All Forum Posts by: Chris Thomas

I believe banks that use fannie mae will allow for 4 and freddie mac up to 10. I'd buy one first, get the rental income flowing, then jump on the second. It will make the situation more palatable to a lender. And regardless of that llc, the loans are still based on your personal credit.

I may have missed a post but what’s your point in going the adhesive route? Do a floating floor that you can easily lay yourself and save a fortune.

Man I have a hard time believing the Hurstborne area would go higher than east end like Norton Commons.

Maybe it’s time to actually pick up one of the $800 properties I see so often in west louisville🤔

@Maimouna Sow

That’s a sad but true story. The question is does it become the investors social responsibility to help folks out or is it something best left for govt, which it consistently fails at?

Obviously, it’s not the investors “job” to take on this roll as, after all, the reason you’re an investor is to make money not be a social worker. Sounds cruel and greedy, but it’s true. There’s a fine line here. Do you only exclude violent offenders or do you also exclude the white collar criminal who was found guilty of embezzlement and might try to sue his way into owning your house at some point?

This is all why I said earlier, follow the law in your area, but this mess can get real sketchy. At the end of the day it’s the Wild West and the ones you really have to look out for are you and yours.

@Jesse M.

Sing it! I had tenants whose parents were “assisting” them with their rent and they just could never make ends meet. But obviously there’s more. It’s believed that he beat her (as proven by the destroyed door to the master bedroom) and that he was selling drugs on the side (tons of odd traffic). I had to have the PD start doing regular drive buys to check them out. By the time they left that house there was many thousands in damage and I thanked God the day a couple who wanted to paint everything and fix my chimney moved in.👍

I always love reading everyone’s viewpoints.....but is there a correct one? As an avid reader of all things financial, I’ve always found the conflict between Ramsey and RK hilarious. Ones method is to get to wealth via a slow simmer, living frugally, and coming out on the other end smelling like a rose when you’re retired (and maybe too old to enjoy it). The other boast pushing hard, leveraging the investment, and living for the now. Ramsey is for the person who wants a simple life free of the entrapments most people are tangled in. RK is for the person willing to risk it all and live more on the edge. In a bull market, RK seems like a superhero and Ramsey as playing it too safe. In a bear, or pandemic, housing crash, etc, Ramsey’s method leaves people sleeping easy while many RK followers are running around losing their minds. Both have valid points, but to get a better idea of the “real” way to do it, i like The Millionaire Next Door”.... There are no flashy moguls in that book. No cigarette boats or debt up to your eyeballs. No, it’s just how to sensibly become wealthy and not screw it up..... which to me is the best compromise of all. I realize everyone here wants 500 doors rollin cash into our accounts so we can travel the world. But fact is, if you were retired now with one paid for 16 unit building/complex, you’d be doing pretty damn well. Say at 1k per unit.......192k per year income during retirement....that’s pretty solid no matter where you are. So I’m trying to be realistic in setting my goals and working toward them, all while leveraging only what needs to be, and living within my means along the way.

Felons.......hmm.... I think, if allowed by law, changing your criteria to "contingent upon satisfactory credit and criminal background checks" might be in order. I'm picturing every neighbor I've ever had in my life right now and what their response would be if I told them I was renting my property out to a felon... "Oh yeah Bob, new guy movin in next week.......convicted on 10 counts of armed robbery and assault..... twice. You cool with that?? By the way, hows the youngest liking kindergarten?" 

Obviously you have to go by the letter of the law here so as to not set yourself up for a legal issue, and be reasonable (as in was it last year or 30yrs ago?), but that sort of thing seems sketchy to me at best.

       So I know the MO around here seems to be leverage, leverage, leverage, but when it comes to consumer debt I am hoping that isn't the case. 

MY WAY, is to keep personal debt at $0 if at all possible. Meaning anything attributable to my personal life. My car, my house (not always easy for everyone), my cc's, student loans, etc.... Pay all of that off first before doing any investing. Regarding RE, in my head, regardless of the law, there are two of me. The family me and the LLC me. I want no debt on the family side, but will leverage a certain percentage for property on the LLC side because saving $_______k to pay cash for properties isn't always feasible.

       Regardless, unload the debt first. You will be shocked how much simpler life becomes. And just for reference, my only debt is an investment I put on a cc a year ago...which in the grand scheme is tiny compared to cars, student loans, or a mortgage. Regardless, I need to follow my own advise and knock that out!!!

       And I have to add, MY WAY proves its merit anytime s&*t hits the fan..... World falls apart? Markets collapse? Job loss? Probably gonna be ok....and thats worth a fortune.

Unfortunately there aren't applause buttons on here because I'd hit it for you. Do it your way, not everyone else's. Honestly, if I could afford it, I'd pay cash for all properties as I really enjoy the phrase "paid off". But I can't so I have to find a happy medium.