The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

EXECUTION Double the Pleasure?

Remove ads while supporting the Unscripted philosophy...become an INSIDER.

Johnny Bravo

Bronze Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 20, 2018
58
109
129
42
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.

Johnny Bravo

Bronze Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 20, 2018
58
109
129
42
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 Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
May 2, 2017
921
3,237
760
32
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.
 

Johnny Bravo

Bronze Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 20, 2018
58
109
129
42
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
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
Summit Attendee
Speedway Pass
Oct 3, 2015
2,011
6,539
1,510
39
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 Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 20, 2018
58
109
129
42
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!
 

Sponsored Offers

MARKETPLACE 7 Days To Freedom: From Wantrepreneur/Wage Slave To Freelancer
A BIG THANK YOU FOR EVERYONE WHO PARTICIPATED! Thank you very much for joining, participating...
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
The media defines people by their occupation. You are a liquor store owner, freelancer, single...
  • Sticky
MARKETPLACE Fox Web School "Legend" Group Coaching Program 2021
@Fox It's same with me Did both quiz and application but as yet no automatic confirmation, just...
Introducing MJ's Personal Unscripted Network, Join Now for FREE!
If you are in IDEA mode, text "IDEA" to the above number. If you are in LAUNCH/START mode, text...
MARKETPLACE Not sure how to start? This free book will teach you how to build a successful web design business
If there’s one thread I see repeated over and over again on the forum, it goes like this: “I...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Thanks for clearing that up. What do you recommend for those who are still in the process of...



Forum Sponsor

Over 100 Fastlane Students
More Details...

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom