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All Forum Posts by: Chris Armstrong

Chris Armstrong has started 30 posts and replied 219 times.

Post: Pay down debt or reinvest?

Chris ArmstrongPosted
  • Realtor
  • Charleston, SC
  • Posts 229
  • Votes 159

"If you dont owe anybody money you cant go broke"..... Pay debt off then save for investments with money that would have otherwise been used for debt payments. 

Post: Pros/Cons to paying off rental property early

Chris ArmstrongPosted
  • Realtor
  • Charleston, SC
  • Posts 229
  • Votes 159

One sentence: You cant go broke if you dont owe anybody money.

Thats my take on it regardless of others opinion it works for me and my goals. I am not trying to build a 100 million dollar empire so. there it is. Just a cool couple hundred thousand per year and were all good. Always consider your end game before answering that question. 

Post: Would you hire a guy with one leg to do your cabinets?

Chris ArmstrongPosted
  • Realtor
  • Charleston, SC
  • Posts 229
  • Votes 159

IHOP Cabinet Company, One leg up cabinets, The first and only step cabinet company..... Best foot forward cabinets, 

I wouldn't let that be a deciding factor. Some people are very good at what they do regardless of number of limbs they have. He could have more talent in his 3 appendages than most have in their four....

Post: Water Heaters in 5+ Bedroom Homes

Chris ArmstrongPosted
  • Realtor
  • Charleston, SC
  • Posts 229
  • Votes 159

@Julie Gates

I am currently installing 4 tank-less Navien NPE-240A water heaters into my short term rentals. My reasoning is 3 fold. 

1) Eliminate the risk of unwanted release of faulty tank heater. My units have the water heaters in the attic...... so dumb.

2) Eliminate guests running out of hot water when multiple showers run. This will get me better reviews and happy guests.

3) Greatly reduce the  cost for utilities each month which will increase my cash flow. 

Also, as an exit strategy the homes are now more appealing to potential buyers because they have this upgrade. I am excited to see how much the savings is each month on the units. 

Post: if You Had $1 Million to Invest Today

Chris ArmstrongPosted
  • Realtor
  • Charleston, SC
  • Posts 229
  • Votes 159

@Grant Rothenburger

That would be my strategy as well. I would let someone else do the heavy lifting while i helped to fund the deal. I just wish I was accredited already so I could pour money into those type funds..... I have a few more years until I become an accredited investor. 

Post: 50k and under salaries

Chris ArmstrongPosted
  • Realtor
  • Charleston, SC
  • Posts 229
  • Votes 159

@Mark Holencik

I really loved the last line in your response.....I was homeless when I bought the proeprty...bahahah I LOVE that. PRoves anything is possible 

Post: Comparative Market Analysis.

Chris ArmstrongPosted
  • Realtor
  • Charleston, SC
  • Posts 229
  • Votes 159

HEy Tim,

Zillow is kind of garbage when used for CMA. Its ok (sort of) if you're looking at large trends in markets but thats about it. It will not take into account may things that a CMA will and a CMA can be done on a specific time interval which makes it way more accurate with regards to the current market. @Christopher Phillips is spot on. 

Post: Beachfront Vacation Rentals

Chris ArmstrongPosted
  • Realtor
  • Charleston, SC
  • Posts 229
  • Votes 159

You're kind of missing out on a HUGE piece of the profits if you dont self manage. Just make a few systems from your location and implement them. 

Write and SOP for unit turnover to give the cleaners, get a handyman on your team, make your airbnb presence very strong and converse with the guests to make it feel as if you were just down the street, and dont skimp on furnishings etc cause no one like a walmart decorated vacation rental. 

Just my $0.02. 

@Craig Fitzsimmons

Post: I have 100k. What should I do?

Chris ArmstrongPosted
  • Realtor
  • Charleston, SC
  • Posts 229
  • Votes 159

50000 powerball tickets and 80000 more per year with your salary. The cool thing is the the non winning tickets (which lets face it you wont have many with those odds) can sustain your nutritional needs. Then once you win just sail off into the sunset and live a happy life. 

Post: Real Estate Agent Agreed to help me find properties...now what???

Chris ArmstrongPosted
  • Realtor
  • Charleston, SC
  • Posts 229
  • Votes 159

@Cara Lonsdale 

100% agree with what you are saying. The term "investor" is thrown around quite a bit just like the term "entrepreneur" is.