All Forum Posts by: Cam Jimmy

Oh wow, that's awesome! I didn't even know you could do that. Was it hard to organize that 1031 exchange? Did your realtor handle it or your CPA?

Im ALWAYS looking for another ;)

@Garrett Hawk I'd like to get in contact with your guy. Can you PM me a phone number?

@Mike Abbate Its always best to take care of all of these small annoying repairs well before you list it for rent. Which means, you need to inspect your place thoroughly beforehand. Trust me, it's super annoying (if you self manage) to go there and putty a small hole one day, then come back the next to sand and paint... all while your tenants are watching you lol. I hate when people watch me work. 

On the other hand, make sure you accept only reasonable requests from your tenants, because they will walk all over you if you say yes to everything. Don't be scared to say no once in a while, it will give them the illusion that YOU are in charge, not them. I can see you approving the screen repair, but not the steam clean if the carpets have already been cleaned.

Anyway, good luck man, and don't ever stop learning!

@Matthew Perry Congrats! I have one question about your post though. You said you 1031 exchanged a "live-in-flip".. Why did you have to 1031 exchange something that should have been tax free gains? did you not live there for 2 or more years?

@Brian Fuerle First find out if it is legal or not on your state to not accept section 8. Then if it isn't illegal, put it in your ad, so those people don't waste your and their time by calling you :) I don't accept it for my rentals at the moment..But if I had rentals in lower income areas, I probably would.

@Carlos Soto Hey Carlos, I totally hear you when it comes to not finding deals. You were correct in your statement about needing to get more creative. For example, on my last deal, someone down the street from me passed away. I noticed the relatives of the deceased flew up here, as I saw a new car in the driveway. I walked up, introduced myself and told them what I do.. Long story short, they sold me the house and I fixed it up, and am renting it now. You already have done the hard part with saving all that cash, so you are ready for when an opportunity presents itself. Try checking out your probate court, or look at you local newspapers for recently deceased people.. I hear a lot of the time, the executors phone number will be in the ad. Anyway, good luck to you!

@Daniel Brown after just finishing my first successful BRRRR, One hidden cost for me was Refinancing fees. I paid a $1,500 "non-owner occupant" *cough**********cough* Fee. I knew I was going to have to pay closing costs and prepaid expenses like taxes and insurance.. but they hit me with that stupid fee on top of everything. Also since I live in a cold dark climate.. just heating and lighting expenses were a lot too. But the biggest amount of money I spent that I didn't intend to was on unknown repairs that popped up after my home inspection. The biggest was Floor leveling.. since the slab over the last 60 years sunk up to 2" in some areas. The exterior footings didn't sink...only the inside of the house. I had to get the entire floor poured with self leveling gypsum. this was about $2,300 I believe. This was only a 750 sq. ft. house.

Anyways, good luck to you man, and ALWAYS pad your number for unforeseen expenses.

@Dolly Caswell Thanks Dolly. The way I get my contractors to show up, is to keep bugging them, and not pay anything (Unless I absolutely have to pay materials up front) until they finish the job. I also sometimes use the more expensive bid on some jobs, because they seem more professional. Just keep on bugging them and they'll show up if they want the money :) If you ever need a specific task done, I may have some people that I can ask that I know are reliable..just PM me.

@Jared W Smith Hey, I was curious about adding a recessed beam in one of my rentals. On your third picture you posted it shows an attic space.. Is this OK even though those ceiling joists are considered "tension joists"? Are those joist hangers rated for tension?