How can you afford to hire contractors to do maintenance in large properties?

[Redstar1324]

Well I feel like I’ve learned more in this one conversation than in preschool through my unfinished “college” put together. I shouldn’t waste time with things I can learn from Google or other sources.

I feel like I owe you something.

Thanks?

Want a Lamborghini in 5 years?

You already have one?

Here’s some more stories from my first 10 months on the job. My main drinking buddy was a convicted sex offender. He was with a 17 year old girl when he was in his early 40s.

I remember one day telling him while drunk…

“My dad pays me the same either way, so I really don’t care what goes on here.”

And…

“It costs me over $250 to evict someone, so a person has to be $250 behind in rent for it to even be worth it to me.”

(not knowing that I could get a judgement to cover court costs at the time)

Lol!!!

But when all is said and done. When I got the place, it took in rent at a rate of $42,000/year. It’s now at $72,000 and will be at $78,000 after I kick some people out in early May.

Also, I’m about to hook them all up with Internet ($39/month with a commercial router that can reach the whole park) so they can pay me online, so I don’t even have to come here… let alone spend all day getting myself covered in roofing tar.

[Redstar1324]

@Gold River post:31

Hi,

You know it's awfully nice of you to spend the time writing a book about commercial property investing but the truth is and you and I both know old Redstar needs to spend some years learning to own and manage a house before he is ready for his first 5 unit apartment building! 

It is basically a waste of time thinking that a guy who has no management, maintenance, financial or risk management skills to learn enough from a 1000 page text book to handle and master advanced commercial investing techniques with no prior knowledge and a current property he did not buy himself!

I think Redstar needs a little 3 bedroom / 1 bath rental home to understand and handle before he jumps out of the frying pan and into the fire!

It’s basically a waste of time writing a novel as most of what you have written is already in the forum if Redstar would go back and read and study rather than continuing to post questions on points already covered.

Sure Redstar can become successful he just has to work, read, study and gain experience.

             GR

This is exactly right, except that I am now responsible for keeping the books on this RV Park so I think I will be able to get a handle of cash flow, reserves, etc. fairly quickly. I would like to think that I’m a fast learner.

One glaring thing about my park is that the maintenance cost is ridiculous. How do I know when a septic drain field is going to need to be replaced? But when it happens, there’s a few thousand dollars. You said it before “be proactive about maintenance.”

That, and the legal costs of evictions from when I was kicking out a lot of people recently. At that time, I didn’t know about filing for damages and court costs, etc.

I’m also in the mode of turning it into the “Beverly Hills of Trailer Parks,” at the same time.

[Gold_River]

:beer

[jeany5]

It’s very important not to buy property unless you have plenty of money to do so. You need to calculate all expenses before buying any property; otherwise you do not buy it because otherwise, you will be in a worse predicament than what you are.