All Forum Posts by: Jeremiah Dunakin

In my case the foundation is good. However they do not inspect every beam, nor do they look at covered old sub floors. They don’t measure any sag in a 150 year old beam. The methods of construction then was no code and build with what you got. That stuff gets buried behind walls and and add ons. I am half way handy and have remodeled a couple houses. In one of my bedrooms I had two ceilings one that you saw and one underneath it a foot above that hid a whole bunch of stuff. Once I ripped it out and the wall i discovered there had been a fire. The top plates for the wall was so bowed and bent that it looks like the wood is smiling. That’s because they are scraps 1x4s. My point is the whole house is this way. No inspection could show that or would an inspection show my joist beam with shims on top of it that is buried beneath 3” of sub floors. 
I’m not saying not to buy an old house but just be prepared that things are hidden and that they didn’t use 2x4s as we know it nor was any code followed in 1880. It can be done but give me a 1950s ranch any day of the week.  A lot of these problems with floors and such will never arise until you tear things apart to really see it, or until you live there for a few months and noticed a spongy spot near where the dogs bed is in the corner. 

I would steer clear as Patricia said. I live in a house that was made for n 1880. I just got a quote to help reinforce floors that was 2500$. The main beam in my basement still has bark on it. I see square nails. The framing to the house is all balloon framing. The house has settled over 150 years  and the rooms all have a nice slant to them. In order to get that slant out you would have to gut the entire two store house as the drywall would all crack, windows and doors would not work. Not to mentioned when I opened a wall up nothing is remotely to code as far as structural. All that said the house has made it for 150 years. But to improve it is challenging. I also lost track of how many different sub floors I have in kitchen under tile. The house has been “worked on” for 150 years of people. Most of which were poor farmers at the time just trying to get by. 

 Ahh ok well I’m curious now too. 

Not sure if this is what you’re asking but here goes. I have used my retirement 401k to get a loan to get funds for my first rental property. I paid for 20% down payment and rehab cost with it. I am paying loan back over 5 years. At the end of that 5 years I will have at least 20% of principle paid off. I was fortunate as I took my loan and then the market crashed so I would have lost the money anyway. Now I pay back weekly out of my w2 check. I plan on having it paid off 3 years early. I also plan on taking out a second loan as my plan allows. I know most will say that taking funds out will hamper growth in the market. I agree. That said next spring when I pay off my loan I will put an extra 400$ in pocket from paying off loan early. Couple that with the cash flow from rental and I couldn’t be happier

3000 jobs is a lot. It may not be 65000, however it will have an im pact on the local housing market.it looks like Reno has a steady growth of 1-2% a year. 

Dave is good for helping people develop a plan. Dave can help focus and guide a person in getting thier life straight. Dave has helped 100s of thousands of people. I don’t necessarily follow his investing but listening to him help me get motivated to get out of personal bad debt. I think that is amazing and the most beneficial thing a person can do to build wealth. It relives a lot of stress. Being debt free means not worrying about layoffs, a boss you don’t like, or in my case a union contract going south. 
That said I have took on debt to invest in real estate. However I took on debt that I could pay for the rest of my life even with no tenants. We all view things different but his advice is sound and if followed a person would be hard pressed to fail. A person can also take on leveraged debt and be successful as well. There is more risk but also much more reward. 

You are welcome. Sometimes we don’t need kicked when we down. I love this forum, but to many times I see all the buzzwords get thrown out. I see people will criticize others when they already know they in trouble. I think they like to point out the obvious so as to throw shade at someone else. I will be perfectly honest on my first property I got in over my head a bit. Thankfully I work a job that I can work 16 hours a day seven days a week to out spend my mistakes. I have never heard of Fund and Grow. I will look into it. Let us know what you come up with. It sounds like there are a couple options to at least give a glimmer of hope. 

Sounds like you in a tough spot. You shouldve would’ve could’ve a million things. But you didn’t and that’s ok. Don’t beat yourself over it. Have you considered taking a loan on your retirement account assuming you have one? That has been a source to help me get started in investing. I took a loan on my 401k. Yes you might lose some gains, however it’s a source of non credit income. 

Having corporations take on the role of housing is a recipe for disaster. Where I work there is a huge neighborhood named after the founder of my company. He tried this little experiment as well. He built houses for employees. He kept them close to work. I will tell you that you don’t come to this neighborhood unless you work here. It is dangerous. The company he built has had to have city police snipers on it more than once for crime in the houses he had built. We have fenced in parking lot. We watch from windows as the neighborhood destroys cars and breaks into vehicles steal vehicles start fires. It is a huge problem. There are times when you come into work in middle of night that security escorts you in. My company is good at making a product doesn’t mean they are good at running a housing authority. 

Whenever someone steps out and tries something people always think they can have a vocal opinion. If you change diet,exercise,real estate, sport,money, lifestyle there will be haters that know absolutely everything. When I started trying to invest in real estate I had a bunch of people telling me how to do it, where to do it, who to rent to, prices to pay. None of them have bought anything yet. I’ve been living by the words of 50 cent “if they hate let me hate and watch the money pile up” as someone else pointed out people will make fun of you then after a while they ask you how u do it. You got this don’t let the naysayers live rent free in your head