All Forum Posts by: Glenn Paulson

@Patrick Shawn Faherty

I think he made his freedom number a long time ago  :)

Real Estate Investor from Sunnyvale, California replied about 2 hours ago

as long as money rolls in, why do you care? Lol

Well, likely more turnover and potential evictions in D class. Potential harder to sell property down the road.

Completely disagree. Property Management is busy work with all of the headaches and calls. I am a President of an HOA and work closely with my PM owner and his staff. Not a business that I would want to own.

@Tyler Jahnke

Hi Tyler

1. What class neighborhood would you classify your property? C or D?

2. Would you invest with Morris Invest again?

Thanks in advance

Glenn

When investing in Condos, would you scale back Maintenance and or Capex percentages on a Buy & Hold rental due to roofs, foundation, outside expenses included in HOA fees?

Thanks

Glenn

Take 2

@Tyler Jahnke

@Tyler Jahnke

Thanks for your posts. I'm a pretty good judge of a persons character. I have a high impression of Clayton (and his wife). I am glad I read through most of this thread to help balance it all out. Still not confident to move forward just yet. Can you answer a few questions?

1. What class neighborhood would you classify your property? C or D?

2. What is your Cash Flow after expenses?

3. Will you invest with them again?

Thanks in advance

Glenn

Hey BiggerPockets!

Got another super quick and boring update for you. Hoping these updates become very very very routine! I officially received my fourth rental check deposited to my account today. Details:

$750 gross rent - $75 management fee = $675 in my account.

No expenses for the month of July.

-Tyler

@Tyler Jahnke

Thanks for your posts. I'm a pretty good judge of a persons character. I have a high impression of Clayton (and his wife). I am glad I read through most of this thread to help balance it all out. Still not confident to move forward just yet. Can you answer a few questions?

1. What class neighborhood would you classify your property? C or D?

2. What is your Cash Flow after expenses?

3. Will you invest with them again?

Thanks in advance

Glenn

Amanda--I'm a newbie, but everything that I have read/viewed and understand, it's all about cash on cash. The percentage, is probably the way to go and dollar amount 2nd. Even though many investors steer away from Condo's/HOA's, I plan to start there. The tradeoff of potential assessments does not out weigh the benefits of not having to directly worry about roofs, foundations and outside items coupled with 20% cash on cash has my attention. In NJ, opportunities are not as easy as other areas. After getting my first few properties, I will likely go out of state (pending experience, comfort level etc). Why are you lumping your properties to evaluate? I would think you should have them stand alone for that

Thanks to all feedback. I am not inclined to do the self directed IRA as my main goal is Cash Flow for obtaining my freedom number which also addresses retirement needs down the road. The reason to withdraw now is to buy my first property and then refi/cashout to obtain others in 2018. Paying the 10% penalty is part of doing business. Not a cheap way but a way. Paying taxes on that money is more of a hurdle for me.