All Forum Posts by: Chance Cooper

@Jeremy Tillotson are you saying instead of hiring a property manager you just hired a person and paid them an hourly wage and they managed your property? I have thought about doing this as well…My mindset was I could train them exactly how I wanted it to be and not the way they are use do doing things.

@Brandon Hicks I know exactly what you are saying about the illegal gambling. They use to not enforce it so much here (SC/NC) as well but now they do…Thats a great business BTW….I am curious as to how you grew so quickly? Your pace is pretty good.

@Jason D. my start was not to sexy either…I rented mine out when I went back into the Military and realize real quickly after getting a deposit, first months rent, and application fee which totaled right at $1800 that this was a pretty good business. I will have my first rental paid in full in June of 2015 and am looking for my next buy.

Just curious as to what your story is, its very motivating. How did you get started and where are you at now?

Ok guys I have finally made it home from my deployment and wanted to share with some of you GURU's my current situation. Maybe you can help lead me in the right direction.

Currently my (small) portfolio consists of:

1 commercial property in town that is paid off and appraises for $170,000.

1 single family home that cash flows $382 a month and I currently owe $40,000 on it.

1 primary residence that I currently occupy with my wife and 3 children.

I have no debt other than a truck payment, my bills with my primary residence and the mortgage on the SFH that has a cash flow of $382 a month. Consistently after all my bills are paid every month I have approximately $2500 left to save. This $2500 comes from my job and does not include my cash flow off that property.

I currently have in reserves $29k and I am now trying to figure out what to do with it. (Yeah I know, crazy that I can't figure out how to get rid of 29k lol)...

Normally I would not put all my business out there but I have learned so much from this website that I have no issues sharing with you guys, I have learned tons on this site. I guess my questions would be this…

How would you GURU’s invest the 29k?

I have also been informed by my bank that I could refinance the commercial land for up to $70k. The only problem is it’s a commercial loan and the rates are a little higher than a residential loan but this is an option that I have that will give me instant cash to play with.

Remember, I have 3 kids and a wife so security is a big thing for me. My wife and I are just really curious as to what you guys would say. All opinions are welcomed!

@Paul S. this house is located in Conway SC. I contacted the police and the neighbor. The neighbor denied it, I filed the police report to have some sort of records of this. I also instructed the tenants to put a no trespassing sign up. Hopefully I don't have no more issues with Dennis the Menace….

I found a house the other day for 49k, a house up the street is selling for 86k and another for 76k. I called on a few houses in that neighborhood and rent is around 700-750. 

I would need $9800 as my 20% down, have you ever thought about or actually maxed a credit card to use as the down payment?

Is this a dumb idea? 

If I put up no trespassing signs what would happen to the kid if he got caught back on the property? Is there fines, or what???

SO I received a call tonight from my tenants and they said that their kids were playing in their room and all of sudden the window gets shot by a bb gun. When the tenants confronted the neighbor about it he denied it and went in the house and started yelling at his grandkid…

My tenants say they didn't see the kid do it, but its not hard to realize this kid did this (he's your typical neighborhood Dennis the Menace). They have seen him with a bb gun before outside in the past. My tenants had the window replaced for $355 today and I didnt know about it until they paid to have it done.

What do I do now? I know I have to reimburse my tenants, but what about going after my neighbors? Would I need to be able to prove it or what? Is it even worth the headache?

Thoughts???

I don't have a ton of houses but I am hoping that buy paying the first one off it will ease the stress. Knowing its free and clear helps when I sleep at night. Other than that just take a deep breath and have plan A, B, and C ready. If you have back up plans to back up plans it should help.

Hope this helps you out somewhat.

Tomorrow if everything goes smooth and I don't have to take to big of a hit (I'm prepared to take a 2-3k hit) the only debt I will have is 2 mortgages, and one of those mortgages I rent out and make $370 cash flow a month off of it…

Time to start building this empire and leave the fancy smancy crap alone…Should have never bought that truck….We live and learn!