All Forum Posts by: Cam Jimmy

@Jody Schnurrenberger Thank you for the response! In my state I can legally make it the tenants responsibility to mow the lawn and clear snow/ice in the winter if I am renting Duplex units or SFR's only. And for the reason you stated above, I prefer duplex's over SFR's. I was wondering if anyone else thought like I did and preferred duplex's too. Seems you and I are the only ones lol.

Also, if I am forced to live in the duplex for 1 year (FHA loan) most of the duplexes around me here, have there own fenced yard and some even have a garage. That would make the transition much easier for me since me and my wife have dogs.

Just curious if there is anyone out there that ONLY invests in duplexes? like a duplex niche. If so, why do you only choose to invest in them and not others?

Great class for Alaska based investors/landlords! I've been to many and will continue to go.

I have 2 contacts for you Chris. I have not used either of them but different people I know have. They are both out of Anchorage, AK

1) Ralph Ertz 272-2721

2) Wayne Dawson 360-8492

@Mohib Nawab Thank you Mohib!

Hello, my in-laws are thinking about purchasing an investment property in Euless,TX and I have been calling multiple property management places in that area to see what current rental rates are for what they are looking at. However, nobody answers their phone down there, and I've literally called 10 different companies (all during business hours). Does anyone know of a good property management company around there?? preferably one that answers the phone lol? Or does anyone know the area well? The property is in south Euless by Trinity Drive. Single family house 3br 2 ba, over 2000 sq ft. Any help would be appreciated. Thank you.

-Cam

If I was you I would work backwards. Figure out what kind of lifestyle you and your wife are comfortable living. How much money per year in passive income would get you there (you mentioned $500,000). Then reverse engineer a plan to help you achieve that goal. I would not use SFR to get you there... you realize how many SFR you would need to get you $500,000 of passive cash flow? Waaaay too many. I would probably only invest in bigger commercial apartment complexes since you guys probably have a lot more money to start than most people. Definitely use leverage though, not all cash. Figure out approximately how much money per door you will receive in cash flow on bigger apartment buildings (make sure to add in property management fees, future repairs, and future capitol expenditures). Then estimate approximately how many doors you would need to reach your $500,000/yr goal of passive cash flow. Then start making a plan to make this happen. Usually the more doors per apartment building and/or the more money you put down, the more cash flow per door.

You could also look into buying businesses (owning them, not running them), good old fashioned stock market investing (not retirement accounts, im talking brokerage accounts so you can actually use the moeny before retirement age) , cryptocurrency investing, or a mixture of all of them. I hope this helps! Good luck.

-Cam

@Youdo Thirakul Welcome to BP. I am also in Anchorage, AK and I own 1 investment property here and my main home. Good luck, and dont be afraid to ask questions!

SO from what I understand, you went from +900/mo cash flow to -650/mo cash flow? or did you mean it was +900/mo cash flow and now its (900 - 650) +250/mo cash flow? 

Also, What would your total cash flow be (including your cabin with the refi on it, minus the monthly loan amount) if you finished BOTH the other 2 cabins?

@Ashley Benning Most 401K's will let you borrow up to %50 of your total to a maximum of $50,000. I am like you right now.. I have about $20-25K in mine at the moment. I could borrow about $12,500 of it whenever I please. My plan makes me pay "interest" on it also....BUT its interest to myself :). Basically your getting a free loan by using your 401K.