All Forum Posts by: Scott F.

@Andrey Y.

We use both Quick Books desktop and Quick Books (Intuit Inc.) online. The online version you can access from anywhere. I don't use it on my phone but there is an app for it.

@Sunny Burns

Hi Sunny,

I agree with what you're saying, my kids had to work and earn to get what they have including several of them that have their own rental properties. In fact just 1 hour ago my oldest daughter had me schedule a showing for tomorrow to see another 6 unit she wants to purchase.

We talk about investing all the time, mutual funds, multi-families, single families...

Teaching your kids how to work, invest, give and live on less than you make is one of the greatest gifts any parent could give to their child. Not everyone is a winner, which is what too many people are learning - that model doesn’t work.

But the model of work to get what you want – now that’s a good model.

Good Morning Chris!

Great goal – I too look forward to reading about your adventure.

A goal is a great thing, but a goal without action is nothing but a dream so get after it. An 8-12 unit is a SUPER great goal, but it comes with its own challenges even for seasoned investors. I’ve owned 4 units, 7 units, 12 units and a 14 unit, one thing they have in common is once you pull up out front you can’t leave.

Apt 4 is getting a new stove, tenant in apt 9 sees this and yells out where’s my new stove, so the doors start opening and head pop out. (slight exaggeration). Seeing that it’s your first property and just as a suggestion, why don’t you start with a 2 family and get your feet wet first before you go “all in” on a big project.

Smaller properties tend to be easier to manage, easier to fund if they all go vacant, and if you find yourself thinking - naaa, I hate this I want a boat instead - you’ll have a broader pool of investors or house hackers that would want to buy it from you.

I never thought I would like single family rentals, today I love them – 20 years ago I couldn’t understand who in their right mind would want one, I wanted bigger properties, perhaps it’s an age thing.

Go to your local Rental Property Owners meetings, network and find out what the guy’s and girl’s in the trenches say about both, then keep us posted.

Good Luck.

@Amir Saeed

I agree, new appliances go a long way with new buyers, they have enough expenses plus if not having them may cause you to have more holding costs due to not selling for another 30 days or so.

The value of the appliances may be related to the price of the house IE: low end or high end appliances - only you know your market.

Charles, thanks for the biggest laugh I've had on BP.

After reading your first post I said to myself - perhaps he’s on the After Repair Value.gov Government web site – lol!

I believe it’s called fuzzy math.

Glad to hear you got it right – good luck.

Our kids had to work on almost all the projects – they got paid each night at the dinner table – food!

Now they see the value in multi-generational conveyance of assets, and understand the importance of what it (the whole) produces rather than what they could buy if they sold it (the part – their portion/inheritance) all.

Hi, sorry for all the cut & paste, I hit ctrl v but didn't see it until after I posted the reply. How do you simply c&p the @name it seems like sometimes it will work and sometimes it doesn't.

So as I said it boils down to what is your comfort level. Only you can answer that, your income, skillset, market also help in the decision but in the end something in you makes the decision - buy or pass.

Good luck!

Ok, someone seriously has to teach me how to cut and paste the @your name here thing (in blue). Apparently I missed that class - lol!

Andrey Y.

Andrey Y.

@Andrey Y.  Greetings, if I understand you correctly, please PM me and we can discuss our local available properties currently on the market – (I’m a RE Broker also).

But if it’s the old “good debt / bad debt” argument I guess it’s all based in what your gut will accept before you toss your cookies. As I said earlier; I’ve danced this dance enough to understand my comfort level is debt free and cash on hand or enough cash flow to pay down a new mortgage in 60 months or less.

I’ve been on the other side of that thinking….. well if I lose it all, I only lose the minimal amount of money I’ve invested in the project trying to maximize my leverage. Many years ago when I was making payments on all my properties I said “I’d rather have 10 paid for properties than to keep making all these payments” – at that time I probably had another 15-20 years of payments to make.

I have a buddy that has 100 houses, all are debt free including his personal home which is about another $500K in value. He and I have breakfast all the time but never talk about making the payments on his or my properties, instead we discuss how to maximize the latest rehab we’re each working on or what happened in court with an eviction last week.

Debt is a double edged sword, you need to pay attention to both swings. Too much debt, too many vacancies – you’re in trouble. Too little debt…., hmmm… I’m having trouble coming up with problems for that one. Why does Microsoft have $50 billion dollars in the bank, because they forgot how to spend it – no, so they have capitol for stability and new acquisitions!

Why does the Federal Government need your tax dollars, because they DON’T have any money!

Andrey Y.

Andrey Y.

I’ve owed millions and I’ve owed nothing, the payments on nothing are easier to make. 

With that being said I miss the market crash 10 years ago it created a lot of opportunity. I’m currently watching our local market do the same thing it did in 2000-2005: $100K for $40K value homes, it’s a false market.

Wise investors will position themselves with equity and cash so if there is another correction we will survive the natural selection as we did 10 years ago.