All Forum Posts by: Andy Collins

I was also wondering how you could do this with traditional conforming refi's. After 4 mortgages no cash it's are allowed except on your residence

Take a long vacation, I "retired" at 45 after working 60+ hours a week for years helping to build an internet company,,I came out of it with enough cash (I thought) to last a lifetime,,however one thing you will find is it cost more to "retire" than to work.

My daughter was born the same year I retired and i spent most of the next 10 years enjoying watching her grow up,,,but I knew I needed, mentally, to be back building a business of some kind.

You have a great base with the $4,500 and have put yourself in a great position for your age,,but besides money, you will miss the 'thrill' of the "hunt",,

Take some time off, figure a new goal (maybe a month long vacation to an exotic place with your family when you hit $7,500 a month in cash flow), and keep it going!!!

There are a lot of "rules" which are really just general guidelines to START looking at a deal.

Two years ago I might get close to 2%, today at  1.5% I'm a really happy camper.

I'd rather buy at 1.3% in an up and coming area, than at 2%+ in an area that is dying...

It's really according to what your looking for, what your goals are,,if you want to just invest for cash flow, go into war zones and go for 2%+, that's just not what my business plan is

andy

A lease will have a start and end date, and normally have a provision that after that date, it will revert to a month to month agreement after that.

Read the lease again, I've never seen one that didn't have start, end and month to month extension

I'm a former member, I believe in the Lifestyles system, if you follow  it (at least in my area) you will be successful,,the overall concept can be used anywhere with some local knowledge used to adjust the home price your targeting

andy

You use leverage, also lower income areas with have higher cash flow, but I don't want in any war zones

Flipping is a way to make some cash while your building  your rent houses, IF you know what your doing

I never take anyone for face value (ok I did have my mother in one of my rentals at one time, and I didn't run a background check on her)

Run a background/credit check on both applicants, look at the results and choose based on that.

I have set guidelines, and having a eviction is an automatic no, however a short sale or foreclosure would not be.  I want to make sure someone pays there bills, but its ok if they have had a hickup (medical bills lates, or some other short term problem.,,   I'm lucky in that i have minorities or some type in the majority of my houses, no one could say I descriminate based on race, I am prejudice against people that don't make enough money or have horrible credit, are rude, stand me up for a showing or come accross like they will be a horrible tenant (car is filled with trash, etc) but those aren't protected classes.

One thing I have a harder time with is one wants to move in 15 days before the other,,if everything is equal, or both are acceptable, i take the one moving in first if that fits the date the house will be ready

Today you would pay 5% or less on a conforming mortgage. Ca you makeore than 5% investing in other ways, then take the cheap loan, if not or you have piles of cash, borrow at these cheap rates ?ill take all the 5% money I can get)

How late are they paying? I am assuming you own the land and have a lease with an outdoor company, is it a major company or a small local one?

about 10 years ago I bought a 2000 F-150 in an auction from the DFW airport board, it  was one of those pickups you see running around the airport.  It was and is a natural gas vehicle,,I paid about $5k for it,,it had about 30k miles, today it has 36k miles, and runs like new.  I have to fuel it at special CNG stations, but i'm paying what is equivilant to $2.00 a gallon for gas,,,but you don't want to run it, it would have to be towed to the CNG station.

I daughter thought it was really fancy the first time she rode in it (she was about 3), she had never seen a vehicle with those fancy 'roll up' windows!!

I also bought a utility trailer for larger items,,,the truck and trailer have paid for themselves many times over again