All Forum Posts by: April VanCleve

Lets say my first potential flip is from 1900's, has 4 layers of roof shingles, outdated electrical, needs a new kitchen, plaster down/drywall up throughout the house, flooring, and a terrible, terrible foundation. If we buy right, how much is too much for a first timer when it comes to risk alone? 

Quote from @Marcus Auerbach:

It's not an either or question. Most of us didi RE on the side for 5 to 10 years before quitting the W2. I am not sure if RE is a happy industry, the grass looks greener. I think happiness is overrated, being content is much more important and feeling accomplished. And I think you have a good amount of control whats happening in your own head, even if you are in an unhappy industry. BTW, now I am really curious what that is!?

Child support enforcement! 

Quote from @Joe Villeneuve:

Quote from @Account Closed:

Quote from @April VanCleve:

I know this may leave a bitter taste, but I have found a lot of fast, concise, well put together answers to most of my questions on Chat GPT/Open AI. No $10K program for me! Not to say an experts advice isn't solid - just saying the culmination of information across all experts and all spans of time in one place is pretty helpful. 

Your comment: "but I have found a lot of fast, concise, well put together answers to most of my questions on Chat GPT/Open AI."

But, How would you know if it's good advice?

Yup

How would I know the advice one person gives me is good advice if I am a newbie? It's just another source to vet info from (only it's from a ton of investors compiled information over all spans of time).

Quote from @Account Closed:

Quote from @April VanCleve:

I know this may leave a bitter taste, but I have found a lot of fast, concise, well put together answers to most of my questions on Chat GPT/Open AI. No $10K program for me! Not to say an experts advice isn't solid - just saying the culmination of information across all experts and all spans of time in one place is pretty helpful. 

Your comment: "but I have found a lot of fast, concise, well put together answers to most of my questions on Chat GPT/Open AI."

But, How would you know if it's good advice?

 Ask it a couple of ways, vet it against other information found online from credible sources if there's any doubt. Have you ever used it? It's pretty incredible! 

I know this may leave a bitter taste, but I have found a lot of fast, concise, well put together answers to most of my questions on Chat GPT/Open AI. No $10K program for me! Not to say an experts advice isn't solid - just saying the culmination of information across all experts and all spans of time in one place is pretty helpful. 

I work in a controversial job... the dilemma is - it's not in real estate. 

Pros to my current position: Secure, w2, pay is above average, benefits are stellar, schedule is somewhat flexible (can leave if I need to without penalty; vacation when I want - utilizing banked time on both), 3 miles from home, and hopefully a pension in 17 years. 

Cons: Not a happy industry - everyone has a story or opinion and they're usually negative. It's not my 'best life' job. 

I've wanted to get into real estate for a long time but typically moving into that realm in a w2 position means a decent pay cut and probable loss of all the other good stuff. This is counter-intuitive to my goal - slow and steady save to purchase our first investment property (with more to follow). 

I ask you - is it worth it to make the move, take the cut, leave the boat and jump into the sea with just a floatie in order to get more experience in the field and chase a dream? I know I'm the only one that can answer that, but what's your opinion? 

Thank you for this comprehensive list! It's nice to see it all in one place. 

My question... how do you all know how much reserves is enough?? What is "safe" or responsible to start? I've read 6 months reserves on all fronts, but I've also read people "making it" with zilch to their name. Do you guys with a bazillion properties have enough to cover if all your places went vacant at the same time (unlikely, I know, but still...I've consumed too much Dave Ramsey, I fear)?

Side-dish info: My hubs and I have quite a chunk stashed in 401k and IRA's, home equity, stocks and kiddos college funds, but not a lot of "cash on hand". We want to start investing. Time waits for no one.

In-laws are interested in selling us their fixer upper with seller finance in April. I'm thinking we should buy a small LTR conventionally first -down payment and cc with the cash we do have. Our DTI will be low to start (vs waiting until after the seller finance deal). Not sure if any of this is responsible considering the cheddar is kind of tied up.