All Forum Posts by: Jim P.

@Chris Bounds

Congrats! I just put in my 2 weeks notice this morning also.

Thanks for your post- its great to hear about more and more of us taking the scary jump to live life more on our own terms.

Congrats!

Jimmy

@Patrick H.

Sorry to keep digging up this thread.

Just wanted to say thanks again for the motivation from Patrick and others- and the great input from all in this thread...

I gave my 2 weeks notice this morning.  Will now have plenty of time to finish a couple recent purchases and get them rented, hopefully before college gets into full swing.  And, just live life more on my terms- at my pace.  Mostly, spend more time with family, etc...  The important things in life...

Should have enough income from 7 properties (10 doors-ish)- to live on.  I want to simplify/downsize my life anyway.  Pondering temp work to keep sharp- but still make good money on my terms...  Scary, but at the same time---- Pretty exciting stuff.

Anyway- thanks!  The biggerpockets community has always been helpful for many things- real estate knowledge, general financial knowledge, and "life" too!

thanks,

Jimmy

Thanks Jonna!

Hope all is going well!

Jimmy

@Jonna Weber

@all boise investors  :)

Hi all,

My out-of-state landlord buddy asked me for carpet company recommendations for his Triplex and/or Sfh down here in Boise.

I do not know anybody down here- do you guys have any recommendations?

-This would be for buying/installing and etc...  The whole she-bang...  

thanks!

Jimmy

@Mike Baker

Congrats!

I'm no expert- but I like many, many things you did:

justifying your offer with comps (good reasons help the seller accept less than asking- they may not know where the market is at- especially with a new listing agent...

your willingness to walk away, if needed (have a nice day, k-bye!!!).

willing to live in the motorhome if needed to wait for a good deal.

-dealing with an inexperienced realtor...

From what little I know about the Belgrade/Bozeman market- I heard its expensive, and hard to get good deals...  Congrats!

That's aweseome that you stayed persistent- and was rewarded with a great deal...

Congrats!

Jimmy

@Patrick H.

Thanks for the good report!  I'll be at least "downsizing" in a decently short timeframe (leaving that open-ended in case anyone I know is reading this)...  

thanks for your posts and great update!  It has helped motivate me- I'm sure others also...

thanks,

Jimmy

@Patrick H.

- Just checking in for an update.  Its been a couple months- how's it feel?  Still happy about the jump?  (I'm sure you are)...

My plans toward retirement/self-employment/"just something else" are accelerating- Just working out the details for jumping ship now...   Was inspired again reading this forum thread..

Anyway- are you settled into a better routine of living more on your terms???  How are things going?

thanks,

Jimmy

@Rasheed Muslimani,

I'm currently working on my 7th buy and hold property(10 units?)- in a couple years. All have been out of state- all have been fairly easy(as easy as legal paperwork transactions can be)...

-Since I've only bought- I've always closed through the seller's title company of choice.  BUT, my friend's wife is a Title/Escrow officer (and a very, very good one at that).  So, every deal I've had- I've "courtesy closed" with her.  I will sell my primary residence soon, and I will be able to pick them to close(finally give them some business for being so great to me).

Anyway- my point:  you can do all of this remotely through electronic means.  AND/OR- you can find a local Title company you like and hopefully they will "courtesy close" for you.  That way you have someone knowledgeble to double-check the fine print stuff for you...  You don't have to do it this way tho, just an option...

-also remember, there are apps for your smartphone to scan your signatures to pdf(and easily email), and many, many other useful electronic tools to simplify your remote transactions...

thanks,

Jimmy

I forgot to add:

Congrats on all your previous hard work to put you in the "predicament" that you're in....

Most people have only a little, and are trying to raise "seed" money--- you have plenty, and are looking at how to make your profits/equity work harder for you...

Certainly a nice problem to have.  Congrats!

Jimmy

@Jim C.,

Numbers, Numbers, Numbers.

The house you mentioned- you have roughly $21,000 into it- getting $850 rents? What is that, 40% return on your investment (cash on cash)??? (I honestly don't know, too lazy and not enough info to even roughly calculate). I'm thinking its much, much higher than 40% though...

But, if you sell- you buy into a higher priced market----  Can you repeat that 40% with your profit from the sale? I would think no.  Even if you can- you are taking a chance...  You currently have a golden goose (geese?)...

As you said- if you did cash out--- is there a more productive use for that cash?  A very important question, including estimating what your new risks will be...

-Worst case (as others have mentioned)- why not Heloc or Cash-out-Refi (pick which is a better fit for your situation)--- and sit on that money/invest in something else(diversify for gains and safety)/hold it until your local market prices reset/use it to invest in a better market/better class of properties, etc.. etc... etc...

I know you just gave examples as did I--- but I think the takeaway is:

you have a good thing going currently---- make darn sure whatever you do ends up being better than what you have now (there's no point to voluntarily put yourself in a worse position...)

If rents are that good- Heloc and Cash out Refi seem to be the best use of your equity- if you run the numbers and are ok with your new numbers with the new Heloc or Refi...  But, these methods are (of course) more risky than just doing nothing more- and only keeping the good rent checks coming in...

my 2.5 cents (adjusted for inflation)...

Jimmy