All Forum Posts by: Will Wiggins

@Jenny Jones, There's nothing that is cookie cutter make sense for all.  Especially for you since you're more adventurous and your husband is not.  He likes the security of the job and you like the thrill of the flip.  You guys are like Jack Sprat and his wife.  And to top it all off retirement is looming (well not looming but at least in your mind).

Debt is death to retirement.  I've seen it through several decades now.  I know the little old people sacking groceries at Publix from the last crash, the sales clerks at West Marine in Stamford after the dot com crash, and the other little old people delivering the Denver Post after the RTC crash there in the 90s.  If you go into retirement overly leveraged you will end up losing properties and working the rest of your life to make ends meet.  

But enough of the doom and gloom.  There's a middle ground that will appeal to each of you.  BTW congratulations on your portfolio to date.  Now is the time to begin insulating yourself against bad times and down turns.  But you don't have to do it in such a way to limit your active investing.

Use refinances now while money's easy to separate your debt from cash properties and personal from business.

I'm guessing that IN has protections for homeowners and your primary residence. So refi some of your properties to pay off other properties starting with your primary residence. How do you think that would make your husband feel to have the security of a paid off home and some rentals debt free as well. meanwhile you've got other properties heavily leveraged. Leverage boosts ROI to a point so those will up your blended return. And in a catastrophic downturn you can lose a property or two and not hurt your retirement life style. Then you take those heavily leveraged properties and use those in 1031 exchanges to buy potentially better performing properties. Value add flip types that you can turn to rentals. Yes you'll use leverage to make up the debt difference but this time your back is covered with the bed rock of the cash properties.

the quicker you can get your husband comfortable with your financial position the quicker he'll be out there hustling flips with you full time.  

@Will Wiggins I see how you took that line but I don't see it quite the same. The large SFH market in J-Vegas is real and there are many out of state landlords (PCS'd Marines) and that fact alone makes property management in the area lucrative. Not in a predatory way but in a way of servicing a real need. I own in Jacksonville and have less than stellar experience with PMs there...and many of the issues I see with current PMs is a bit on the predatory side of taking advantage of inexperienced home owners out of state.

Semper Fi,

-Nate

 Due to the high military population here, single family property management is extremely lucrative, 

Good evening folks, 

can anyone point me in the direction of a reputable general contractor in the Virginia beach area? thanks in advance. 

Wow, what a great discussion. Very relevant to me as a service member. I learned how important it is to analyze the rental value before the purchase is made and to make sure at a minimum I am breaking even. I have a current situation I need some help with though. I purchased a condo in San Diego in early 2014 and it has appreciated quite a bit, but I am losing about $150 a month in rent. After listening to the podcast I know I should sell the condo, wait for the right time and buy some cheap rentals using equity and a loan, but there are a couple of problems. I love San Diego and don’t want to sell, and I also I predict that it will continue to appreciate for at least another year. Any advice?

@Will Wiggins

Camp Pendelton for now! I read every book I can get my hands on on the subject and I think I have een every bigger pockets podcast available! Lol.