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Mindflayers journey to 100k PMNI Mindflayers journey to 100k PMNI

08-30-2023 , 05:55 PM
I posted here a few days ago. Somehow the post did not stick. Will try to remember what I wrote.

1) Rental Management: No action.
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2) Delta Warehouse, Tenant did not make a payment this month.. $5800 still to go. Will write them an email today.
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3) Equities Investing. After $247 purchase,.. dropped to @12 and almost got a margin call. Tesla back at $258 so im Ok. Will plan to sell some index funds if we get close to a top and sell maybe a 1/10 per month. It is not a lot, but I know WB and Michel Burry are piling up the cash.
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4) Hamilton House. Sent email to PM. Rent was not paid to me in August. Leak in the basement needs to be fixed.
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5) Edmonton RE. no Action.
Las Vegas Still looking at daily email properties.
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6) Realtor License. Finished field assignments. One last zoom class and i'm 100% done.
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7) RE meetups: Went to two meetups in the last month.
Got a photo with my hero Janet LePage. I invested in one of her Western Wealth Capital Projects and was at an investor appreciation event.


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8) Detroit homes: One SFH needs a new roof. Pests have been trapped and removed from that house. will cost $6500 for new roof.
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9) Vancouver Warehouse. Need to updated tenant on Dust issue and send them a copy of the AGM minutes.
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10) Wainwright Storage. Approx 60 units in this property. had 15 vacant when we purchased it. Was told it is 100% occupied.
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#11) Sarnia Ontario. Apartment. Got an offer of $2m for this property. Had a meeting with the other investors. We voted to sell. Number of actions we need to take and add to a counter offer. GP will act and update.
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#12 Mostly Harmless Econometrics book, Stuck on page 30 . Finished Shoe Dog. reading Brideshead Revisited, I think i may have read this before?!? Need a new business book to read. Signed up for Math 100 differential equations. need to refresh my memory. Will need to take linear algebra and statistics to get through the required linear regressions needed for Advanced Economics. Math 100 and 101 are prereqs.
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#13 Wrote 3 more sections of the Future Authoring program. Every 3 days or so I write about 10 minutes.
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#14 NEW. I opened up my old Poker Starts account. I am a loosing player so far. approx 9000 hands and -$150. I think the real work is coding and making notes on bad players. The biggest problem is that you cannot JUST sit and wait for a specific table with bad players. Now PS forces you to play at a random table while you wait for table X with the cash machine player.
Mindflayers journey to 100k PMNI Quote
08-31-2023 , 09:15 PM
Almost getting margin called should be unacceptable to you.

It isn't 100k pmni or bust, right? You should give at least a nod to $x total wealth. Total wealth spends better than mni.
Mindflayers journey to 100k PMNI Quote
09-07-2023 , 02:12 AM
Quote:
Originally Posted by BrianTheMick2
Almost getting margin called should be unacceptable to you.

It isn't 100k pmni or bust, right? You should give at least a nod to $x total wealth. Total wealth spends better than mni.
I have/manage different 5 accounts with Tesla Shares in them. 2 for my Wife and 3 for me. RRSP, TFSA and Margin Trading account.
I have 600 shares of Tesla in my Margin account, which is less than 1/4 of my Tesla holdings.
Getting margin called means I have to transfer funds to that account, which is not an issue, other than I have to break a short term GIC.


No not really. 100k pmni was just an out of this world goal I set for myself. If I end up 14 years from now making 50k per month net income I won't complain.
All of the goal setting and motivational videos that I watch encourage you to visualize a goal way out there. If I had to set a Wealth goal that relates well to the
100k pmni, it would be about 30-40M? It all depends on what you set as your cap rate.

I do not remember if I was including appreciation of equity paydown on mortgages that I make payment on.
Mindflayers journey to 100k PMNI Quote
09-07-2023 , 02:24 AM
not much happened in the last Week as I was on Holiday in Seattle for 4 days. Went to PAX (gaming) and the Nintendo Live convention.

1) Rental Management: No action.
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2) Delta Warehouse, Tenant did not make a payment last month.. $5800 still to go.
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3) Equities Investing. No action.

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4) Hamilton House. Sent Utility bill for August to the PM.
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5) Edmonton RE. no Action.
Las Vegas Still looking at daily email properties.
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6) Realtor License. Missed my last zoom class. Will have to reschedule. The zoom class managed to be in direct conflict with my first in person classes at UBC.
I have signed up for Math 100 and Econ 310 this semester. Will need to take more math next semester as well.
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7) RE meetups: Next meetup is Monday Sept 11.
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8) Detroit homes: Wired funds to my PM for a new roof on one of my SFH.
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9) Vancouver Warehouse. Need to updated tenant on Dust issue and send them a copy of the AGM minutes.
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10) Wainwright Storage. No action.
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#11) Sarnia Ontario. Apartment. No update on offer or counter offer.
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#12 Got a new book to read. From third world to First by Lee Kuan Yew. About the PM and history of Singapore. Highly recommended by Charlie Munger.
on Page 34.
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#13 Future Authoring program. Every 3 days or so I write about 10 minutes. No update.
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#14 Poker Starts account. No Update.
Mindflayers journey to 100k PMNI Quote
09-07-2023 , 08:18 PM
Quote:
Originally Posted by mindflayer
I have/manage different 5 accounts with Tesla Shares in them. 2 for my Wife and 3 for me. RRSP, TFSA and Margin Trading account.
I have 600 shares of Tesla in my Margin account, which is less than 1/4 of my Tesla holdings.
Getting margin called means I have to transfer funds to that account, which is not an issue, other than I have to break a short term GIC.
Ah, I assumed that since you did some typing about it that it was an actual concern.

Quote:
No not really. 100k pmni was just an out of this world goal I set for myself. If I end up 14 years from now making 50k per month net income I won't complain.
All of the goal setting and motivational videos that I watch encourage you to visualize a goal way out there. If I had to set a Wealth goal that relates well to the
100k pmni, it would be about 30-40M? It all depends on what you set as your cap rate.
My goals are set differently, but they fit my personality and I am happy with them. I think I watched part of a motivational video once when I was very young and it wasn't my cup of tea. Some people who are not me seem to feel they are helpful.

$30m in investable net wealth should easily result in $1.2m annual geometric average returns. The current risk-free rate alone would net you more than that, and presumably as one willing to take on risk (and do what seems like a lot of work) you have and will be getting quite a few percentage points over that on average.

Quote:
I do not remember if I was including appreciation of equity paydown on mortgages that I make payment on.
You should. A change in your guestimate of valuation minus the easily looked up remaining mortgage balance minus any deferred maintenance is kind of extremely important.

You should also include unrealized gains/losses in your investment accounts. For bad human emotion reasons, people often avoid doing this and it leads them to making more very silly investment decisions than they otherwise would and this costs them a ton of money.
Mindflayers journey to 100k PMNI Quote
09-10-2023 , 11:42 AM
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6) Went to my first classes. Math 100 and Econ 310 this semester. Simple stuff so far. The only hard part is logging on and getting set up to do assignments and quizzes online.
I am so old school. Everyone comes to class with labtops. I go with a pen and notebook!
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7) RE meetups: There is a paid event on today called land rush. I should go. Next meetup is tomorrow Monday Sept 11.
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8) Detroit homes: Wired funds to my PM for a new roof on one of my SFH.

Installation of $6500 roof in Detroit. With my PM Shea Woods.
https://www.youtube.com/watch?v=NOp8ijpCwtM
View from the roof starts around minute 5:00
Hardworking Mexican crew on the job in Detroit!
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#11) Sarnia Ontario. Apartment. 2M offer is firm. The only changes are that we upped the deposit after subject removal to 50k. And we removed the discussion of the buyer taking on our super low 1.5% mortgage (expires July 2025 but would take the buyer 6 months to go through all the bank's hoops to assume it.)
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#12 From third world to First by Lee Kuan Yew. Excellent book i'm on paget 70 or so.
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Mindflayers journey to 100k PMNI Quote
09-26-2023 , 07:13 PM
1) Rental Management: No action.
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2) Delta Warehouse, Emailed the tenant and the tenant made a payment this month.. $4800 still to go.
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3) Equities Investing. I have been selling small portions of my index funds over the last three weeks. This is very small dollar value, but I feel that the market capped and is going down now. This is following a number of investors that I respect selling down holdings and stockpiling cash, including Warren Buffet. Have a large GIC maturing on Oct 25. If I start investing again, it will be because the market has taken a sharp downturn otherwise I will put most of it back into another short term GIC.
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4) Hamilton House. Approved some small repairs.
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5) Edmonton RE. no Action.
Las Vegas Still looking at daily email properties. The market is coming down. I am specifically looking at 3 bed 2 bath or 4 bed 2 bath SFH. They typically list for 300k unrenovated or 350k renovated. Recently the prices have been dropping say 290-340k now.
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6) Realtor License. Completed final zoom meeting and am free and clear for the next 18 months, when I need to re-license.
I am really enjoying my classes at UBC. Math 100 and Econ 310 this semester adds structure to my week and makes it seem like I am "doing something."
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7) RE meetups: Next meetup is Tomorrow Wednesday Sept 27. Topic is insurance and how to increase your real estate holdings.
Next week Oct 4. meeting on how to become a hard money lender.
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8) Detroit homes: No update
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9) Vancouver Warehouse. Sent email to tenant on Dust issue and send them a copy of the AGM minutes. The Strata is planning to have the parking lot professionally cleaned 6x per year. I think they are also building a case for nuisance in court and want to charge the neighbor for the clean up costs.
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10) Wainwright Storage. No action.
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#11) Sarnia Ontario. Apartment. Accepted offer. The subject removal date is mid October and 50k deposit will be due if everything is good. Buyer will not be assuming our low 1.5% mortgage. The agreement is subject to him obtaining a 1st mortgage with his own bank.
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#12 From third world to First by Lee Kuan Yew. Page 400 very interesting book and history. I never knew how much communism 1960-1990 was in politics in SEA (South East Asia) because it is not in our sphere of news.
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#13 Future Authoring program. Every 3 days or so I write about 10 minutes. No update.
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#14 Poker Starts account. On hold mostly because I am back to school. I study math and econ now instead of poker hands.
Mindflayers journey to 100k PMNI Quote
12-20-2023 , 04:01 AM
Ok.,, quick update as was off for three months.
#6 took over my life for a while. I was a kid all over again. This time sitting in the front row, re-learning derivatives and trig identities. Finished my exams.

1) Rental Management: No action.
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2) Delta Warehouse, Emailed the tenant and the tenant made a payment this month.. $2800 still to go.
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3) Equities Investing. All in GIC's of various amounts and durations at approximately 6%!
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4) Hamilton House. Approved new hot water heater. $3500 bill for the work.
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5) Edmonton RE. no Action.
Las Vegas Still looking at daily email properties. Going to Las Vegas in January. Will meet with a Property management company there. All the videos I watch say don't buy anything now, prices are still dropping.
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6) Math 100 and Econ 310 Exams finished. Looking at Math 101 and Econ 311 for January.
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7) RE meetups: Went to a bunch over the last three months. Added maybe 10 new contacts to my Linkdin Page.

Me and Dave Steele from Western Wealth Capital at an Investor appreciation event. The lighting is bad and I look FAT.. haha.
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8) Detroit homes: Not much to report. the House with the new roof was rented for 1k/m.
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9) Vancouver Warehouse. No Issues to report
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10) Wainwright Storage. No action.
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#11) Sarnia Ontario. Apartment. Accepted offer. Fell through. Subjects did not get removed. AGM for this investment group is tomorrow.
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#12 Was reading mostly my Econ and math text for last 3 months. Other than that I am reading Popular delusions and the Madness of Crowds. I am hoping to understand why people go berserk over Bitcoin etc.
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#13 Future Authoring program. No update. Other than here I grind in silence.
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#14 Poker Starts account. Still on hold.
Mindflayers journey to 100k PMNI Quote
02-18-2024 , 10:30 PM
1) Rental Management: No action.
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2) Delta Warehouse: Tenant has not made a payment for 3 months now.. $2800 still to go. The only good thing about this is that since it is under 5k, If I have to, I can get this resolved in the CRT.
CRT=Civil Resolution Tribunal. The fee is under $150 and has the same weight/authority as if it went to regular court. You usually do not bring a lawyer to this. It all depends on how good your paperwork is and how much you can show you attempted to resolve the dispute on your own. In this respect, I am solid. I have done it before and know what is expected. My lawyer friend just says be patient, they will pay. If I do go this route, I will probably start in July.
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3) Equities Investing. have not done much recently. Just sitting on GIC's waiting for a good investing opportunity.
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4) Hamilton House. more small fixes, otherwise nothing of note. Rents paid by tenants on time.
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5) Edmonton RE. no Action.
Las Vegas Still looking at daily email properties. Went to Las Vegas in January. Met with a Property management company there. Nevada is investor friendly which is a +. I visit there once in a while so visits can be written off while looking for investment opportunities. Prices are still dropping.
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6) Math 101 and Econ 311. Actually have put this at the top of my list, equal with exercise and 20k steps per day. Studying and exercising every day.
Got up at 5:20 am this morning and was on the treadmill at 5:30. Studying is taking up all my free time now.
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7) RE meetups: Went to a bunch over the two months. Topics are same old stuff. It is the stories and contacts that I am going for now.
I invested with another developer that I met here. Just a small investment to start another long term relationship.
The property is a development in Langford B.C. Have not broken ground yet.
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8) Detroit homes: Nothing of note to report. Rents all being collected on time.
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9) Vancouver Warehouse. Had a meeting with the partners this last week to discuss what to do with the warehouse. The lease ends at end of May and tenant did not give a formal notice to extend the lease, so we have an option to end it and sell the property. There is a decent lift in valuation over the last 4 years. Conclusion of meeting is to prepare a new lease and continue with current tenant. They did give a verbal indication they would like to stay. I will see what happens.
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10) Wainwright Storage. No action.
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#11) Sarnia Ontario. Apartment. We still own the property and the mortgage will be reset in about 12 months. No action yet. we will have another meeting in 2 months to see what the investors would like to do.
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#12 Currently reading Liar's Poker. Excellent book that reinforces my belief that banks/investment brokerages (bond traders) are friction and make money from investors ignorance.
A very good thesis of why I am studying Econ is on P218-219. X was reported in the news. link Y to X. X will cause Y in three months. Buy Y now.
It could be all nonsense, but the Idea is there. Ie. Increase in EV sales.. EVs need nickel. Buy small Nickel producers in North America now with currently low PE ratios... I did last year.
EV sales could go bust so we will have to see on that one.
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#13 Future Authoring program. Have not had to update as I am still grinding in silence.
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#14 no more poker.
Mindflayers journey to 100k PMNI Quote
02-19-2024 , 02:17 PM
why no more poker? just lack of time or desire?
Mindflayers journey to 100k PMNI Quote
02-21-2024 , 07:19 PM
More lack of time than desire, although, poker was not on the top 10 list to start off with. I got back into playing because my son started playing and I wanted to have an updated version of this topic to be able to discuss it with him. We only discuss hands that were difficult to play. He plays about 1/4 as much as before and has replaced it with more meet-ups with his friends, so no need for me to keep playing.
Mindflayers journey to 100k PMNI Quote
04-08-2024 , 12:24 AM
1) Rental Management: No action. Will have to help out my sister and BIL soon. (not paid)
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2) Delta Warehouse: Tenant has not made a payment for 4 months now.. $2800 still to go. One of the two companies that owes me the $ emailed me and is trying to get the other to pay up.
Will keep an eye on this. As before, if no payment by June (6mo) I will probably start the claims process in July.
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3) Equities Investing. Same Just sitting on GIC's waiting for a good investing opportunity.
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4) Hamilton House. One tenant moved out at the end of March. Listed and looking for a new tenant.
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5) Edmonton RE. Las Vegas RE. No Action, just continuing my research.
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6) Math 101 and Econ 311. Last week of classes starts tomorrow. Should be ok. I hired a tutor for some help in Math.
The beginning of wisdom is knowing that I am old and slow at math.
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7) RE meetups: going to a meetup tomorrow.
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8) Detroit homes: Nothing of note to report. Rents all being collected on time.
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9) Vancouver Warehouse. No replies from the tenant on staying. They have 7 more weeks in this current 3y lease. Will email them in 2 weeks if I do not hear anything.
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10) Wainwright Storage. No action.
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#11) Sarnia Ontario. Apartment. No action/meetings yet.
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#12 Currently reading The history of William the Marshall, an English Knight; the most capable and honorable knight of his time. around 1200.
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#13 Future Authoring program. Grinding in silence. The long term goal is a PhD. i am still at 30% on the goal.
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#14 New topic. Real Estate Agent's license. I had my first deal accepted today; 2 weeks after I was asked to represent a buyer. It was my first deal. Mid 7 figures!
Item 3 and 5 may be put on the back burner as i am going to open houses with my eldest son; 25y. He will be 26 in August and he will likely purchase his first
home at the end of this year or beginning of next year. I will be helping him with the down payment instead of making another RE investment. The property and
mortgage will be in his name. My second child is 23 and is 3years from being in the same position. I have discussed the long term plan with him/them and it is
to buy a 2+2 (2 bed, 2 bath) with all the first time home buyers programs and advantages, and live there for 6-12 months. After 6-12 months, move back home
and rent the place out. He can save maybe 50% when living on his own and 80-85% of his income when living at home.
Mindflayers journey to 100k PMNI Quote
04-10-2024 , 01:17 PM
Quote:
Originally Posted by mindflayer

Funny.. NOW here is a good idea for a company. Insurance on Famous people. It is common for a production company to buy keyman insurance on the lead actors and insist on using body doubles for "risky " filming. Maybe this already exists. I wonder if I could buy life/ disability insurance on Elon Musk to protect my stock investment?

The other small but possible Loss of my Tesla investment is if China invades/tries to invade Taiwan and all hell breaks loose. PRC seizes control of the China Tesla Factory etc.
Just discovered your thread, interesting to me and the level of detail you provide.

I can chime in on the insurance thing (not sure if you were serious)….you likely couldn’t do that for 2 reasons:
1. You need to have an insurable interest, like the studios do in the actor being there for them to finish their project. It’s easy for them to prove, would be a challenge for you to prove to protect your stock.
2. You would need the insured, in this case, Elon, to sign off, authorizing that there is a policy being taken out in his name. That would prove to be a very large hurdle would be my guess. The studios probably have the actors sign off, and that’s probably very common and that industry.
Mindflayers journey to 100k PMNI Quote
05-03-2024 , 08:18 PM
Quote:
Originally Posted by droopy0021
Just discovered your thread, interesting to me and the level of detail you provide.

I can chime in on the insurance thing (not sure if you were serious)….you likely couldn’t do that for 2 reasons:
1. You need to have an insurable interest, like the studios do in the actor being there for them to finish their project. It’s easy for them to prove, would be a challenge for you to prove to protect your stock.
2. You would need the insured, in this case, Elon, to sign off, authorizing that there is a policy being taken out in his name. That would prove to be a very large hurdle would be my guess. The studios probably have the actors sign off, and that’s probably very common and that industry.
Thanks for the Interest.
No, not serious in getting the insurance, but Keyman vulnerability is an issue with Tesla. Only the board of directors could try to do something like this, and
no insurance company would take that bet. Tesla has to get to the point where Elon steps away and the company is run by independent board etc.
ie. if Bill Gates dies ... nothing adverse will happen to Microsoft shares. Whereas I can see tesla taking a 40-50% or even more dive if Elon were to die.
I think Elon has to get +10 years and have a health scare before he reflects on his own mortality to say 'I better make sure the company survives after I die.'
Mindflayers journey to 100k PMNI Quote
05-03-2024 , 08:56 PM
1) Rental Management: No action. I did get an offer to run 4 strata part time, but have not considered it seriously. That activity is 4th on my list of what to do next with my life.
1st get a part time low stress job in RE. (learn nothing)
2nd equal with 1st: get a full time job in RE. (below my skill level, but where I get to learn a new aspect of RE)
3rd Continue with RE Studies. This option may rise if wife changes her mind about how much time she wants to spend with me, or if I magically get 70% in math and 90% in Econ.
This is explained in #7 below.
4th get a part time high stress job.
5th, not really an option. (Get a full time high stress job doing what I do well, but not learning anything) Would consider this only if I magically became bankrupt.
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2) Delta Warehouse: Tenant has not made a payment for 5 months now.. $2800 still to go. As before, if no payment by June (6mo) I will probably start the claims process in July,
after I get back from my 2 week vacation.
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3) Equities Investing. No Action. Same Just sitting on GIC's waiting for a good investing opportunity.
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4) Hamilton House. Correction, One tenant moved out at the end of May, not March. Listed and looking for a new tenant.
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5) Edmonton RE. Las Vegas RE. No Action, just continuing my research.
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6) Math 101 and Econ 311. Hired a tutor and gave it a serious go. I did a total of 9 practice exams prior to taking my Math exam.
first 16 out of 20 questions on the final were 1 and 2 star difficulty. Did them all with no issues. Q17-20 were 3 and 4 star questions and essentially were questions asked
to see if you could extend concepts from what you learned in class to a new 'type' of question that was not covered in class.
Sorry no. I could not. in all of the 9 prep exams that I wrote, the 'harder' questions all had to do with centroids/center of mass/work required to pump
liquids out of a tank/or concentrations in a liquid after time t. etc. None of those on the exam I wrote. Rats. Hoping for a 65 in Math and 85 in Econ to
be convinced I could stay in school and even consider doing a further degree in Econ/ and possibly a PhD in urban Land Economics.
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7) RE meetups: Next meetup is May 12th. Will talk to one of the organizers, who was looking for help in his office. Am way overqualified to just manage a
RE office, but the wife more or less told me that she did not want me to go back to school full time. Not sure if she is serious as her opinion has done a 180
after a friend of hers retired 6 months ago and died 2 weeks ago
. That event made her think a lot more about life. She says she wants to spend more
time with me. etc.
This job would suit my wife more as it would be a 0 stress job. ie. 9-5 doing what I enjoy. (All things RE)
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8) Detroit homes: Nothing of note to report. Rents all being collected on time.
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9) Vancouver Warehouse. Had discussions with the Tenant. They officially singed a new lease today for a different warehouse. They have downsized.
I already had multiple conversations with Commercial RE agents from 3 different companies. I am a RE agent but am not in the Commercial field and have no
way of promoting this property to a select group of commercial buyers. Decided to go with an agent at CBRE used by one of the other investors. My commercial
agent is with Cushman Wakefield.
Had a meeting with this 'new to me' agent and was convinced of his ability and market knowledge.
We also had a meeting of all the investors 3 days ago in preparation for this, and agreed to re-lease/sell the property. Sent off 5-6 emails keeping everyone
in the loop and giving all the necessary contact info.
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10) Wainwright Storage. No action.
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#11) Sarnia Ontario. Apartment. No action/meetings yet.
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#12 Finished reading The history of William the Marshall. Currently reading 'Real Estate in Canada' by Ozzie Jurock. He is the person i mentioned in #7
looking for someone to run his office.
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#13 Future Authoring program. Grinding in silence. The long term goal is a PhD. As I mentioned in #6 this has now dropped slightly, to maybe 20-25%%. One of the
things that I did to further this goal was to research the application process and what actually was involved in getting this PhD. My wife thought that I could
do it part time. From my research, it will take 2 years full time in classes. 4 classes in each of 2 sessions in the first year and the same in the 2nd year. A total of 16 classes
in the first 2 years. In addition, I would be required to teach a 100 level class in Economics or Urban Land economics. Then there would be 2 years of full time thesis research and
defense. I explained to my wife that I would be taking one more year of 'prep' part time (Econometrics. and likely linear algebra and/or another econ class.)
after that i would apply to be accepted as a PhD program. No guarantee that I would even be accepted. I told her if I was accepted, it would be like a 9-5 job
working every day. She liked the Idea of me teaching, but did not like the full time 4 years in school. There maybe a happy medium as I could easily get an bachelors
degree in Economics or Urban Land Economics part time. (at least I think I could, but maybe I'm wrong and I get less than 60 in math and less than 80 in Econ! Looing forward
to see if I lost my mojo for taking classes and learning.)
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#14 New topic. Real Estate Agent's license. Closing date of my first deal is May 8th, then I will not need the license until my son buys his first home.

Last edited by mindflayer; 05-03-2024 at 09:05 PM.
Mindflayers journey to 100k PMNI Quote
05-23-2024 , 03:57 PM
Quote:
3) Equities Investing. No Action. Same Just sitting on GIC's waiting for a good investing opportunity.
FWIW, T-bills are state and local tax free, don't know about GICs taxwise.
Mindflayers journey to 100k PMNI Quote
05-24-2024 , 11:27 PM
Quote:
Originally Posted by NajdorfDefense
FWIW, T-bills are state and local tax free, don't know about GICs taxwise.
Noted and thanks.
I am Canadian so we get taxed everywhere. in RE we do not have a 1030 exchange and our attributable Capital gains is set to increase from 50% to 66%. Ugh.
Mindflayers journey to 100k PMNI Quote
05-24-2024 , 11:42 PM
1) Will be on vacation with Wife from May 29 to June 16 or so. Will see how she thinks of life during the vacation and make a decision after we get back.
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2) Delta Warehouse: No action until I get back from my 2 week vacation.
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3) Equities Investing. No Action. Same Just sitting on GIC's waiting for a good investing opportunity.
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4) Hamilton House. Correction, One tenant moved out at the end of May, not March. Listed and looking for a new tenant. No action.
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5) Edmonton RE. Las Vegas RE. No Action, just continuing my research.
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6) Hoping for a 65 in Math and 85 in Econ to be convinced I could stay in school and even consider doing a further degree.
60 in Math , 82 in Econ. Did not flunk but will meditate more on what this means.
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7) RE meetups: Met more new people in the area I am studying: Multiplex in Vancouver BC.
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8) Detroit homes: Nothing of note to report. Rents all being collected on time.
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9) Vancouver Warehouse. Arranging for tenant to move out and for the warehouse to be listed by CBRE. Got a call from out of the blue from a potential buyer that wants a vendor take back.
This is a mortgage where we (the seller/vendor) becomes the bank and carry's a first mortgage on the property. We will see what happens. I guess we are at 10% shot with this buyer. Have to look into the details of a Vendor takeback and possibly selling the shares in the Holding Company instead of just the property.
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10) Wainwright Storage. We had our AGM yesterday. Voted to leave extra funds in the company to purchase and install more units in a heated warehouse.
The property has something like 85 storage units and outside lots for vehicles/boats/RV's. The warehouse previously was heated and rented out to one contractor to store his
equipment. After he left, we purchased 8x8x10 sized metal walk in containers and put them in the heated warehouse. The warehouse has 7 units now with space to install 6 more.
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#11) Sarnia Ontario. Apartment. No action.
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#12 Finished reading 'Real Estate in Canada' by Ozzie Jurock. Finished reading the latest Elon Musk Bio. Super interesting read.
Currently reading classic fiction 'The portrait of Dorian Gray.' Will need to buy a couple books for the flight to England.
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#13 Future Authoring program. I got 60 in math and 82 in Econ. Mojo is soso! haha.
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#14 Real Estate Agent's license. Closed on my first deal and got a decent pay cheque.
Mindflayers journey to 100k PMNI Quote
06-16-2024 , 06:51 AM
1) Back from Vacation. Re-energized. Going to look for a job in RE: focus is on property administration. hoping to see the inside of commercial real estate.
How larger projects get built, especially warehouses and storage units. Next choice in this area is multi family +5-100 unit projects.
Have to help my sister and BIL with a couple of rentals and will look into joining PAMA. Professional Association of Managing Agents. Need access to latest forms.
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2) Delta Warehouse: Will start on the CRT filing this week, claim will either be for $5000 or $2800.
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3) Equities Investing. No Action. Same Just sitting on GIC's waiting for a good investing opportunity.
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4) Hamilton House. Will email the PM this week and lower the asking rent, and ask what is the issue with the property.
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5) Edmonton RE. Las Vegas RE. No Action.
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6) Education future will be revisited if I do not get a job by End of July 6 weeks from now essentially. Then will register for Econometrics.
Will have another 6 weeks before the withdrawal (from this course) with no effect 3rd week of September if I do not get a job.
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7) RE meetups: Missed a couple but am back and looking to make connections and fill in my circle of contacts and possible mentors and/or mastermind group.
While on Vacation, made a list of people I want to take to lunch and talk RE with. Making a list of interview questions. (my secret.) It is just lunch, but will
be digging for info from people who should know more than me. Will make a list of my question and will post them here.
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8) Detroit homes: Nothing of note to report. Rents all being collected on time.
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9) Vancouver Warehouse. Tenant is out. We need to do about 2k in simple repairs. CBRE has the brochure of our warehouse and it is listed for 2.66M.
Will connect with our commercial RE agent this week.
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10) Wainwright Storage. No update
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#11) Sarnia Ontario. Apartment. No update.
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#12 Finished reading 'The portrait of Dorian Gray.' 'Real Estate Titans' by Cohen and 'Foundation' by Asimov. 10/10 for Foundation. Currently reading 'Fooled by Randomness'
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#13 Future Authoring program. will update this and my goals this week.
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#14 Real Estate Agent's license. Will get re-started on open houses with my older son.
Mindflayers journey to 100k PMNI Quote
07-04-2024 , 01:01 AM
1) Applied for my first job. Is a civil construction type job. Project cost controller. Not really my cup of tea, but is very similar to my very first job
out of university. It is for a very high profile job in my city. So it is something interesting to add to the resume if I get offered the job and accept it.
It has the added benefit that the job has a completion date that is around 2years or so.
Forgot to look into joining PAMA.
Was looking for other jobs and found one that suits me very well and pays very well to boot! Will apply this week.
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2) Delta Warehouse: Finished the paperwork prep and emailed the ex-tenant. Will get filed with the appropriate legal body on July 16 if no payment.
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3) Equities Investing. No Action. Same Just sitting on GIC's waiting for a good investing opportunity.
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4) Hamilton House. Had application but rejected them as their credit score was too low. Other tenant is no problem.
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5) Edmonton RE. Las Vegas RE. No Action.
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6) No change: Education future will be revisited if I do not get a job by End of July 6 weeks from now essentially. Then will register for Econometrics.
Will have another 6 weeks before the withdrawal (from this course) with no effect 3rd week of September if I do not get a job.
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7) RE meetups: Went to a new RE investor meeting group, that has a whole different set of attendees. The group is a level below my regular meetup.
(smaller investors, say 1-5 properties) and the meeting fee is $20/meeting. My next regular meeting is in 4 days.
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8) Detroit homes: Nothing of note to report. Rents all being collected on time.
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9) Vancouver Warehouse. Tenant is out. We did 2.8k in simple repairs. Some interest, but nothing solid yet.
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10) Wainwright Storage. No update
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#11) Sarnia Ontario. Apartment. Owner payout amount was agreed on. Nothing special. We still own and manage that building, currently 100% occupied.
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#12 Finished reading 'Fooled by Randomness' Currently reading 'Foundation and Empire' will re-read an old book 'Strategic Planning' by Rice as the interesting job described in #1 names a
business management technique first outlined in this book back in 1990. I have an original copy from back then!
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#13 Future Authoring program. will update this and my goals this week. Oddly this (thread) is an ongoing version of what the Future Authoring program is like.
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#14 Real Estate Agent's license. No new open houses worth looking at. I am much better versed in doing a scan and quickly eliminating properties that are not worth looking at.
I am very quick to scan location, dollars/psf. If it does not pass these two, I don't give it a second look.
Mindflayers journey to 100k PMNI Quote
07-06-2024 , 10:59 AM
glgl on the job venture

how long have you been self employed?


as someone who's been going solo since 2016, my attempts to get back into my old industry were pretty difficult and fruitless and whatever I found always paid less than continuing to go solo

granted my old tech industry is rapidly going down the toilet with massive layoffs and hiring freezes which is probably the bigger factor than my absence for nearly a full decade - but i went from a very in demand person who was regularly shooing away recruiters and head hunters to someone who got asked in for an interview maybe 1% of the jobs i applied to and never proceeded beyond that and it's been a pretty jarring experience
Mindflayers journey to 100k PMNI Quote
07-06-2024 , 02:22 PM
I worked in a family business from the mid 1990's to 2008.
I took a pay cut from what I was getting as an engineer to work in the family business.
I was lured into the company by my father with promises that I would eventually be running the company.
I spent 3 years learning the inputs/process and plant. After those first 3 years or so, I realized that my father
was never going to retire and so I started my own company; part time to learn what I was being blocked
from learning by other family members. (sales and accounting) I still worked for the family company part time
but was paid full time salary. This was totally against what I believed, but weirdly, my cousins loved it and
acted all entitled as if they were going to take over the company.
They acted like they wanted to be President. I acted like I wanted to be the owner.
The company that my father started in 1958 and built for 50years is now closed. In my opinion, it had
the potential to triple in size, but was held back by stagnant management.
(comfort and satisfaction with the status quo is the enemy of growth)

When I started my own company, I was horrible/terrified of doing cold calls and had no experience in
Purchase orders/accounting/invoices/Corporate taxes/payroll etc. Now I can do an elevator pitch with some random
person(s), or look at a document and know what is wrong with it. ( I had to do some review of accounting
with forensic auditors, to get to the bottom of about $125k in missing funds in my family's business)
I can't even confirm when I started or closed my own manufacturing company as
I only held on to documents for 10years after the company closed. I purged probably 30,000 pages of
PO's, invoices, tax returns ,etc. The emails back then were on a publicly traded company server that no longer exists.


I was in the last job that I could get fired from in 2008.

I went from that part time to full time in my own company in 2008.
In 2010 I formed my first real estate holding company to purchase a warehouse that owned the one property
that my company was a tenant of.
In 2015 I sold the manufacturing business and kept the real estate holding company.
I was Retired for 3 years.
in 2018 I went into real estate full time.
Mindflayers journey to 100k PMNI Quote
07-21-2024 , 12:00 AM
1) Was formally rejected from the second job that seemed very interesting. First job application received no reply. Applied for my third job this month.
Job title is Senior Acquisition Analyst. I am also well suited for this job. I figure I have a 6% chance at the job. Look at real estate valuations all day, factor in build costs, holding costs, and
and depending on location, sell as stratified units or lease up.. and hold to sell as one property to a REIT based on NOI and cap rates. What I do and study part of my day anyways.
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2) Delta Warehouse: Tenant has replied and put themselves on a payment schedule. I auto agreed. (Knowing the arbiters at the Civil Resolution Tribunal that handles such cases, they would likely do the same except that the payment would be enforceable by a court order. In business, coercion is always better than force.
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3) Equities Investing. No Action. Same Just sitting on GIC's waiting for a good investing opportunity.
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4) Hamilton House. Just accepted a new tenant with a good credit rating. In general I use 650 credit rating as a ok score +700 is good. and 3x the rent as the base salary to cover the rent.
ie you can have two tenants with total income of 3x rent and an average 650 or higher credit rating. There are always +- other things that can move the No to a Yes, such as a lower credit score, but moved from another location to take a much higher paying job (verified) in the city i am renting the unit in. everything is 'it depends'
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5) Edmonton RE. Las Vegas RE. No Action. RE prices seem pretty sticky.
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6) No change: Education future same. Still intending to register for Econometrics until/unless i get a job. I have added using AI applications in work diploma course to the list of things I want to study. Next program starts in January 2025.
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7) RE meetups: Went to my regular RE meetup. Got a few new contacts and met an Old friend from 1992 that I worked with on my first Engineering project!! I remember him telling me back then that he had just put a down payment on a duplex with his credit card. He told me that he still owns that property .. now owns many many properties all over my city.
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8) Detroit homes: Nothing of note to report. Rents all being collected on time.
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9) Vancouver Warehouse. Had 3 viewings, and got into a negotiation with one of the groups. They made an offer that went back and forth 5 times. We finally agreed on the price and terms this morning. Subject removal on August 26, Closing Oct 30.
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10) Wainwright Storage. No update
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#11) Sarnia Ontario. Apartment. Owner payout made. Nothing to report.
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#12 Finished reading 'Foundation and Empire' skipped 'Strategic Planning' by Rice. since company that described SWOT rejected me, I started reading a different book.
Currently reading 'Ego is the Enemy' by Holiday
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#13 Future Authoring program. Short term goals are as outlined in this thread. Medium term is job/studies. Long term remains 100k/m net income. I will also settle for 100M net worth!
If I magically hit that, all it means is that my stock portfolio has somehow gone bonkers.
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#14 Real Estate Agent's license. Still looking at local properties. I can see the low end properties starting to build up and drop in price, if only a little (under 5%)
Mindflayers journey to 100k PMNI Quote
07-21-2024 , 12:25 AM
do you actively manage your distant tenants

ie if the detroit tenants stopped paying, are you flying to detroit to deal with that or is there a management company that handles that for you?

if you outsource it, what cut of the rent do they get?
Mindflayers journey to 100k PMNI Quote
07-22-2024 , 01:21 AM
Hi have remote property managers at all non local properties.

I have never been to Detroit. I am on my 3rd Property Manager in Detroit.
1st was a crook (I did not pick him, he came with the properties that I purchased), 2nd died, 3rd is excellent and posts his daily adventures in
property management and renovations on youtube it was called The Shea Show and he had +3000 videos until youtube took them
all down for copyright violations. He is back up, and now on youtube, instagram and X, but most of his old episodes are lost.
I know enough now about property management that when a remote PM tells me there is a problem, I have in the back of
my head how I would handle that problem. I let the PM do their thing and only discuss the issue and how to handle it
if they run into problems or the problem persists.

generally +-7% (of rents collected) as a management fee.
Mindflayers journey to 100k PMNI Quote

      
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