The Wisdom Wall

“So in proportion, your repairs and maintenance in proportion to your rents, even though the only reason you're getting that one percent in Kalamazoo is you have a very low house valuation. Yeah. However, when you go to refurbish that house after the tenant moves out with new carpeting, new painting, new dishwasher, new…”

“one thing I've learned through the years, do not represent yourself. You will not get the deal, and you are cheating yourself of potentially getting a good investment. So of course, I let each of the agents represent me.”

“There's no such thing as a partial repipe. All you are doing is burning money. You do a full re-pipe, or you don't do a re-pipe.”

“I do not use professional inspectors for professional inspectors. Um, you know, the expression cover your ass. All you're going to get is a lengthy report. That's going to cite every deficiency because they're going to get paid 1500 dollars, and if they make any mistakes, you're gonna sue them. So I would much rather…”

“when I'm looking at properties, what first thing I do is I say, what building is this similar to that I currently own? Because based on, you know, the year built, the flat pitched roof, blah, blah, blah. And I can generally find Two or three of my current portfolio that pretty well match up, and so I can go through a…”

“They could have hedged their investment if they had, Gone right into fixed rate financing. Going out 10 years, which rides you through any market, maintain your cash flow, whereas your equity is going up and down.”

“one of the additional challenges with that is you can't control when you're, when you're exiting your, your deal. You, all of a sudden, the market turns on you, and it happens to be when your house is finished, and your, your profit is quickly gone.”

“For those of you who don't know, M copper plumbing is an, is a, um, it's a cheaper form of Plumbing and it ends up getting little leaks. It doesn't do well with hot water. It's okay for office buildings. Not good for residential. And so you want L plumbing.”

“if I were starting out and I was looking at my first, um, acquisition, I would focus on a two to four unit property. Um, that's because you're gonna get, you're gonna get preferential financing, because up to four, up to four units is single family financing, and then look at a building where you can basically live for…”

“if you focus on cashflow, cashflow, cashflow. It doesn't matter if tomorrow your property drops, 10% of value. It doesn't matter because your cashflow is still your cashflow.”