All Forum Posts by: Tony Frasher

I own a business that specializes in repairing cars that have been damaged in hail storms. It requires way too much travel since my wife and I are wanting to start a family, so I'm trying to buy as many rentals as possible so I won't need a full time income like I need now. I'm not trying to become a zillionaire. I just want as much free time as possible, and a comfortable life.

I'll definitely keep that in mind to just take full payment at a later date.

That's my general feeling Aaron. I have no reason so far to not trust her, as she has paid without issue until now. I've been out and about the last 2 weeks looking at more properties, and it seems like my area is flooded with rentals now, and the rents are about $100 less that what I have mine rented for. My gut says to get the $300 2 weeks late rather than evict, possibly lose another month waiting for new tenants, and possibly having to lose $100 a month. That being said, this is my first issue like this, so I just wanted to bounce it off someone else. Thanks for everyone's input.

I was reading recently about sales being down 40% in Vail. Not sure how things are in Dillon, but my neighbor just bought a foreclosure up there. I'll be looking once summer rolls around for a weekend get away place. I'm hoping prices are dropping!

One of my tenants called promptly at the first of the month letting me know that they would be $300 short of rent. She is a traveling nurse and had an issue with her car. She has to have a car or can't make any money, so I understand her dilemma. She's been a great tenant so far, and will have the rest of the rent to me by the 15th.

Does anyone else do this? I see everyone talking about serving papers immediately, but I think she was upfront and addressed the problem before it actually became a problem, so I'm going to be willing to work with her.

This is an awesome thread! I know I'm a bit late to the game, but if you don't mind answering some questions Mike, I'd love to know you're opinion.

I bought my first 2 properties in 08, so as of now I don't have a good idea of what my expenses are year over year. That being said, going by your math, I've done well on one property, but not quite as well on the other. At the advice of my dad, who has some commercial property, I put down 25% and got a 15 year note. If in the long term your 50% rule does work out, I'm going to have a net of about $23. Should I look at refinancing this property to 30 years?

I purchased 2 SFH last year as rentals, and plan on buying a few more this year, but my long term goal is to build up a portfolio and once the commercial real estate starts hitting a bottom like residential is now, to make my move into it. That being said, I really know nothing about it. I'm not the type that's trying to be a zillionaire, just looking to make a comfortable life for me and my family. What should I be educating myself on? What do you do for your long term investments? Any info is appreciated, thanks!

I bought my first rental last spring and got it rented out to some good tenants and for the most part things have gone smoothly. In August I bought a second property that was already set up with a mother-in-law type basement. Full kitchen and hook ups for appliances. On the advice of my realtor I split the unit into top and bottom units, and while it took a bit longer to rent the bottom unit, I'm renting the second house for $25 more a month than the first house, but the second house cost me 30K less. I was a bit nervous in the beginning about tenant issues arising, but so far things have gone perfectly so far.

So how many others do this? Should I try this again? I'm happy with the cashflow on the first house, but I REALLY like the cash flow on the second house.

LOL, don't worry, I've had my share of failures!

Up until about 9 months ago I had no experience. Now i'm learning more about it every day between the 2 properties I bought. Overall I'm glad I jumped in and plan on continuing buying properties as my cashflow allows.

My business partner in Holland is interested in buying some property here in the states, Colorado specifically. Is there anything specific we need to know as far as him buying here?

Damn, just my luck. I'm always a day(or 6!) late. Do you guys have these often? I'd love to come to the next one.