All Forum Posts by: Account Closed

I have no advice for the OP. But children, this is what can happen with any rental. So mortgaging down to your underwear with no reserves is not the way to "financial freedom" no matter what the "gurus" on BP preach daily

Let me ask a simple question. Where do all the real estate millionaires own property? Hint, its not Ohio or Detroit. Its San Francisco, New York, London, Singapore etc etc. None of these places have much cash flow, often its negative when you buy it. Saying appreciation is useless is like saying buying Amazon 10 years ago was a bad decision. They have never paid a penny in dividends but have made thousands of people rich. You should have bought PG&E instead. Great dividends and cash flow right?

Bigger Pockets has a lot of value and helps a lot of people. However posts like this illustrate the dark side of the endless positive propaganda on this site. This question is so ridiculous I cant even imagine more than one answer. STAY IN SCHOOL. Lets say you spend the 75K in school and it lands you a $100K job. With no raises you will earn $1M in 10 years. How long will it take for you to buy some real estate then? With a strong W2 and credit?

Lets say you take your measly (and yes it is measly in the world of REI) $75K and buy one or two ramshackle rentals. Then you have an eviction. And your roof needs replacement. And a new furnace. While you work some dead end 15$ and hour job chasing your $100/door cash flow?

Ok you dont buy rentals, you become a flipper instead. You put the 75K down and borrow the rest. Then your contractor quits. Or fleeces you cause you haven't the slightest clue about what you are doing and there goes the nest egg and college fund.

The only sane answer is "What are you NUTS? Stay in School"

The first thing to ask yourself are your fears reasonable. The ones you listed are entirely reasonable. Then ask if you can mitigate them. The answer is yes. But you cannot eliminate the possibility of what you fear actually happening. But if you have the resources and plan to mitigate them you can still succeed. But dont buy the kool aid pitched here about how easy it is  to buy some houses and never work again. Its not that.

If you own any wealth a trust is a necessity. Dont make your CPA or your lawyer or any paid person your trustee. Use a friend or relative you trust. Creating a simple trust shouldn't cost more than 2-3K and updating one should be only a few hundred dollars. Make all the trust the beneficiary of all your accounts. Title all your properties in the name of the trust. From what I hear probate is hell for your heirs. 

You dont have 25K savings. You have 6K savings. Pay off the CC today. And never run a balance on them again. Without financial discipline your investing will never be successful anyway.

Thats interesting. Ive had the opposite experience from airbnb as a user. Booked a place that ended up being dirty, dangerous and unsuitable for occupation. Airbnb refused to do anything about refunding the money. Eventually the owner did refund the money in exchange for me not writing a review. It seemed to me they only cared about the owner.

As for Covid cancellations do you really want people with Covid exposures staying in your unit anyway? If anything the problem with airbnb is the outrageous charges on top of the published room rate. A $89/night rental ends up being $150/night when all is said and done. Just like Uber, they have become too big and monopolistic in their behavior. I am reluctant to use these mega tech sharing companies if I can find an alternative.

Wow, Judgmental much? You are not the woman parents or husband. It is not your job or role to judge her hair, tattoos or lifestyle. You cannot discriminate based on family (i.e number of children) or marital status. The question only is whether she is qualified for the apartment. The disrespect and poor communication is the only valid concern I can see here. But from reading this you seem like one of those landlords who would control every aspect of your tenants life like an overbearing parent. Maybe Im wrong but this post would certainly indicate that! 

Why not list it yourself and hire this person to manage it for you? 

I think people have been a bit harsh on @Blake H.. He is no different than millions of other Americans. Student debt is a crime. Banks get free money from the fed, make loans to people who they know can never pay them back at high interest, have the loans backed by the govt to eliminate risk of default and commit daylight robbery. And for all the blatant political "get out of California, its a communist ********" get real. California generates more wealth than any other state. It drives Technology and Media that all of you happily consume and is probably one of the best places to create wealth on the planet. Yes, you can move to Ohio and buy a 100K house but so what? How does that help you become a millionaire? 

Now yes, the OP should pay off the debt and increase his income. That much is clear. But also, he has the right value system in prioritizing time with his family. What kind of society thinks that one has to "earn" the right to spend time with the family? At the end of the day, money is just a made up concept consisting mostly of numbers in a bank. It can be wiped out in a flash, no matter how much you have accumulated.