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EXECUTION Double the Pleasure?

Discussion in 'Progress/Execution Threads' started by Johnny Bravo, May 14, 2018.

  1. Johnny Bravo
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    Johnny Bravo Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    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?
     
  2. LeoistheSun
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    LeoistheSun Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Famous last words...
     
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  3. Johnny Bravo
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    Johnny Bravo Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    :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!
     
  4. CareCPA
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    CareCPA Silver Contributor FASTLANE INSIDER Speedway Pass

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    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.
     
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  5. Johnny Bravo
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    Johnny Bravo Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    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.
     
  6. lowtek
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    lowtek Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    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.
     
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  7. Johnny Bravo
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    Johnny Bravo Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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

    Haha... sounds like you love the rental business!
     

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