All Forum Posts by: Brad L.

I don't necessarily correlate frugality with buying cheap low-quality things. To me, being frugal is eating in, not shopping, etc. What I'm getting at is, I'm frugal and save a good percentage of monthly income, but I wouldn't cut corners on repairs to save a few bucks, only to have to redo it later.

The listing mentions $310/month plus taxes and insurance, so I don't believe renting it for $500.00 would cover even just your payment plus taxes and insurance. This also doesn't take into account CapEx, repairs and vacancy. Take a look at the Rental Property Calculator under the Tools section when you have some time.

I'm sure you're eager to get your feet wet, but sometimes your best investments are the ones you don't make (I'm sure this is a quote from somewhere but can't remember where). Keep saving your money, continue educating yourself, and run the numbers on every property you see to get familiar with what you can afford and at what prices you'll be profitable. For example, I know that in my area I need to purchase a 3-bedroom SFH for $xx.xx if I want to cash flow $xx.xx while charging $xx.xx per month in rent. It saves me a lot of time by immediately knowing I can skip over properties priced way out of that range.

@Brian Schmelzlen Thank you for the quick reply, that at least gives me some hope.

Is there any clarity regarding the potential change in criteria for avoiding capital gains taxes (2 out of last 5 as primary being changed to 5 out of last 8)? Currently in the process of a live-in flip, 2 years is up in July of 2018- would this change affect only purchases after the date the bill takes effect, or would I now be required to live in this property for an additional 3 years?

1.  Analyzing, while not over-analyzing

2. Picking a strategy and sticking to it

3. Financing and scaling

4. Being frugal

If your main investing goal is cash flow, and you intend to hold the property "10 years to forever", you shouldn't let a potential secondary benefit prevent you from purchasing. 

Did you know your first properties were in an area experiencing appreciation or did you purchase them not knowing you'd see stronger than average appreciation? If you didn't know, and if the appreciation never happened, would you be happy with the performance of those properties today?

You mention this opportunity as one-sided, but I think you should really just consider it to be 100% in line with your stated investing goal.

Not sure what the big issue is. If the tenant said you absolutely have to hand deliver, then yes, that’d be annoying. But it looks like they said you can email it, which to me is a reasonable request. I️ feel that sending the email you drafted and posted will cause a lot of friction with somebody that is living in your property and has the ability to damage your property if they feel they’re being treated unfairly.

Use a sledgehammer and take it out in pieces. s stayed above, wear eye protection, but also cover all bare skin. Little pieces will break off and cut your arms and legs and it will get bloody quick, speaking from experience.

You’ll just need to let it acclimate to the environment in the house for around 48-72 hours before you intend to install it.

Do you intend to grow your portfolio? Although you may not think $750 is reasonable for the work for your current situation, it may be worth it to start with this CPA now so 10 years from now when your portfolio has grown, you’re working with a CPA you’ve built a relationship with over the years.