All Forum Posts by: Rick Day

Thanks for responding.  Glad I asked now because you both brought up things I hadn't thought about.  I didn't know about the 6 month reserves or the rental needing to be leased  for 12+ months.  Every lender is different so I'll check into that. I'm just ready to get started before I miss out and interest rates go up and/or appreciation takes off.  However I need to make the best decision so I can snowball to my goal instead of crash.  

@Kevin Romines Do you use the profit to buy nicer and/or more properties?  My current plan is to get every property paid off as fast as possible.  Just wondering what your angle is. 

I think I know the answer but thought I'd see what others thought/suggest...

I am renting my previous home in another state and living in apt now. My issue is I'm ready to buy a flip, rental, or rehab/rental, but I'm going to be buying a home next  Apr-June.  I really want to do a rehab rental but worried it may cause issues when buying a home next year when I already own 1 home.  

Let me know if you want to know what i think first, but didn't want to sway responses.  Heck it may be best to stay in apartment longer and build rental property instead of buying primary. 

My goal is the same as most... Get enough passive income to quit job and do full time until I reach my monthly goal of NET income.   Quit job is $4000 and "retire" is $10,000

Thanks in advance for your responses

I'm considering same thing but I'm looking at doing the loan instead of taking it all out. I bet you could take the loan and get $10k (typically 50% of invested/vested amount).  You'd still have rest instead of losing it all.   I would love to hear other ideas. 

I'm looking forward to these answers because I'm going to bank on Monday to find these exact answers.  

Most people will say don't do that and i would suggest you have an emergency fund before going "all in".  However, if you've done your homework, feel confident, and eliminate as much risk as possible by having a plan, then i say go for it.  I'm about to do the same thing myself, but i am learning as much as possible and networking with everyone i come in contact with.  Once i have all the pieces in place that my plan calls for, i will go all-in.  Best of luck and by the way it's not luck if you do your due diligence before going all in.  

thanks for all the responses! I'm almost done with all the podcasts. They made my trips to bham and back seem a lot shorter. I'm entertaining the idea of changing careers to learn more and faster and network with people in REI. My ultimate goal is buy and hold and learning everything about property management could only help me in the long run.

anyone know a good property manager in these areas?   Anyone looking for a good one in these areas?  

Update on flea issue:

It hasn't been smooth and still not over, but they have been working with us. They sprayed for fleas and then after a lot of haggling they did replace the carpet. It took a week, but they did do it, however, they didn't know you were suppose to spray again when carpet is up. Two days after the carpet was replaced i had a flea jump on me and then i tested the place and they were in several areas of the apartment. Not even close to as bad as it was, but still not fixed. They allowed me to call a local pest control company (a true small business) instead of using Orkin again. I don't like really big companies, because they pay these guys next to nothing so they don't really care and their work shows. I don't blame them, to be honest. The new pest guy sprayed today and said he would have it all clear in a week. I was supposed to move 2 weeks ago and then i was going to move this past weekend, but now i'm looking to move in 2 weeks. It hasn't been fun, but i feel confident all of this is almost over. Now i just have to get compensated for all the money spent and money lost due to this issue. I'm sure this is going to be interesting. I just want a fair resolution, so i hope they don't pushback too much. Thanks for assisting me everyone!

@richard vang I understand stuff like this happens. I really do, but I don't feel they have handled the situation in a professional manner. I'm a very reasonable person and believe what goes around comes around.