All Forum Posts by: Jay Dean

Seriously?  They HAD to buy a car??

I'm sorry but nobody HAS to buy a car. 

Based upon how I read this, there is a problem with priorities on the part of the tenant.

I have finished these books and I am looking for some recommendation of additional titles to read.

Rich Dad Poor Dad

The Guide to Rental Property Investing

Set for Life

@Simon Ruiz  How much money you need to have in cash reserves is a function of your expenses.  I would recommend 1 year of expenses in the bank held as liquid cash reserves.  This money is not your down payment money, it is your rainy day fund.  You need money above an beyond what you need for your down payment.

If you spend the $15K as a down payment, you have zero cash position.  You are one unexpected expense away from being in a bad way.

Based upon your mention that your income is inconsistent, your need for cash reserves is very important in my opinion.

We are all anxious to get that first house to get started in making money but let's remember that this is about building wealth and achieving financial freedom.  The scenario you presented could set you on your way, but it could also set you back in a big way.

Welcome to the forum @Victoria C.

My question is how are you getting the most out of your cash reserves?

I am talking about your operating funds including your short term rainy day fund like a broken A/C system.  Specifically, I am talking about liquid cash reserves to deal with short and medium term issues that come up day to day.  In my case, I feel comfortable with $25K in reserves for my real estate and personal emergencies.

Please do not tell me to invest in another property, stocks, and other non-liquid assets.

I may be over thinking a low yield issue but it pains me that I am only getting 1.5% on my cash in the bank.

Any ideas or perspective on this would be appreciated.

I just finished that book late last night.  Knocked it out in just three days.  I could not agree more.

An inspection including the sampling and analysis in a lab was $300.00

My remediation cost $750.00 but only because I opted to pay a little extra for them to spray an anti-microbial into the system.

I have heard a lot of war stories about these issues.  I think I was really fortunate to get referred to someone competent and trustworthy.

Welcome.  You are in an excellent place to learn.  Also check out the podcasts and youtube videos.

Set for Life by Scott Trench.  Perfect book for you in my opinion but only if you are convicted to giving his advice real consideration and putting ideas into action long term.

No.  He didn't say.

The first thing that I would check for is signs of moisture, leaks, etc.