All Forum Posts by: Brian Knox

Do I have any fellow Jim Rohn fans out there?

I was introduced to "Challenge to Succeed" about 1.5 years ago and it changed my life.

Does Jim's wisdom hit you like it does me?

What up, Friends. Are you any of you guys near Rock Hill, SC?
I only ask out of curiosity because my sister (with 9 rental properties) is there.
She hates landlording and is ready to dump some or all of the properties.

My thought is she grew pretty quickly and she's NEVER had a property manager. Apart from that, she's about the shrewdest, most emotionless deal finder I've ever seen. Her and her husband make fine salaries, so she seems less wed to real estate than myself.

BKnox

Have you ever paid to have a "clean-out" entrenched outside?

It's going to involve an excavator & I am quite scared about the bill.

I bought a great rental property except that is has roots in the plumbing/sewer lines.

Thoughts on "clean outs" (which allow Roto Rooter good access to chop out the roots)?

For a cross-country move, we desperately need to sell our residence within 2 months.
Paid $139k in 2007.
Have a $15k rehab loan that let us put on steel siding and new windows.
Have $99k left on mortgage.

Market has tanked here in St. Cloud, MN.

5 months on the market with the top rated realty company in the area.

Struggling to sell at $124,900 after starting at $129,900. 10 showings, no offers.

I was looking at renting this place out (since I already have 1 rental property) & waiting for the market to continue it's rebound.

But the 50% rule is scaring me off now, as the house barely cash-flows when only considering PITI and PropMgt. $1100/mth income vs. $940/mth outgo.

Am I overlooking viable options for moving this property? Contract for Deed? Rent to Own? Craigslist?

[b]Please be candid. Eyes wide open.

Thanks BP. I love this online community!
Bonkers in St. Cloud

Hey Kevin H. ! Yep, we were one of the first classes to enter the "NEW" Hillcrest building. It seemed mall-like. I remember riding my 20" Huffy from over by Sav-A-Ton to the "OLD" Hillcrest and running around the halls and auditorium after that school was closed down.

We'll all have to hook up and talk. My sister is sort of a slumlord in Rock Hill NC and has about 9 rental properties.

So cool. Yep, we'll grab lunch once I'm back. Ask you wife about St. Cloud, MN. That's where we're at. We're aiming to be 15min from Downtown Gtown and 15min from Adams Mill Rd (where my parents are). I want to get into more Real Estate quickly.

What up, Wade! My fam and I will be moving to Greenville (from MN) by Sept 2013, but I grew up (25 years) in Simpsonville. Hillcrest class of '96.

I have one RE Investement of a single-family home that has been rented for 1.5 years. It's going pretty well, but I - of course - have learned several things the hard way.

Once we're moved to the South, would you be interested in ever going to the Upstate REIA meetings? I think I want to try one or two of those. Just Google "greenville SC REIA" and you'll find it.

I'm open to learning and teaching in any way I can!
BK

Welcome, Christian De Jesus! I like your outlook.
I'm new to BP and am loving all the helpful folks. What a helpful community!
"Enterprise is better than ease." - Jim Rohn

The only way I was able to get into the rental game (1 house) was:
1) small inheritance from grandmother used as down payment
2) on a cheap foreclosure in decent shape ($49,000) and having
3) a partnership with my Dad to equally split Rev and Exp

Honestly, it's worked out great. But I have learned a lot (from buying a 100yr old house that was uninhabited for a year) #repairbills

Hey Jeff & Chris! I'll be in Greenville by September 2013. Simpsonville is my hometown, but my fam and I have been in the Midwest since 2004.

We're returning to Greenville and I'll be looking to find mentors and like-minded folks. I have one rent-and-hold single family dwelling here in St. Cloud, MN. I've had it for a year and it's going fine, but - boy - I've made my share of mistakes. We learn a little more each time.

Do you guys know of good groups in Greenville? REIA? or anything like that? Hopefully we can connect some time.

Brian

Hi Keela! If it's of any consolation, I'll be in Greenville SC by September 2013 and my sister is in Rock Hill. I am a total beginner with just 1 single-family rental home that I own (for a year now). But my sister is a bit of a -well- slumlord.
She is action oriented and risk taking. I am cautious and mildly risk averse. While I spent 8 years reading real estate books and telling her what a great wealth vehicle, she decided to keep her first house as a rental when she upgraded. Now she had 9 properties, but claims to hate every minute of it.
She won't hate it when she has streams of income pouring in at age 60, though.

I'm always open to learning and help learn. Stay up!
Brian Knox (presently in St. Cloud MN and soon returning to GVille)