All Forum Posts by: Jared Skov

Has the place already flooded or is it in a 100 year flood zone? As long as it's cash flow positive and in a place that isn't flooding every other year, setup sump pumps so you're ready for when a flood happens. Did I mention to make sure it's cash flow positive? This may be even more important for potential flood damages and vacancy while it's repaired...

'Aliens'

Do what you want to do, be passionate about whatever you decide and chances of it working will skyrocket. You’re only 29, you’ll be 59 when it’s paid off... by your tenants. Rents will be at least double what they are now and cash flow will be a nice retirement cushion. If you were 59 now, I’d say pay off your own mortgage, but time is on your side. Make sure it cash flows, is in an area you know, and you run it like a business. Good luck!

@Jack B. Ultimately, you should do what you feel is most comfortable. If you have a career that's less affected by the economy (health, dental, vet, etc.) and are cash flow positive thousands each month, then you can afford gambling on an appreciation asset. If you're buying for a long term hold, 30 years from now, you'll be laughing that you 'could've got a place for under $1M in Seattle. Always have a good exit plan or backup strategy, it will help you sleep at night. Asses how much risk you're willing to take and how your financial situation is now. It's never smart to 'red-line' where any minor blip in the economy will take you down. Leverage your money if you can, live in a multi-family for a year with only 5% down, then move out...

I got 4.25% in January with 25% down on an occupied duplex. Probably closer to 5.25-5.625 with 20% down now, shop around for sure and find the best rate. Good luck!

I believe the term for this is 'chicken littles', always scared of the next down turn instead of looking for the next deal or leveraging your money with other groups of people. There are deals to be had in both good and bad economies. I will agree, I don't like that people are getting approved with zero down or 3.5%, there should be a minimum of 10% down to prevent a down turn from sending people to bankruptcy. 

Quick note, was mowing the lawn tonight and the neighbor came out and said her lawnmower guy moved away, mowed her lawn for $40. Not a lot of money, but it’s connected to the lawn I️ already mow, so for 10 extra minutes of my time, the curb appeal is nice and it’s an easy $40.

End in May, start in June. No kids in school, nicer weather, not July or August when people are traveling out of town every weekend.

I’d take applicant #1 for sure. Graduate students could be trouble and locked into a longer lease. Doctor is going to buy his own place, maybe he’s just checking out the area for a year. Good luck!

@Account Closed We had been looking and ready to pull the trigger on the right deal since last July. This one came back on the market after a 'pending inspection' fell through. I just had an auto-alert setup on Redfin to alert me for any multi-families under $350k. The people selling were easy to negotiate and work with, they spent ~$17k fixing everything that came up on the inspection. Several neighbors have came by while I'm mowing asking if I was there to mow their's too, which I did not, but with continued conversation I now know what half the neighborhood pays for rent. It's exciting to know that there's even more room to increase rents in the future...