Real Estate Ranger

I will be compiling a thread of all of my threads. I have a lot of information in my threads and I want them to be accessible to you guys. Otherwise this information will just get lost in Twitter.

Always drive your professionals do not let them drive you. Drive your CPA tell him what tax strategies you want to implement Drive your lawyer. Tell him what you need done Drive your contractor tell him what to build Take advice from them but ultimately you need to drive

Everyone on Twitter talks about how to make money in real estate. But no one talks about how you can lose all your money in real estate. One wrong move, and you're bankrupt So, let's go through the most common way real estate owners lose a lot of money!

First thing you should look at when doing deal Hvac or central air Roof Paving Environmental These are items that materially change a deal

Practice talking to random people in your life. Local coffee shop person, people at your gym etc... You need to hone and sharpen your speaking skills at all times. It is essential for a business like real estate.

If rent growth does not keep pace there will be a lot of bankrupt real estate owners. If it does well there will be quite a few rich owners. Time will tell

My periodic reminder for my followers. If you do not hold each property in a separate LLC, you have not done your proper due diligence on asset management.

Learn how to do some manual labor if you are in real estate. 70% of real estate is staying on cost with construction. Learn all you can about it.

Pay your vendors immediately. Vendors remember and know their clients who always pay and pay quickly. Good vendors will elevate your priority with them over time.

I will say it again. If you do not hold each property in a separate LLC you have not done your proper due diligence on asset management.

Most owners expect way too much from their employees. You expect someone to be dedicated to your cause when you pay them $40k a year and no equity? Grow up.

HVAC is the bane of my existence. Mini-splits - central air doesn't matter they all suck and break down. HVAC companies are consistently unreliable and unprofessional. Markup is also insane. We get HVAC contractors who charge $350 an hour.

If you have no one on-site during construction projects you will get fucked eventually. Most will not listen and learn this lesson the hardway.

Stop being shy. Talk to everyone and always keep a stack of business cards on you. Chat random people. You never know who you might meet.

Apologies for the lack of content. We are now starting to receive deals that make sense for the first time in 2 years.

The worst thing you can do when you're young is play status games. Nothing kills compounding like buying a Rolex or a new car. Instead, take that money and reinvest it in your business.

Commercial RE: Value is based on cash flows Single Family RE: Value is based on other houses nearby. Big difference here. Important to recognize either way you decide to invest.

If you are new to construction take whatever estimate you have and tack on another 20%. If the returns can't hold don't do it. I still tack on 20% to all of our estimates.

What's cooler than a bunch of materialistic goods? A giant real estate portfolio that pays you cash every month.

Beginner real estate tip. You don't get or want to finance from national banks. Instead, go around and petition all of your local banks that's where your funding should come from.

If you truly want to be wealthy you need to shut up and listen to others. The wealthiest people I know will listen to other people's businesses for hours rather than talking about themselves. Opportunities come from curiosity.