All Forum Posts by: Braden Downs

@Mike Dymski I appreciate the advice and ran the numbers on ten rentals acquired by the time I'm 30, all on 30yr mortgage. It hits in the range of $1 - $1.6 mil, depending on how you structure it all. I like that you continued to build up your retirement with your W-2 and real estate investments. 

I have a pension that I have to put money into and it pays out 65% of your last two years, after 25 years put in. But I am not putting all my marbles in that basket. 

Best case scenario, I get my 65% pay out + rental property income + Roth IRA = a healthy retirement

Hello, I am 22 years old and started investing into a Roth IRA last year. Since then, I found bigger pockets and what real estate has to offer.

How have you decided to balance your type of investments? Theoretically, if I invest $400/m till I'm 60 I'll have $1mil - $1.6mil. But putting $400 a month into my Roth limits how much I can save for real estate, especially with my limited income right now. Did you go all in one route or stick to a even approach?

@Josh C.

First, Christian you obviously want to get a second quote. Even if they say they will charge you the fee for camera inspection. The $200 or so it cost is worth it. 

Second, I don't necessarily see a problem only going to the clean out. If the cast iron hasn't corroded out there yet, why mess with it? They will just throw a fernco sleeve on it. 

Third, how deep are your lines outside? We dug 10ft down once. Deeper = more $$$. I assume their pricing is based on a standard replacement fee + extra $ per additional sqft. 

If you are looking to save money, see how much they would take off if you dug up the lines yourself. If the lines are only 2-5 ft deep outside you could dig it with a shovel in a day. All you have to do is expose the pipe enough that a sawzaw can make a clean cut and the new pieces can fit. 

Hello @Adam Ramsey,

Your situation is one that I am currently saving up to be in, house hacking a duplex using a FHA loan. I would love to hear more about your experience the past year and a half, whether or not you would do it again etc.

@Marci Stein

Hello, check with your energy company to see if they offer/you qualify for free insulation. In Oklahoma, OGE offers similar programs. Depending on your circumstances, you might just get lucky and save your tenant. 

Every time I have used it, it has been in beta mode. I wouldn't worry about it. 

@Peter G. 

A small gift is a nice touch, just like you were saying. When we moved into our first apartment, we were greeted with a welcome basket and I much appreciated it. It is okay to say thank you or reward good behavior. Just as it's okay to punish bad behavior. 

Hello Christian, I know in the Oklahoma area you do not have to specifically find a cast iron specialist. Cast iron was widely popular in the 19th and 20th centuries. The problem is that it basically corrodes and deteriorates into cardboard paper. I worked for a plumbing company for two years and did multiple sewer line replacements. My point being, a experienced plumbing company that is licensed to replace drain lines has ran into the problem you are now facing. 

Are they having to break up flooring in the house to access the lines?

@Eric Upchurch House hacking is when you live in the house you are renting. For example, you could buy a duplex, live in one side and rent out the other unit. It's especially appealing to people who are just getting into real estate investing. 

Most people cannot have two FHA loans. But you can use one loan to purchase two units (a duplex) and then move out after a short while.

@Thomas Graham hello, I would like to such to single units in the Bethany, Yukon, and north okc area. I'm still trying to reach some personal finance goals though.