All Forum Posts by: David K.

I think after reading comments people are at different stages in the game. I've got enough properties, that if I paid them all off, I could live off the income for the rest of my life. I've been investing in index funds for many years too. Thank you for all your responses, its always good to look at things in a different way.

That's awesome, David. Congrats!

I'm in the same boat as you. I've paid off 19 doors this year, but they weren't the typical residential fixed mortgage in the 4s. They were above 6% (from 2003-7), one was 7.99%, 2 were seller-financed with old dudes and 2 big ones were commercial with shorter terms and rate adjusts that were callable and bothering me.

Not all debt is the same. I leave my fixed resi's below 5% alone, but punch all others in the face until they go away.

I tried getting into apartment buildings 10+ units. On that end here the prices are high. One particular deal I the appraisal came in 100k under purchase price, and the seller, wouldn't go lower.......that's why my line of thinking is the way it is at this point. Pay downs, becoming a hard money lender, and still actively looking is where I'm headed, although it is kinda boring lol

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Brandon-

I'm in a similar position, although you've done quite a few more deals than I have. It's a good feeling, empowering and your statement is WELL worded. Congrats, keep going!

1 Vote

7 Votes

You make money when you buy a house, not when you sell. You've gained valuable experience on doing the flips, but unfortunately buying at the wrong price. You've paid for your education. Now you just need to find BETTER deals!

2 Votes

Seems I keep getting beat on properties going for full price and more. These deals often have low returns and function solely on best case scenarios in my opinion. Anything good is snapped up quickly. At this point with multiple properties I've debated on accelerating payments on everything until I find something good. Recently was outbid on a small condo which could rent for $1250, to a person who went all cash at 125k. Having 125k in cash sitting around, the COC on return would be 5 percent after expenses. At that point I'd rather go idle......being a landlord isn't as easy as ALOT of people make it out to be!

Anyone else in the same boat?

4 Votes

check or money order in house drop box, no cash!

3 Votes

2-3 weeks usually. During winter things are slower. Last vacancy only took about a week.

1 Vote

Originally posted by @Tom W.:

@David K.

No doubt you can get it done cheaper. It depends on the type of contractor you plan on using and the type of boiler you install.

Low efficiency units that still use the old chimney are less expensive and take less labor to install. Newer high efficiency units that vent through the wall are more expensive to buy and more labor intensive to install. Your call on which way to go largely depending, I would imagine, on who foots the fuel bill.

Contractor costs can vary widely in different parts of the country. I'm in NJ where labor rates and markups are higher than a lot of other areas due to our higher costs of doing business. Reputable contractors are definitely going to cost you more than handymen or fly-by-nighters. Permits, insurance, warranties and responsive service when problems arise come at a higher cost. Again, your call on which way to go but I have seen a lot of "bargain" installations cost way more in the long run.

Valid points. All my units can be vented thru chimney as they are now. Just trying to get a rough idea.

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Your best bet is to have both!!

1 Vote

Originally posted by @Shazia Chiu:

We are having a new boiler for two units installed today; the total cost will be $4000-$4500.

Ok, I was gonna guess close to 3k each, thats a good deal!

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All Forum Posts by: David K.

David K. has started 34 posts and replied 137 times.

Post: Anyone else paying down mortgages rather than buying now?

Post: “The position of f*** you”

Post: Anyone else paying down mortgages rather than buying now?

Post: Feeling Frustrated with Flipping (alliteration!)

Post: Anyone else paying down mortgages rather than buying now?

Post: Anyone using Cozy to collect rent?

Post: How long does it typically take to fill a vacancy

Post: Gas Forced Hot Water Boiler Replacement cost

Post: Does your 401k send you checks every month? – My properties do...

Post: Gas Forced Hot Water Boiler Replacement cost