The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Double the Pleasure?

The Entrepreneur's Forum for learning how to build wealth and financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join our forum with more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)
A detailed account of a Fastlane process...

Johnny Bravo

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Feb 20, 2018
58
109
43
US
I'm pretty sure I'm committing a major sin of entrepreneurial law by starting two businesses at the same time. But I'm okay with that because I'm an anarchist and I say f#$k the law!

I had planned to start a quick thread on my new real estate venture, but wasn't sure if I should put it here or in the Real Estate Investing forum. Technically, I'm only going into real estate for the income stream and not for building wealth. Even so, perhaps someone has a pointer to give or, even stranger, I might pass on a nugget of good information.

Real Estate Management

So business #2 is a real estate holding company. We just bought a quadplex for a steal and will get a pretty reasonable revenue stream from it. If everything works in our favor, the note will be paid off in 10 years and it will be pure profit from there on out.

I've never owned a rental property before so it might get interesting, but how hard could it really be?

Cryptocurrency/Banking/Online Privacy?

Business #1 is still in the Skunk Works so I'm not real sure what to say about it. I've got another thread somewhere else discussing the process of sourcing contractors for manufacturing jobs. Specifically in my case I'm rounding up electrical, computer, and software engineers. They're a joyful bunch!

I should have a rough prototype by the end of Q3 at which point I can finally begin to release some of the juicy details.

TL/DR

In sum, I am building one business to generate wealth while simultaneously building another business to generate income. What could possibly go wrong?
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Johnny Bravo

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Feb 20, 2018
58
109
43
US
Famous last words...

:hilarious:

I figure I'll be okay setting it up initially and handing it off to a management company since I'm basically sitting around twiddling my fingers with my other business waiting for them to ask me questions. Prototyping is a dreary process.

If you've got any experience (i.e. tips) for real estate I'm all ears!
 

CareCPA

Platinum Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
May 2, 2017
977
3,432
33
Pennsylvania
:hilarious:
...
If you've got any experience (i.e. tips) for real estate I'm all ears!
Whatever you think you're going to spend in annual repairs and maintenance, multiply it by about 4 until you have a solid history that you can use to estimate.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Johnny Bravo

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Feb 20, 2018
58
109
43
US
Whatever you think you're going to spend in annual repairs and maintenance, multiply it by about 4 until you have a solid history that you can use to estimate.

I've got solid figures for taxes and insurance, but am essentially using industry averages for maintenance. I did estimate a little on the high side, but figure it should be okay considering that I'm basing my budget off a 15% vacancy rate. Most estimates put this number at 5%. But thanks for the advice, I'll throw in a little more cushion.
 

lowtek

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Summit Attendee
Speedway Pass
Oct 3, 2015
2,141
6,989
40
Phoenix, AZ
Anarchy means F*ck the rulers, not F*ck the laws.

As far as the 4plex goes, I've owned one and didn't like it. If you think you're getting a steal, you're probably not. It's not impossible, but just against the odds.

Did you have someone you personally know and trust that has a lifetime of experience in fixing homes inspect the place? The average home inspector is less than worthless, so if you based your assessment off what they told you, definitely 4x your repair budget.

Know that every time you have to evict someone, it's about a year to recover that lost revenue. You're going to have to pay to evict them, pay to fix the apartment (even just cleaning / painting), and it's going to take time to fill that vacancy. It's also lost time to screen tenants and show the property.

Also know that people are dirty filthy liars and will try to take advantage of you, so cut them no slack. Rent must be paid on time, every time, and late fees strictly enforced. Unless you're renting out to high end professionals, people are living paycheck to paycheck and they truly embody the side walker lifestyle.
 

Johnny Bravo

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Feb 20, 2018
58
109
43
US
Anarchy means f*ck the rulers, not f*ck the laws.

As far as the 4plex goes, I've owned one and didn't like it. If you think you're getting a steal, you're probably not. It's not impossible, but just against the odds.

Did you have someone you personally know and trust that has a lifetime of experience in fixing homes inspect the place? The average home inspector is less than worthless, so if you based your assessment off what they told you, definitely 4x your repair budget.

Know that every time you have to evict someone, it's about a year to recover that lost revenue. You're going to have to pay to evict them, pay to fix the apartment (even just cleaning / painting), and it's going to take time to fill that vacancy. It's also lost time to screen tenants and show the property.

Also know that people are dirty filthy liars and will try to take advantage of you, so cut them no slack. Rent must be paid on time, every time, and late fees strictly enforced. Unless you're renting out to high end professionals, people are living paycheck to paycheck and they truly embody the side walker lifestyle.

Would we not f*ck the rules enacted by the rulers? :shit:

Haha... sounds like you love the rental business!
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Must Read Books...

Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore
Top