All Forum Posts by: Chris Armstrong

@Nate Hedrick I am a  synthesis chemist with advance degree, Real estate investor, and I am about to be an agent. Don't know if that helps but Id be happy to contribute. 

@Adam Klugh

Congratulations on making that far, you are literally achieving my goal of having 15-20 completely paid off properties. Well done Sir! 

My plan is to have those properties paid for and then slowly exchange a few at a time using 1031 process into large more efficient properties like 50+ units and then max out cash flow and enjoy life. All by the age of 50. I am 30 now and have 4 units working for me (1 completely paid for)

How long have you been working your plan? How did you get your portfolio so large? Did you reinvest all the cash flow until all the properties were free and clear?

Just curious about how much are premiums for this type of insurance? I know that answers will vary greatly depending on state and property type but ball park will do. Thanks! 

Hard Pass. Epitome of lazy and sleezy. The picture you have painted of her makes me think her other job is being a lot lizard when she isnt "selling" houses. 

You just do it on the side and dont quit your job. There really isnt much else. I guess it depends on the scale of the "on the side business" you want. You make systems that run themselves and hire people to do stuff you cant because youre at work. 

I do it on the side but I want out of my job in a few years. Its been great. Yes its a struggle sometimes but like anything that is worth a damn in life, it takes time, commitment, and focus. 100% do-able though. 

@Robert DeForge 

Couple of things that stand out to me

1)  I wouldn't worry about perceived trends because it leads to speculation and then builds fear. No one and I mean no one can tell you when the market will crash or take a down turn.

2) If you buy a property correctly, it does not matter what the "bubble" does unless you panic and try to sell. Its all about perspective in the market. If you are trying to get rich quick (which will not likely happen) then I would be worried about the "bubble" popping especially if you buy hoping to ride the appreciation wave. If you are of the long term mind set then buy a solid cash flow investment and hold it. (might have to be outside of your market). That In my opinion is the best thing for $40K of investment. 

3) REIT can come in many flavors and I would be very careful about them considering huge commercial big box stores are taking it on the nose right now and many REITs are heavily vested in that type of asset. Looking at past performance of an REIT fund is silly too considering what the economy looked like a few years ago. "Past performance is not a sign of future performance."

Just my $0.02

@Dustin Ruff

So @mike 

@Mike Sattem was correct when he said its about the hustle. 

For me, I worked through college doing multiple jobs in food and beverage, parking cars and when I graduated I was (and still am) working as a chemist. I held three jobs for 10 years and saved every penny I had and then saved enough to purchase my first rental property ($35k down payment). No free college, no inheritance, just pure hustle and discipline. 

Earnings with my jobs were small, but I have multiple jobs so it added up pretty quick. The chemistry job paid 40K per year and I was probably making 25-35K doing the other two jobs (food and bev and parking cars). After paying all my bills (Rent, student loans, car insurance..etc) I was left with 1500-2000$ each month I could save. 

Now I have 4 rentals and I do not take a single penny from them.....yet. I roll the money into next purchases and principle pay down. I do not work 3 jobs any longer and probably will not unless times get tough again. In a few years, I will have all rentals paid off 100% and then I will start to have money to spend. Until then, discipline and frugality. 

@Russ Scheider @Alex Craig @Deanna McCormick @Anthony Hurlburt @Tracy Streich

Thank you all for the input! I do appreciate it. 

Don't make it sound like you're that lazy and that unintentional bro. You arent that lazy at all, and the fact you dont like to wear pants is not a matter of laziness its a fashion preference. It sounds like you just dont like the traditional pathway to retirement and that is fine. If you were lazy, then none of this would have materialized and you would be at your moms house waiting for her to make you brunch. @Ryan Evans

Hey BP,

So, long time reader first time long term renter. I am buying a house with tenants in place until Oct 31 of this year. We are closing August 16-17, which leaves approximately 2.5 months left of occupancy.  I have contacted tenants already about their plans and they want to stay until the October 31 date which is logical and what I would like as well. The property is currently under property management and there is a lease agreement signed with the company up until that date. 

My question is, will I need to get a new lease in place for the remaining 2.5 months with our names on it, or will the existing lease suffice for the remainder of the original agreement even though the property management company will not be in the picture any longer? 

My instinct says that I will have to draw up a new lease for the remainder, but I wanted a bit of input from those who have done this. Thanks again.