All Forum Posts by: James Murphey

The first thing I would do is the math. Make sure it will cashflow properly. Many people neglect to actually do the math, and just think I have my house paid off, or the payment on my house is low enough to rent it out and make a few hundred dollars. If you house is worth 200k paid off, and you rent it out for 1000 that is 5% annual return. You would most likely get more than that with low cost index funds and not have to manage it. I would make sure that it makes financial sense. You might want to take sale your house, and make an investment into something else ,or maybe take HELOC and look for another investment. There are a lot of options. I would just want to make sure that my money is keeping up with inflation and making a reasonable profit. Hope this helps.

David Greene has some great information in both of his books about how to deal with contractors. In his BRRRR book he ask for itemized bids. Then he will ask what the labor or the item cost is on each of the items. After you get this second number you can see if you are being over charged for labor. Maybe you already know this, then the question becomes what is make you more money hiring someone and doing your job? What are you missing out in your personal life doing the rehab? My dad will do any job to save money even if it cost him more money in the long run. Hope this helps. Let us know what you do. Thanks for sharing.

Land-lording On Autopilot is a great resource for new landlords.  He has some great systems in place.  I would use Cozy.  I am going to look into Tellus now that I see this posted.  Thanks @Brandon Roof

When I look analyze properties I usually shy away from multifamily that are not separately metered. It just seems too stressful of a proposition to deal with.

My understanding it that they are the same thing. You simply say ROI when you want to sound more intelligent and efficient.

They succeed 3% of the time, all the time.  It would be ignorant to just go with this 97% stat without knowing the metrics and the population measured.  What does success mean exactly in this stat?  Did the successful person build an empire with a million in  yearly revenue? or are we talking about the guy who does an Airbnb out of his spare bedroom?  Real estate is about the number.  Numbers and percentages matter when doing the math on a possible investment. I think that is why this 97% stat is hard for most of us to swallow.

@Guevara M. My mother had that happen in one of her rentals, but it was hardwood underneath the carpet.  We were able to take a couple layers off of the hardwood and refinish them saving the floor.  Looks like you made the right decision.  Hope all works out.

@Nicole Heasley Beitenman My ideal car situation would be not needing one.  I currently drive in Hawaii which is some of the worse traffic in the US, and the average yearly registration fee is $300-500.  I would love to just ride a bike to work.  I know Ohio is cold, especially Cleveland.  I want to move to Tennessee eventually and hopefully I can live close enough to work to ride a bike or walk even if it snowing or freezing.  I would love to be in the situation where driving is optional so when my car goes out it is no biggie.  

@Alexander Felice I just deposited some money into my Ally Account today the interest rate was 1.90.  I think I might move it to Wealth-front  eventually.  They just upped their interest rate to 2.4.  Thanks for your great perspective on the interest rate and savings account.  As long as you can get a low interest rate and your money is making more in a savings account then a car payment better to keep the $$$.  Even if it is only a couple hundred dollars you make in interest over the course of the loan, you get to keep your reserves or down payment for another investment.  

 Why is tenantcloud better?  What is the cost? Thanks