, the profit margin can really be slim. Just as a builder needs to know what it costs to build, you will need to know what to expect & is reasonable for you to succeed.

What a great story, it is written simple and makes me feel I can achieve this as well, I'm just a small fish right now but talking with this high caliber of people will increase my financial and business IQ to a point were I will be talking about my lambo

Thanks Shaunew! I remember in those old Robbins tapes, Tony saying that if there was something in life that you wanted and didn't have, chances are you don't want it bad enough. It has stuck with me, along with the saying "times kills all deals " , from Harvey Mckay. You really have to be hungry to accomplish great things, at any level.