All Forum Posts by: Devin D.

So here is my question. I purchased a home last year and house hacked it with 10% down. Great cash flow now and increased 80k, current equity is about 120k. I'm purchasing another property and fortunately my day job allows me to finance the property with an excellent credit rating. I'm expecting this property will have a similar increase in the next 3 years. However my current concern is what will happen to my credit score after I finance this property. I've run the projects and with a little maneuvering it won't have a huge negative impact but I have a desire to purchase more rentals this year. My thoughts were to open up a HELOC on my current rental to boost my credit limit and possibly use later on other properties as down payments and refinance them.

What are some considerations?  What approaches as mentioned or others would accomplish the same goals etc?  All information would be greatly appreciated.

Need some advice here.  Hired a property manager with 25 years of experience for my out of state property (until a few weeks ago my primary residence).  Reasonable priced and good recommendations.  They have listed the property and begun showing the property but have not rented it.  I just found out they have authorized $500 worth of cleaning on the property without my permission.  (Contract states up to $100 can be charged to the property without my written approval).  The house is just a year old and I personally cleaned it a week ago (minus a possible light dusting and appliances touch up) there was nothing untouched.  Any advice on how I should handle this?  It's a single family 2400 sqft house and not even a scuff mark on the wall.  There is a breach of contract but with no income is this a time to drop the hired property manager and go a different direction?

I'm looking at different options for rent collection and screening.  Any updates on some of the programs listed above?  For those who have done research what did you feel were the PROs and CONs?

I've spent the last 3 years in Charleston.  The area is growing like crazy and the market is red hot and looks to be that way for the next several years.  Charleston was voted one of the top vacation destinations in the world but what those not familiar with it don't know is that it is becoming a manufacturing hub and has been called the next silicon valley because of all the local IT companies.  Depending where you go you can find competitive rent rates (1brd apt will run you 950-1300) but you can also find some properties which will increase in equity nicely and will be able to cash flow for you when you move back.  It might be a great opportunity to house hack in your case. I'm work with a great property mgmt company and would be happy to give you their information both to help you if you decide to rent or if you purchase and need someone to manage the property when that time goes.

I'm new to the BRRR strategy though I feel I've done parts of it at one time or another. I am seeking insight and advice on a specific deal I'm analyzing. Working with my real estate agent I've found a small 2br single family with multiple lots. It is in a desirable suburb but in a developing area. The price is a good deal and would cash flow with minimum. I'm confirming with the county that the lots are able to be subdivided. My goal would be to purchase the property... Rehab cash flow the Single Family then to subdivide the lot and place two duplexes on the subdivided lot. I could then liquidate the Single Family or keep it with tenets and would hold on to the Multi-families for cash flow.

My concern is that there are a lot of moving pieces in this plan. What are some questions I should be asking. What might some creative ways of financing be to help. (I can put down 50% of the purchase price but will need some of that to put down on financing the building of the Multi-families.) This will be my first deal of this kind and future equity is high potential with a lot of jobs coming to the area and appealing to tourist. The property is minutes to the beach and lots this size go for the same as this one with the small single family. Also no HOA or restrictions.

Looking forward to hearing thoughts, ideas and experiences.

Doug,

Do you have any pics of the inside?  I might be interested in the property.

Thanks,

Devin Deich

Really depends on your field.  An MBA doesn't mean anything without experience. The value is that it does reduce the learning curve to think differently. It does help in some fields in getting an employer to choose you over another candidate without the degree or a lot of experience to gain entry managerial role.  

It seems everyone has one these days but it's what you have done with it.  MBA programs do not truly teach Leadership.   I've found my valuable in getting me entry into management roles where I could gain experience and continue my self-studies in leadership. Essential you get what you put into it just like life.  I have a few graduate degrees and find value in each of them as it's allowed me to grow as a leader and strengthen area's I'm personally passionate about.  

As far as assigning a monetary value to a degree... I think most would agree that though it has some value but not as much as one would expect... it's much more the drive/passion and ambition of the individual that provides success and value.