All Forum Posts by: Jeff Sprunger

If I had $150K cash as a down payment, and a 2 salaried income household, with no kids...

I'd pay cash for a modest single family home (no mortgage=freedom).  and save like crazy, I mean...like live on half of one of your salaries and save the other 150%.  do this for several years, investing in index mutual funds, IRAs and company 401K's.  plan to have kids...open 529s and fill it up.  that way, when you do have kids, your wife (or you) could be at home with them through the critical years. 

transition to a job that you truly love (money isn't a driver here=freedom).  go to every single kid's event that you can...create other opportunities to be with them (away from the internet/games/tv).  ie:  camping, hiking, traveling, walking, parks, hobbies, etc.

my opinion! (for what it's worth!)

stop telling banks that you want to be an investor.  just get an owner occupied loan, live there for a time, then do what you want...

I truely believe that everyone should manage their first few properties themselves. you will learn so much about yourself, your property and the good, bad and ugly of property mgmt. ALWAYS factor in about 10% for PM when analysing a property, that way you know your numbers will work if you decide to turn it over to a PM. the PMs job is to completely manage the property, so yes they should be placing tenants for you. do a search on here for posts about PM and you will find a ton. read Landlording on Autopilot by Mike butler. good luck!

Landlording on Autopilot by Mike butler

think "student rentals"! rent each bedroom (make sure you get the bank of mom and dad to co-sign)

Originally posted by @Angela Hansen:

@Jeff Sprunger I went with what you said and opened a Home Depot account. I know that I can purchase my supplies through them, what do you think about their contractor services? Since I am now the designated General Contractor (by default) I will need a few contractors and wanted to see if you or anyone here would suggest hiring through home depot or looking elsewhere? Angie's List?

Home Depot contractors would be more expensive, but, most likely, reliable.  they wouldn't want to jeopardize their HD relationship.  another good place to find contractors is outside HD.  I take pictures of the contractors trucks parked outside.  that way I at least have a start when I need something.  best way is through referrals from others. 

why are you selling? does it cash flow? just not any equity there for you to even break even on the sale at $73K.  if it cash flows, then keep it and rent it.  I'd wait for a stronger offer.  even selling at $77K, you might break even (make a few bucks).

include the words, "and all other occupants" in your evection.

just get an economical truck.  with 4x4 for fun weekends.

save, save, save...and then, save some more.  pay cash for your first property.  live debt free your entire life. (= true freedom!)

wait 10 years, til you've actually figured things out. 

my 2 cents! (retired Army by the way...)