All Forum Posts by: Chance Cooper

See everyone has different ways of doing this, thats why I threw it out there. I am glad I did now, at first I kinda thought it was a dumb question. I like the direct deposit draft every month. As I start buying more properties this will def be something that I will want to incorporate some sort of a system with...

Just curious, what type of ways to you collect your rent?

Currently I own two homes (Primary Residence, One Rental). I have my renters deposit the monthly rent into my bank, they just tell the teller my name and they do this every month. I have it setup this way because I am in the Military and its easier for both us as I am in another state. I would love to do automatic draft from the tenant into a business account, but have not crossed that bridge yet.

With technology the way it is now with online banking etc. just curious as to how you have it setup or how you plan on changing to make it easier.

Thoughts?

I agree, get rid of the bushes, add the facia board, add shutters, is that vinyl? If so what about pressure washing the home? How dirty are the screens in the windows, maybe you could chang them out. Also a bucket of white gloss exterior trim would make that front door trim and window trim sparkle. You could also change the front door with some sort of cheap glass door from Lowes ($200-$300).

Well my wifes parents went to a lawyer and had the land deeded over to us. So now at the courthouse our name is on the land. Does this sound right?

I appreciate all the ideas, Mike I think your on to something. That blueprint you laid out is nice. I got some serious decisions to make within the next couple of months. When I come off of this deployment I def want to buy another, this will be my third home. 2 Rentals and 1 primary residence. Some of you guys that have like 10 houses, man you make it seem easy. Thats where I want to be one day...

Recently my wifes parents went ahead and split up their inheritance and my wife received her share of the inheritance, they wanted to do it before they died cause they would rather see her benefit while alive...Anyway, Its a piece of commercial property that is paid for completely right downtown. Her and I both are into the rental houses, this is what we want to do. I have not had the commercial property appraised yet, but did receive a cash offer on the land for $50k, the guy owns an insurance building next door to it.

My question is, is there a way to benefit by keeping the property? Ive thought about putting a building on it etc. but now your talking about loans in the 200k-300k. I dont want that much invested. Ive thought about refinancing the land and taking that money and buying more houses however, I believe that commercial land rates go up after a few years, their not fixed rates.

Other than having the land appraised and then saling it, is there anything else I can do to exhaust this property and get the max out of it? Also lets say it appraises for 100k, does that mean I shouldnt take a penny less than what it appraises for? As of now the taxes are $1500 a year and were not making ANY money on it. This will be the second year that we have paid taxes on land that is just sitting there not making us money...Im not cool with that.

Any ideas would be great.

So after this deployment I will have some heavy cash set aside. I have managed to do a good job keeping my debt low. I have a truck payment, and two mortages, one mortage is currently renting and Im making $350 a month profit off of it...So really I have my Primary mortgage, and my truck payment.

My plan was to pay off that rental and then receive 100% of the profits every month, minus taxes and insurance. If felt this would give me a better foundation for my rental empire.  But now after reading a lot of the post on BP, I have realized it may be better just to pull 20% for my next property out of the money Ive made off of this deployment and buy another house.

What would you do? Would you continue to save and completely pay the first rental off, or take 20% from your savings and buy another rental and grow your empire?

There is no wrong or right way, I am just interested in your views as it may help me make a better decision. So, please tell me, what would you do in my situation???

So after this deployment I will have some heavy cash set aside. I have managed to do a good job keeping my debt low. I have a truck payment, and two mortages, one mortage is currently renting and Im making $350 a month profit off of it...So really I have my Primary mortgage, and my truck payment.

My plan was to pay off that rental and then receive 100% of the profits every month, minus taxes and insurance. If felt this would give me a better foundation for my rental empire.  But now after reading a lot of the post on BP, I have realized it may be better just to pull 20% for my next property out of the money Ive made off of this deployment and buy another house.

What would you do? Would you continue to save and completely pay the first rental off, or take 20% from your savings and buy another rental and grow your empire?

There is no wrong or right way, I am just interested in your views as it may help me make a better decision. So, please tell me, what would you do in my situation???

Does he plan on retiring from the Navy in 15 years? If so please tell me about that program, I havent heard about it, Im interested. Also, how do you buy houses so quickly??? It seems saving for the down payment would be a huge feat.

Antonio thats awesome. What is your plan in case you PCS overseas or just PCS in general? Thats what I am debating right now...How is the duplex working out for you? Did you use VA?