All Forum Posts by: Jeremiah Dunakin

I know nothing about working with someone. However it seems you are putting up all the money assuming all the risk. I’m not sure what he is doing and bringing to the table. Finding a property and hiring a general contractor. I’m not sure that warrants 50/50. I could be wrong but that seems pretty absurd to me I could be wrong. You can find a house, you can find a general contractor. The heavy lifting on that side is over blown I feel like. If repairs aren’t major it’s not bad at all. The general contractor should be able to line all that up. 

Me personally with no knowledge of working with a partner would tread lightly if not run away from this one.

Quote from @James Wise:

Quote from @Jeremiah Dunakin:

Quote from @James Wise:

Quote from @Jeremiah Dunakin:

Quote from @James Wise:

Quote from @Jeremiah Dunakin:

I would fix it. As soon as possible. Let that kid hurt themselves. If the tenant pushes it in today’s culture you could be in trouble. Also I don’t think it’s a terrible request. I got kids and believe in letting them experience life. That said it is thier kid and they can parent how they want.not an unreasonable request. Spend the 50$ and save a lawsuit 

 I'm guessing you've never been involved in a lawsuit before. If you try suing someone you are dropping $10k-$30k just to get to discovery. This tenant ain't doing all that for a cut finger.

That is correct never been in a lawsuit before. However I do hear of people that scam non stop. It is a pretty big racquet.There are all kinds of people around that do it for a living. I might be paranoid. I accept that. However I also think spending a few bucks to help mitigate that risk is worth it to me. Also as a parent that seems like a legitimate request to me. If it was my own house and I had young babies again I would cover that I also put door latches on cabinets and locks at top of basement door. Helping a little one from slicing thier hand open is more important to me than 50/100$. In fact keeping a little one from harm is more important than any amount of money I will ever make from real estate. To me it is a legit request. Forget the lawsuit forget the money from getting new cover. Think of a shorties finger bleeding out

 I wouldn't want a little kid to get hurt either. But I am an adult so I realize that it's the parent's responsibility to raise their little crotch goblin, not the landlord's

By any chance do you have kids?

 I do. I have 3 of them. And since I am their father it's my responsibility to raise them.

 Fair enough. I hope you have a long and prosperous career. Here is hoping that you find some good deals. Best of luck

Quote from @James Wise:

Quote from @Jeremiah Dunakin:

Quote from @James Wise:

Quote from @Jeremiah Dunakin:

I would fix it. As soon as possible. Let that kid hurt themselves. If the tenant pushes it in today’s culture you could be in trouble. Also I don’t think it’s a terrible request. I got kids and believe in letting them experience life. That said it is thier kid and they can parent how they want.not an unreasonable request. Spend the 50$ and save a lawsuit 

 I'm guessing you've never been involved in a lawsuit before. If you try suing someone you are dropping $10k-$30k just to get to discovery. This tenant ain't doing all that for a cut finger.

That is correct never been in a lawsuit before. However I do hear of people that scam non stop. It is a pretty big racquet.There are all kinds of people around that do it for a living. I might be paranoid. I accept that. However I also think spending a few bucks to help mitigate that risk is worth it to me. Also as a parent that seems like a legitimate request to me. If it was my own house and I had young babies again I would cover that I also put door latches on cabinets and locks at top of basement door. Helping a little one from slicing thier hand open is more important to me than 50/100$. In fact keeping a little one from harm is more important than any amount of money I will ever make from real estate. To me it is a legit request. Forget the lawsuit forget the money from getting new cover. Think of a shorties finger bleeding out

 I wouldn't want a little kid to get hurt either. But I am an adult so I realize that it's the parent's responsibility to raise their little crotch goblin, not the landlord's

By any chance do you have kids?

Quote from @James Wise:

Quote from @Jeremiah Dunakin:

I would fix it. As soon as possible. Let that kid hurt themselves. If the tenant pushes it in today’s culture you could be in trouble. Also I don’t think it’s a terrible request. I got kids and believe in letting them experience life. That said it is thier kid and they can parent how they want.not an unreasonable request. Spend the 50$ and save a lawsuit 

 I'm guessing you've never been involved in a lawsuit before. If you try suing someone you are dropping $10k-$30k just to get to discovery. This tenant ain't doing all that for a cut finger.

That is correct never been in a lawsuit before. However I do hear of people that scam non stop. It is a pretty big racquet.There are all kinds of people around that do it for a living. I might be paranoid. I accept that. However I also think spending a few bucks to help mitigate that risk is worth it to me. Also as a parent that seems like a legitimate request to me. If it was my own house and I had young babies again I would cover that I also put door latches on cabinets and locks at top of basement door. Helping a little one from slicing thier hand open is more important to me than 50/100$. In fact keeping a little one from harm is more important than any amount of money I will ever make from real estate. To me it is a legit request. Forget the lawsuit forget the money from getting new cover. Think of a shorties finger bleeding out

I would fix it. As soon as possible. Let that kid hurt themselves. If the tenant pushes it in today’s culture you could be in trouble. Also I don’t think it’s a terrible request. I got kids and believe in letting them experience life. That said it is thier kid and they can parent how they want.not an unreasonable request. Spend the 50$ and save a lawsuit 

Probably not a sexy reply, but tightened the belt lace up the boots and get to work. Cut expenses to the bone. Work more hours whether at regular job or get a second job. Add another 20 hours a week working and save every penny. Cut cable, Starbucks and door dash out. Meal prep easy meals and get after it. That’s my recommendation. Not a YouTube sensation but if you bring in more money than you spend eventually you will have down payment money. Instead of going out with the boys on Friday night grab a six pack some burger and for 20$ you can have a great night. It’s not easy but you can do this

Hello all. Currently I have one sfh. It is a traditional mortgage. I am trying to understand land contracts and how they work. I have a few questions on the process.

1. How do the terms work? Is it for 30 years?

2. Is there intrest in the payment?

3. Who holds the title. 
4. are realtors involved, and closing cost.

5. What are advantages/ disadvantages for both seller and buyer

Quote from @David M.:

@Peter W. sure but... Just ~$100k/yr from ONE savings account... for doing what should be a minority percentage of one's paycheck.. That's pretty good when you consider if a person is doing other saving and investing.. That could be IRA's, side jobs, and whatever other investing..

I am in same boat. That’s the equivalent of having 10 properties cash flowing 1000 each. Except no toilets,evictions,lawsuits, drywall, hvac. A 401k is the most passive thing in the world. I check my deductions to make sure I’m on track a couple times a year and that’s it. I get a statement every quarter or so that tells how I’m doing. I literally spend max five minutes a year on it. It gives me an almost 10% every year. Where I work some of us have pensions some of us don’t. While I have one I would rather have a match on 401k like others. The 401k and Roth IRA is a huge wealth builder for the future. It’s gonna allow me to retire and not skip a beat. I have also borrowed of off mine to buy real estate. So I’m not waiting till 60 to reap its benefits.

 To each their own. I’m not a financial guru at all. I just feel like a 401k is an overlooked tool that gets discredited because it’s not sexy at the water cooler like real estate or crypto

Quote from @Peter W.:

Quote from @Basit Siddiqi:

401K Pros
Hands-off - good for people who can't manage their own money.
Grows tax deferred/Free(depending on if traditional or 401K)

Cons
Can't tough the money until you reach retirement age with penalties if you touch the money early
Limitations of stock options depending on broker that your employer chose.
Stock market returns is normally less than real estate

Also 401k/IRA protected from lawsuits and bankruptcy. But, you can never put enough in there to be truly wealthy but can prevent you from getting zeroed.

 Gotta disagree. If a person maxes out 401k/roth they can make a lot of money. We had this conversation at work today. If a person starts in thier twenties and maxes them out. They can sit on2/3 million in the future. Saving 25k a year at 8% returns adds up fast. In less than ten years you can be making 20k a year in returns. Yes waiting till 59 sucks. However some places allow you to take loans on 401k that you pay back with interest to yourself. 

It’s getting to election season. In October/Nov gas prices will go down, student loan will be forgiven, rates will be cut a few times (although not anything meaningful), cpi or whatever flavor of the month that’s used to calculate inflation will be down, cash payments will be in discussion for people, border crossings will be down, truce will be brokered in Middle East,funding for police will be on table, our streets will be safer, it will be “cold and flu season”, certain political parties will be against voter rights and anti everything. 

There is nothing new under the sun. Rates will drop slightly, people will act like it’s the greatest thing in the world and will magically have mind cleared of reality.