All Forum Posts by: David Goossens

I almost got rid of the bathtub in my last flip, until I mentioned it to my mom. She reminded me that potential buyers with kids would probobly want a tub for bathtime. I have also chosen to keep the tubs in my rentals for the same reason: it gives you maximum flexibility for future buyers/tenants. However, it could also depend on your market and target tenants. Do a little research on what competing units offer and go from there. Let us know what you decide!

The plumbing system was inoperable before the repair, so your assessment is correct. Thanks for the insight!

I've been preparing for tax season and when looking over my books, I noticed that I had a $7000.00 bill from my plumber. When I checked my maintenance log, I found that a section of the main sewer line was replaced because the bottom had rusted out over the years and was causing blockage. This job required excavation underneath the house and in the front yard. Since only a section of the sewer line was replaced, is this considered a repair, or would it be classified as CapEx? I read the post below where @Brandon Hall helped to clarify the differences between the two, but I'm still not sure. Any CPA's have an opinion on this?

https://www.biggerpockets.com/forums/432/topics/20...

I came across this article and had a few thoughts about how it could be used from an investor standpoint. 

1. Build an in-law unit in the backyard and rent out the main house. This would be a house hacking type of strategy where you could get pretty close to living for free depending on how you acquire the property.

2. Build an in-law unit and AirBNB/rent it out. i could imagine this working well for people in the bay area who already own a primary residence, and want to get started in REI. This could probably be built for $15k-$20k depending on the level of finish, and would be a much easier and affordable way to get started, as opposed to buying a second property.

Thoughts? Opinions?

http://www.mercurynews.com/2016/11/22/san-jose-eases-rules-to-build-granny-units-a-new-source-of-affordable-housing/

Brian, what a terrible phone call to get. If it were me, I would get my attorney on the phone, have him go over the lease and then have him start the eviction process once he found legal grounds for eviction. In my opinion, this situation is much too serious to handle without professional assistance. Good luck. Let us know how it turns out.

@Thomas S.. While I'm no where near being able to quit my job, I have made progress over the last few years. Just keep at it and commit to learning everything you can about REI. I recommend Think and Grow Rich by Napoleon Hill. If you can, download the audio book and listen to it on your commute. The Millionaire Real Estate Investor by Gary Keller is also a good one to start out with. The Miracle Morning by Hal Elrod has helped me build some great habits and has helped me to prioritize my business on a daily basis. Whatever you do, keep pushing forward and make small, consistent progress. Many people before us have used RE to escape the "rat race". We can too! Good luck!

I typically wear nice jeans and a polo with some clean shoes. If it's hot I wear shorts. Nothing too fancy. 

See you guys there! This will be my first time attending. 

Not sure if you have Property Radar in your state, but that's what I use. It's super helpful for finding owner info. 

Congrats, it looks great! It's always nice when a property circles back around after you think the deal is dead.