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What ever happened to...

Discussion in 'Forum Introductions (Who are you!?)' started by kwerner, Nov 29, 2007.

  1. kwerner
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    kwerner Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    The guy from the RD forums that went by the name SeriouslyStubborn?

    I loved reading his posts and am currently beginning my REI career, trying to follow his model for success. Seems like he just vanished... Anyone know his story?
     
  2. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Never heard of him ... sorry.
     
  3. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    He was all about self management and processes. He wrote a lot of information for investors to use for managing their houses. Seems that he had a few.
     
  4. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    What is your goal? Is it passive income? There are faster ways than buying homes and self managing.
     
  5. kwerner
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    kwerner Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Yes, eventually my goal will be to create passive income of $5,000+ / mo. through investing in SFH's (selling on lease-options, then 1031 exchanging into another property). I figure this will take me 4-5 years; but first, I'm going to focus on building up a cash cushion through a few small flips.

    In my area, median home prices are around $118,000, so I intend to pick up some decent deals by helping out homeowners that are facing foreclosure - creating win-win solutions that will save the homeowner's credit from further damage and help them with a new start, while allowing me to pick up investment properties at a 25% discount to FMV. Then it will be a quick makeover (landscaping, carpet, and paint), put it on the market, and sell at 90-95% of FMV in order to move it quickly. After a few of these, I should have built up my cushion enough in order to proceed with the lease-option path.

    I know that you have built a great business model in multi-family properties, but to be quite honest, I don't feel that I'm ready for that yet. Maybe after gaining some experience I'll feel more confident; but for now, I'm taking it one step at a time...

    :cheers:
     
  6. bflbob
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    bflbob Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    I emailed him last the address I had for him/(her?) and directed him to this post.
    Hopefully the address is still good.
     
  7. kwerner
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    kwerner Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Thanks Bob!
     
  8. JesseO
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    JesseO Contributor

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    By the way, kwerner, there are more efficient (and therefore faster) ways of making $5,000 in the "safe" game of real estate than using SFH's. Had to mention it =)
     
  9. kwerner
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    kwerner Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    I realize this, but like I was telling SeveO, I'm just not ready for it yet. It would be like giving a Lambo to a 15 year old that's never even driven a stick. (Can you imagine the sound of the transmission grinding - yikes!)

    Commercial property is something I will absolutly consider in the future, but I recall someone once saying that you have to do your first deal before you can do your second, and you have to do your second before you can do your third...
     
  10. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Well it may feel like you are being hammered on but that is not the intent.

    There are a lot of ways to invest and do so successfully. The question is how fast you want to go. Owning homes may be a good safe way for you to go. I just don't see it as the fast way unless you have a system to turn lots of them rapidly.

    It is very possible to go straight to apartments. There are a number of ways to accomplish the task but a solid plan is necessary.

    With apartment buildings, you can manipulate the value by purchasing the right property in the right location. It takes a process for evaluating and managing to make it all happen. The building of wealth can happen rapidly if you do it right though.
     
  11. kwerner
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    kwerner Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    No, no, I certainly don't feel like you guys are hammering me; I respect everyone's view point and appreciate everyone's willingness to help.

    What would you recommend to someone, wanting to learn about commercial real estate investing?

    And as far as financial basis and industry experience - what would you consider the minimums that an investor have to begin in commercial investing? Is it necessary to have 20-30% down to purchase commercial property; and do you recommend an approximate percentage for a cash cushion to have to cover the necessary repairs / maintanence / vacancies? Also, what kind of industry knowledge / experience is necessary to have before starting out?

    Thanks for the hammering. :smx4:
     
  12. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    kwerner, this topic really hits close to home for me... I was in a similar situation two years ago, although I had some rentals at the time and had had successful deals with SFHs, but I realized that this was not an efficient way of accomplish my goals (would take tooooo long).

    My suggestion is to do what I did at the time... I started getting my self educated... I read the two books that SteveO recommended (Vollucci's and Berges') and started networking to try to put together a group a la Vollucci. Why I did this? Because that worked for others, so I just needed to follow it (thanks SteveO for the guidance).

    I am doing it and I think you can too.
     
  13. kwerner
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    kwerner Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Thanks for the encouragement andviv. I'll pick up those books on Amazon.
     

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