All Forum Posts by: Dana Whicker

Based on your criteria I would recommend LVP almost every time.

These can be some of the toughest decisions for some RE investors. If it were me, and I know because I've been in a similar situation, I would keep the property and rent it. If it's in a touristy area, STR.

The property I made this decision with, 14 years later, cashflows $500+ per month and has over $200k equity in it. I'm glad I stuck it out.

All mine have mixed plumbing. Agree the copper touching steel could be a problem.

Keep it forever. Get a HELOC for more money to invest in more properties. My .02.

Quote from @Will Stewart:

Thanks Zachary. I was looking at a property and the appraised value is the purchase price. I was told that was not necessarily good since it would decrease my loan value. Does that sound correct? I know I want to make my money going in and this seems like it cancels that option out.

I don't know your market but my first thought is the appraised value being equal to the purchase price, in the current market, is a good thing and will not decrease your loan value. In my market, it is rare for this to happen lately. For the last 2 years almost nothing has been appraising for purchase price. The appraisals are all coming in low to very low, so you did ok, assuming you're in a hot market.

What I'm saying is, in my market everything is either being purchased with cash or people are bringing extra cash to closing, for now.

In the long term rental strategy, you make money when you get long term tenants. I'm not trying to be funny. When you have tenants that only stay for an initial lease period or less, and constantly turn over, it significantly reduces your profit margin.

If it were me, I'd keep them for a bit longer. Giving up this quickly does not seem like the best decision. I would also evaluate my tenant screening process. I manage my own rentals and I screen them myself. That's just my preference. Hope this helps.

Agree with the others. Not your fight. Fix the fence and forget about it.

@Richard Davis Emailing an offer is not accepted to most sellers and will not be enforceable. You need a contract. There will be a standard form for your state for the contract that realtors use. You can use that. It's kind of like an offer to purchase that becomes the actual sales contract once all parties have signed it. Google it and you will probably find it for free.

Once all parties have signed it take it to a closing agent. The closing agents in my area are mostly attorneys. In some states all of them are attorneys. I then take the contract to my favorite closing agent/attorney and they then to the heavy lifting from there. Once you do it this way you will be amazed how easy it is.

@Jack B. You gotta do something brother. You're hurting. It's right there in your words. I hope you don't mind me suggesting some counseling. Maybe seek out a talk therapist. At a minimum, quit some of those jobs. Pick the most stressful one and quit today.

Hope this helps.

Quote from @Jim Spatzenfeld:

2000-2009 was the decade with the most homes ever built in the US

And 2010-2019 was the decade with the fewest since WW2. This is because the extreme overbuilding that took place in 2000-2009, followed by the crash, put a whole bunch of builders out of work for years. So no, there was no shortage of housing in 2007 but there is now.