All Forum Posts by: Sam A.

Hi Phillip!

Welcome to Bigger pockets :) I have been a member here for awhile but haven't really felt I had the knowledge to post anything of real value to anyone (that hasn't already posted about the various topics).

I live in Rochester, MN and have two rental properties.

I cannot do much in the way of helping you bird-dog, nor do I have the connections with people who have the money and are interested in bird-dog services. I can, however, try to help where I can and help you with any questions you have about starting. Contact me to meet up if you like and good luck man!

Thanks for all the ideas :)
Brian-Thanks...I forgot that insurance has a problem with vacant properties and thier respective coverages. I also think that the winter should provide better deals. Maybe I'll offer huge price discounts soon and if someone bites I'll be good and if not I can wait until the deep of Minnesota winter.
Chris-Thanks. I bought gold around $950, and I believe it still has legs with QE ad infinitum always around the corner.
Peter-Thanks. Even though I am only working part-time, my debts are minimal and I have no need for dollars at the moment--which is why they are stored in the form of yellow metal :)
Matty-I haven't considered the 28% tax...might have to manuever a bit to maximize profit...thanks!
Andy-Thanks. I just turned 30, so I am looking for more risk vs. security. As far as asset allocation, I am 10% cash and 90% silver and gold, so I can allow flexibility in that ratio. Having 1/3 cash, 1/3 metal, and 1/3 RE is my constant goal, but it seems whenever I make a purchase, it throws that plan way off track and I'm back to trying to equalize.

Thanks for all the great advice guys! If there is any more to give, I have three ears, so drop another message :)

My first rental is up and running smooth. I bought it outright, financed the costs to fix it up but need to wait 6 months from the purchase date to get a mortgage on it to cover the fix-up financing (5% with mortgage vs. 12-19% consumer credit). In the meantime I am refinancing my primary residence from 6.25 to 4.25 (roughly saving me $280/mo). That takes place 16 December. Shortly thereafter (within a month), the 6 month date will be met and I can pull equity from rental to cover fix-up financing. I work part time and go to school full time, so my income isn't too great. I used most of my cash to buy the first property. I was considering if it's worth it to sell some gold coins to purchase the next property and then wait the 6 months (over winter) and then pull equity out to fix it up in the spring. Any thoughts/ideas? The properties I am looking at would be in the 30-40k range and take around 20-30k to fix up. Thanks!

Jon-Thanks for the heads up about checking with the city before laying down gravel...I never would have thought to ask them! I always enjoy your responses.

Marian-I'll throw down some round-up when I'm done to ensure all that is left is dead-thanks!

Jason-Thanks for the laugh :)

Thanks Carlos...status changed :)

Thanks...I'll try to dig em up and let ya know if I encounter any problems. If I dig down a foot or two and still run into problems, do you think it'll be ok to just dig out what I can and leave the rest, or should I still apply something to kill whatever is left? I just don't want to dig out most of it, gravel it, pound the gravel down, then in a year or two have to do it all over again :)

My rental has two single car garages about 15 feet apart. Between them, I cut about 8 little trees (1/2" to 2" diameter) down to about 1 foot above ground. I want to place around 12-15 yds of gravel down but was unsure about the best product for stump removal. I thought about borrowing a buddy's truck to try and remove them, but I would rather use some stump removal or other way where I can just do it all myself. Any ideas/suggestions? Thanks in advance!

As far as location goes, SE Minnesota. Once some debt is paid down, I'll try to get financing for the next deal with the equity from this one (which will be owned outright by the LLC).

Unfortunately, I came out around 45k, but with a new AC/Furnace/stove/refrigerator/washer/dryer, I shouldn't have much in the way of mechanical expenses in the near future :) just created an LLc also and I'm in the process of warranty-deeding it into it's possession.

I bought a 2/1 HUD for 22.5k mid-June and just got my first lease signed and first months rent and security deposit ($850/mo...no mortgage) I used the background checker from bigger pockets and it worked awesome!