Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Chance Cooper

Chance Cooper has started 50 posts and replied 133 times.

Post: Just became DEBT FREE TODAY !!!

Chance CooperPosted
  • Real Estate Investor
  • Raeford, NC
  • Posts 137
  • Votes 39

Congrats, that is awesome!

Post: I have to stick to my guns...

Chance CooperPosted
  • Real Estate Investor
  • Raeford, NC
  • Posts 137
  • Votes 39

After reading many, many post on here, along with blogs etc...Before I ever joined BP I had a business plan that I put together (you can find it here http://www.biggerpockets.com/files “Rental Empire”), and I came up with this plan before I even seen or heard of how these guys on BP were growing their portfolio so fast...

Once I got on BP it was like the Heavens opened up! I was like WOW, there’s tons of people out here doing what I said could be done all along! The problem was, the people I know and talk to on a daily basis are not educated on this stuff and just don’t know…Honestly there were times when I didn’t think it would work, until I got on this website…BP just confirmed that what I was thinking and dreaming of many, many people think just like me…And they are actually doing it!!!

I know a lot of the guys in here like to keep buying and buying and that is great…But I guess growing up in and out of foster homes and boys homes as a kid, there is just something to be said about having your first home paid for, in full…So with that said, after this deployment I will only owe like 10k on my first rental property and I intend on paying it off…

I'll take all that money that I make off of it being rented out along with a little from my primary income each month and throw it on the next investment…I think I may even put that first rental in an LLC. I do this because in the back of my mind I like to say to myself "Chance, worst case scenario if you lost it all you still got that first home and it's paid for in full…"

After paying off that first one I have no issues paying the minimum 20% down and then growing extremely fast buying multiple back to back etc... I guess having a wife and three kids I just want to make sure we have our first one paid for, it helps me sleep better at night and I am less hesitant to pull the trigger on my next investment property…

Post: Termite Bond in South Carolina and Georgia coastal areas

Chance CooperPosted
  • Real Estate Investor
  • Raeford, NC
  • Posts 137
  • Votes 39

@Michael S. 

@Rick Baggenstoss 

@Rich Riesmeyer 

Guys I had my termite license and ran my own business doing termite and pest control. I can answer any question you may have and tell you exactly how to cut out a termite company...Just inbox me and Ill explain how if you still have questions.

Post: Termite Damage!!! Please help

Chance CooperPosted
  • Real Estate Investor
  • Raeford, NC
  • Posts 137
  • Votes 39

@Yavor Tomov in South Carolina we have to have a CL100 done on the property before you can buy it. This CL100 is a termite inspector and he has to sign off that there is no termites or termite damage...If you had that done, you may be able to go after that termite companys insurance since he was paid or if he got paid to do that inspection...Id check into it and see if a CL100 was done...

Post: Primary income?

Chance CooperPosted
  • Real Estate Investor
  • Raeford, NC
  • Posts 137
  • Votes 39

@John Blackman you are so right...Ive been adding it up and its crazy to think that one day I can be making the same thing Im making at my primary job now, and I can do it at home!

Post: Primary income?

Chance CooperPosted
  • Real Estate Investor
  • Raeford, NC
  • Posts 137
  • Votes 39

Just curious...I see alot of people on here that buy and hold property to rent out as sort of a hobby or future retirement and some of you have been very successful. If you dont mind sharing, how large is your porfolio (Real Estate Rentals, how many) and how much do you make with your primary job (Ball park)...???

When you started how much were you taking from your primary income to build your portfolio? I am saving $1000 a month to build up my portfolio, I am just curious as to what everyone else thinks or is doing...

Thoughts?

Post: Frederick, MD --Realtor

Chance CooperPosted
  • Real Estate Investor
  • Raeford, NC
  • Posts 137
  • Votes 39

@Jessica Almodovar Welcome to Biggerpockets. I have been on this site for about two weeks and I love it! Hope to network with you in the future. Good Luck!

Post: Business Plan Basics

Chance CooperPosted
  • Real Estate Investor
  • Raeford, NC
  • Posts 137
  • Votes 39

@Leigh Ann Smith 

@Richard Salazar 

@Matt Afolabi 

I just uploaded my power point to this website.

http://www.biggerpockets.com/files

This is my strategy, now granted things will change here and there throughout life but this is the direction I want my empire to go. Please provide feedback as to what you think. Thanks!

Post: Consider this before you buy your next property...

Chance CooperPosted
  • Real Estate Investor
  • Raeford, NC
  • Posts 137
  • Votes 39

@Tom Mole 

anytime! If I can help I will do my best!

Post: Consider this before you buy your next property...

Chance CooperPosted
  • Real Estate Investor
  • Raeford, NC
  • Posts 137
  • Votes 39

So I use to do A/C work before I went back into the Army...What I would tell you is before you buy your next property, walk outside and check the data plate on the A/C system. If it says that the unit requires R22 refrigerant then you may be able to knock some bucks off the purchase price. Here is why...

R22 is outdated, the EPA has required new A/C units to run off of 410A (Puron/ it has a pink sticker). If that unit is R22 it is going to cost you an arm and a leg for repairs because R22 has nearly tripled since being outdated. You can tell the seller during negotiations that the first sign of trouble from that A/C unit, any normal A/C tech is going to recommend you replace the whole entire unit. Using this strategy you may be able to knock 5k off the purchase price, use the current unit that is rated R22 until you actually do have trouble, then replace it later. Or maybe never replace it at all (if there isnt anything major wrong).

Also I would tell you that A/C heat pumps suck! I use to install them... Stick to the package units (units that are like a big rectangle and are on the outside of the house). Here is  why...

When the installers install heat pumps there is a condensing unit outside, and an indoor unit inside (usually in the attic) and you have copper pipes (lineset)  that run from the outside up the inside of the wall to the inside unit located in the attic or closet somewhere in the house. Well when the installers install the A/C unit a lot of time the guy who is doing the welding on the pipes are the lower paid guys who are just starting out in A/C work. Once they have done this for years then they move over to be a Technician (because they know a lot more now). A lot of the new guys DO NOT do a good job welding the pipes and it creates small pin hole leaks, and usually about a year later the A/C unit is low on freon...(get your check book back out, cause you gotta pay for more freon...).

Not to mention that the pipes run up the wall behind the sheetrock, this means that hopefully the framers, sheet rock guys, or cabinet guys have not shot a nail through your A/C pipe which will create a pin hole leak, again get your check book out because you will be paying to top it back off with freon a year from now, and  you still have not got the nail out that pipe. The A/C guy just put more freon in it, he basically patched it up for another year.....Also with a heat pump the techs DO NOT put extra freon in your unit when they installed it to compensate for the 50-100 foot lineset/pipes that run up the wall, so you are already short on freon the day they install the unit, you just dont know about it....

If you went with a package unit (the square rectangle kind that is all outside) you shouldnt have to worry about being short freon because  its precharged from the manufactor (I trust them more than a green helper that just started in the A/C business), and you shouldnt have to worry about carpenters, or sheet rock guys punching a nail threw the pipes that run up the side of the wall because its all self contained in that outdoor unit...Thus they call it a "Package Unit."

I hope this helps. I did A/C work for 3 years and now that I am in the rental game it helps me out a lot because I can do most of the work myself and I always know when an A/C tech is BS'ing me...This is just my experience, others may have  different stories but this is based off what I have seen in the field...