All Forum Posts by: Jay J.

Deanna, you're right. I re-read the original post and I have to commend David for taking the actions he did. I mean, he said he gave him a bed set and told him to leave. 

..and yes, it could have turned out much worse.

So much for loving they neighbor, huh...  Homeless people are still people. 

...how about next time, after you've ensured your safety, take them to a shelter or offer some assistance. Anyone can pull a gun and threaten someone. It takes guts and heart to help those that can't help you.

@James Free - There are a ton of smaller multi-famlies in the Cinci area. Keep an eye on the neighborhoods though.. some are pretty 'rough' by some standards..  Also, you'll come across a lot of delayed maintenance, old wiring, stuff like that..

Good Luck!!

@Jay Hinrichs - That's awesome you are able to help your kids out. I wish more people were able to do the same thing! But, please understand, I'm not 'looking down' on Mr Trench at all, his 'story' just isn't relevant to me. As I said before, I'm glad for him and his family and wish them well.

The original OP said his blog post was a "must-read' for anyone starting out. I am starting out, and after reading the post, I found it irrelevant to me. So, being a public forum about RE, and since the thread was a 'must read', I responded with my 2 cents.

@Scott Trench - I agree and won't, but I want you to understand that I'm not trying to 'hate' on you. I'm just tired of 'that' story, and would prefer something more relatable, such as @Armonty Houston or @Arianne L...  That's all..  Like I said before, not starting an argument, and I'm glad for you and your family that you're busting it out. Ha, and I'm glad you're in Colorado !  (b/c I'm in Ohio :-) so you're not direct competition) 

@John Hickey - I'm not saying it can't be. In fact, I try to help (admittedly, I'm a noob) people to make it 'their story', I'm just saying his doesn't apply to me. I hope to have my own great story to tell my kids/ grand kids/ etc..

I mean, really, That's why I'm here, that's why I assume you're here.. that's why everyone is here.. To try and learn REI and get ahead right..??

@Scott Trench - I'm not trying to get in to an argument, but "generous parents".. that's my point. Its sad but true, but 'most' people's parents can't afford to be so generous. I mean, think about how it would have been different if you would have graduated with $25k+ debt.. and no folks to help out.

@Shawn Coverdell - no offense man, but you sound like a commercial. But yea, I hear you.. that's why I'm here, right..??

@Armonty Houston - I'm glad for you man! Really, I am!! You're the story!! I'd rather read a blog about how you did it, what changes you made, what 'tough' decisions you had to make..  That's what motivates people. Not a story about a kid that already has a good head start. 

I've read the blog post and I have to say, this is the same kind of story you see on Business Insider (and other sites) all the time. Younger millennial, with the 'not typical' life. Meaning, probably doesn't have school loans or any bills they're responsible for and has parents that afford him the opportunity to 'live freely' so he can save over half his pay for a year. (think, car insurance, cell phone plan, real world adult expenses) If my parents padded my life for the first 5+ years (after HS), I'd be better off too..  seriously, these stories get old. 

Its another 'feel good about RE' story. I get it, but sorry, they are all basically the same. There is nothing 'real' for a noob to learn from this. I mean, yea.. work hard and in 3-5 yrs you'll get whatever financing you want.. go to REA meetings, meet people and find a private funder..  I'm a experienced RE pro, check out my great deals.. look at how much I make per flip..  blah blah blahh.. I don't need a blog to tell me that.

..I'm not trying to sound cynical or bash the young guy, I'm just saying is isn't real life for the vast majority of people here. If you know 100 people, how many of them fit this mold?

@Constantia Petrou, do you mean you want to regularly report much like a credit card does?  Can landlords do that?? 

..I would think you'd need something else besides being a landlord to put something on a persons credit report, but then again..  what the heck do I know ?!?!

Ok, I think I get it..  thanks for the reply @Jeff B.  I have a quick follow-up though;

"Because the work was not permitted & inspected."

What about 'little things'..?  like replacing flooring, painting, a new kitchen/bath.. nothing structural, no additions or anything like that..    Does that need permits or contractors?  Where/What is that line??  (or is it up to the lender?)

Hello All!

I have a quick and hopefully simple question. So, its my understanding that if I use a VA/FHA Rehab loan, the rehab must be completed by a licensed contractor. Is this true??

Assuming it is true, I have a follow up question..

Say I buy a property at $75k, do a $20k/$25k rehab (with contractors) that puts me 'all-in' at about $100k. If I'm paying a contractor $20k/$25k to do the rehab, how am I building 'sweat equity' in the property?

 I mean, wouldn't I be paying that to the contractor?  (One would assume if you pay the contractor $25k, that's not going to raise the value of the house dollar for dollar, ya know..?? )  My assumption is, for example, I pay $3,000 for supplies to fix the bathroom and once done, its adds $7,000 in value.. (numbers are approx, trying to make a point)

Does this make sense?  Am I missing something..??  and who decides who a license contractor is.. Is there some type of approval process for that?