All Forum Posts by: David H.

@Maria G. When you say the son is in the medicinal marijuana business, is it that he is growing it in the house, or he just works in that business. I dont see what the issue is if he is just in that field but agree it would be an issue if growing it at home I wouldn't want an alcohol still in my rental but could care less if someone is in liquor sales. Pretty much the same scenario to me

As has been stated you can track sales and things like that online. The wildcard for you if you have no experience is estimating rehab costs. One thing you can do is when you do a walkthrough or look at a listing, take note of the things that need repair or replacement, or that you would upgrade. Then see if you can get with someone that has experience to give you an idea of what things will cost. You can also google what things will cost but it's really ballpark so it's not as helpful. But that's a start until you gain some experience there

It's already been said bit increasing your income is step 1. Like Frank said something in sales is probably best. You can make ok money waiting tables but it doesnt give you much as far as transferrable skills or put you around people that motivate you. And the money isnt good even if you get on the higher end of it. I think if you got a decent paying job and then waited tables on the side to build things up quicker that may be a good option. But figuring out something that fits you that generates a good income would be the first step. Most people that have gotten into real estate start out with a decent job that helps them get there as you need some stability and start up funding.

Most banks will do 30yr fixed up to 4 properties

@Jim Truman I reread your post and understand where u are at now. I get it I went through a similar thing as you in 08. I bought a flooded house from hurricane Katrina to flip. Just as I was finishing the renovations the market crashed. I had to rent it until things rebounded and it was a nightmare. Took me a few years to get out of it and i was done. Sat on the sidelines for some years but I gravitate to real estate so had to get back in. So I decided to get a rental. The first tenants were in a bind so I decided to help them out. Well guess what, they trashed it lol... but the problem was me, I either needed to learn how to landlord or sub it out. I've since learned the ropes and dont have those big issues but there will always be things to contend with for sure I think your concerns are all valid and if you dont want to deal with that stuff I get it. If it were me I would still look for something that cash flows. Either a condo that will do that, or maybe a turnkey rental that you dont have to actively manage. If you have to look outside of your area anyway a turnkey may not be a bad option. By having someone else manage it you will learn the ropes without the trial and error. Everything usually has a learning curve so I would just want to put that into something that makes money. But you can probably find condos out there that do that too

Originally posted by @Jim Truman:

@David H. I don't know. That's why I'm bringing this up here. Even without any cash flow after expenses, isn't it still a good investment if someone else pays for an appreciating asset that I own? Once I pay off the mortgage it'll have significant cash flow.

The other option is I pay cash for the condo but it probably makes more sense to have a mortgage.

I see. I guess that makes sense but you never really know if it's going to appreciate outside of normal inflation. And with no cash flow if something breaks it's coming out the pocket. Which is still ok as long term you would still have it paid off then an income stream but age factors in there. 

I think it would make more sense to find something that cash flows so you can accomplish both things.  If a condo doesnt Maybe a small single family and pay a property manager. I think there are plenty options out there that cash flow and you get the benefit that you are looking for long term

Just curious but why would want to go into something without cash flow?

Finding time with too many irons in the pot. I put in alot of ours at my day job, which pays good and I like it. Also wrapping up a big remodel on my house that I did myself which will enable me to use cash for the next couple purchases and then refi and keep it going. Have a rental house I am buying that I need to remodel so I can refi and get my money back, but since i haven't done a ton of these I'm doing a few things myself to ensure I get what I want back on the refi. Along with trying to balance all that with family time. I'm pretty close to wrapping up these projects tho which will enable me to be more efficient next yr. I am hoping anyway lol

@David H. Figure out why formatting never works for me on the BP app lol

Health Really improved diet in 2018 but step that up Tweak workout regime to add 10lbs of muscle and get back to my peak shape Personal 2-3 family vacations. Go fishing or something outdoors 2-3 times/month during good weather to get kids into it since they are at that age to start. Monthly date night with the wife Job Do what is needed to get one more promotion at my engineering job in 2020. After that its lagniappe. Real Estate Buy 2 more rental properties Finish my massive home remodel... Finally!! Then pull a home equity loan which will give me a enough for 3-5 properties in 2020/21