All Forum Posts by: Jake Kozul

Thanks Mike...that is a good line of questioning and criteria...definitely helpful. 

Thanks Emily, I still have some cash saved up...enough to get me through 6 months outside of what is saved up for investment, which I could use if needed as well. Feel free to reach out if you have any questions. 

I had a high paying job and worked from home for a good portion of the time Alex...most importantly very few expenses and the freedom to go through a lot of properties when they were still cheap in my market. I had some good connections to get me started in the renovations as well. I bought everything cash, and financed a 3 unit that I added a 4th. I am managing my new units myself...I copied the system to manage those from a colleague I have that manages 80 of his own...so far so go there. If you have any questions for me Alex, feel free to shoot me an email and I can talk. 

To add some context to some of the prior responses in my post...my net rents cover all of my current expenses x3 at my current lifestyle, and x4 if I cut some back. Of course there are variations in those figures when a water heater leaks or pipes freeze (I am in Michigan), so I have a little trepidation as I have never exclusively lived off of my rental income...kind of like going out on a trapeze wire without a net for the first time.

I have a good network that send me deals (usually 3-5 a week) to look at...and have roughly $450,000 in free and clear equity. I am working on getting a working line with a partner for $125k-$250k. To specify my initial post...I am looking for context of living on my rents, while still saving and utilizing equity/experience to build a business. 

I have been investing with my own money for the past 4 years, and have built a pretty healthy portfolio of cash flow properties, and once my 1031 exchange is complete, I'll have 17 units, mostly free and clear, paying me a good sum every month. I don't know anyone else that has quit their well paying job to invest full time...so I was hoping to talk to someone who has. It seems as through my business is ready to grow; I have built a great network and experience to go full time investing...however, would like to hear from someone who is a couple years out from where I am now. If anyone who is in this position has a few minutes to chat, I would greatly appreciate the time and perspective. 

Jake

Thanks for the feedback...really helpful. My initial thought is that it could be a good way to control cost to a certain extent...I have a maintenance company that handle repairs that I have a good relationship with. I'll just stick with them for my first year of ownership going forward. Thanks again everyone for the quick and useful feedback. 

Thanks Rob...good article. Have you had any experience yourself? Most of my rentals are older homes...most in my market are...so may make sense, but need to vet them. Do you have anyone you'd refer? Thanks again. 

Has anyone had experience buying a home warranty to streamline maintenance costs? Seems like a decent concept if you include are comprehensive in the policy...especially now that I am self managing a number of my properties. Any feedback appreciated. 

Has anyone had any experience in getting business financing for real estate endeavors. I am experienced...I have 4 years of experience, 3 years of income and between $425k-$475k in free and clear real estate. I have read about consultants that can help put together funding off of a company (which I have) and assets coupled with your personal credit profile. I know this is rather broad, but if anyone has info or insight it would be appreciated. 

I have been using Foreclosure.com on a free trial...noticed a lot of overlap between the paid leads and what is on Zillow, Realtor or MLS. Does anyone have any suggestions for a site, service or resource that is useful in that regard?

Thanks in advance,

Jake

Thanks for the input all...good info...looks like a trip to the bank is in order.