All Forum Posts by: Dustin Beam

Less time it takes to close, and less chance financing falls through. But I'm with you, I'd wait and take the risk of failed financing if it meant any significant amount of money. 

 I'll have to Google BAH haha, but thanks I'll take any data I can get. 

I Know there are plenty of forces that affect rent prices, but figured whatever turns come our way, hopefully it won't be worse than that time. There's enough economic diversity here that I hope the population stays steady with jobs available. And hopefully no crazy over building. Thanks for the help though, it makes me feel at least a little better about the potential worst that could happen. 

Hello beautiful people of BP,

I'm looking for advice from investors in KC that have been around awhile, before and after the Great Recession to be exact. I was just moving into KC at the time and not investing, so I don't know the effects it had on rental prices.

So my property now is what I would describe as B class property. Three bed, two bath, pretty good school district, rents around $1200.

What happened to the rental prices of those types of properties during those lean years (2008-2012 or so)?

I would like to work out a "worst case scenario" going forward and would appreciate any help you're willing to give.

We all knew these days would come  where interest rates would start to climb haha. Maybe it will help cool the purchase prices out there (although I speculate/guess it won't much).

If I read it right, you have reasonable access to $33k for emergencies. Then you need to use $13k for the down payment. So $20k in reserves for 3 single family units, correct? 

That would not bother me too much personally. 

Do you know for sure the place is vacant? The son may have lived with his father. So maybe just knock on the door. 

Another option, particularly if the son's name is unique, is to look him up on Facebook. If he has a page, you can message him to find if they are one in the same. 

There are probably better ways, but those are a couple I would try today if I were in your shoes. Good luck! 

I don't want to nitpick but cap rates don't have anything to do with LTV.

But to your point, I'm not big time or anything and think there's nothing wrong with singles and doubles. I am always thinking about the best way to grow, and that's growing. 

I have townhouses that do not have an HOA fee, but most do. What about this one?

My first impulse is if you can get it for $100k and rent it for $1600, then it seems like a good deal on the surface. Obviously, you need to do an in depth analysis to really have a better idea. 

I've always felt the the whole "you gotta have a why" shtick is way over blown. Everyone, outside of the people who refuse to work, already have the why. Whether they invest or not. An average Joe's "why" he/she goes to work is going to be nearly the same as most of us. They just have a lower bar. For example, "have a house, car, take care of family, time/money to take vacations, etc" are all the "why" for average Joe. 

Those aren't all that much different than mine... And probably not that much different than any of us on this forum. 

I'd instead say "How IMPORTANT is your why". The why is there if you're even reading this post. Now how much work, hussle, sacrifice, risk are you willing to take to get the (nicer) house, (nicer) car, (better ability to) take care of family, (more) time/money to take vacations, etc? That's the question. 

But to answer your question, I don't like anybody having control over me. I don't like that I must go to work every day. I don't like that I must ask permission to not come to work. I don't like the lack of freedom I have. My current job takes some of my freedom and then gives me money to enjoy some other freedoms. I want it all though. The 1st world society is great in many parts of the world. But it's a big wheel with billions of cogs that live a life of glorified indentured servitude. I say screw that, break the mold and do what you want. I'm not free yet, but not a day goes by where I dont' think/plan on how to get there