All Forum Posts by: Jesse Hyder

Under your best conditions scenario you are making $16 a month? When you drive across town are the lights always green for you? The repair costs you are estimating seem really low to me as well.

garbage disposal, oven, fridge, dishwasher, microwave, faucets, handles, knobs,locks, cabinets, closets, shelving, latches, carpets, paint, tile. These are all inside the studs. Then there is the chips, nicks, scratches, burns and so on, on the counters/floors/walls/sinks/tubs etc.

I'm doing my best to talk you out of it! hehe

Wow! What you are contemplating is scaring the crap out of me. Heloc loan for a condo? Why do this? Then you talk about 1% for repairs... Here is what can break...water heater, garbage disposals, ovens, fridge, dishwashers, A/C, plumbing, electrical switches, microwaves, faucets, handles, knobs, cabinets, closets, shelving, latches. Carpets wear out, roofs, paint, tile,siding, windows. And on and on and on...hehe. I'm scared!

@Eric O'Brian It took me about a year to lock up my first home. Which is a 4 plex by the way. I still live in it 3 1/2 years and counting. Typing this up to you inside of it! Pro tip I'm not a landlord either. I have a management company take care of it. As far as the tenants are concerned I'm just like them. :-D I do have to manage the management company though... But thats easier than tenants IMO.

I'd recommend a 4 unit over a 2/3 simply to maximize your unit count. If you have a SFH and no renter you are down 100% income. Duplex 50% income tri 33% income quad 25% income. I'll peek at the MLS for San Diego see if anything makes sense. CA seems pricy though. Heck even here in Boise I turn my nose up at a lot of the prices! But if the rents can justify the price...all depends really.

4plex live in 1 rent 3. Perfection achieved! Well IMO anyway. But just as a cursory view I saw a 4plex for 729k in your area! Whoa...LOL? I find the idea of renting yourself and then buying a rental property else where a little strange. But if you can offset the cost of your rent in CA with something out of state that would help to even things out I suppose. So if your rent is say 1k in CA for a broom closet and you can get 1500 out of state you are doing good. :-D

I'm right at this level myself and looking towards the 10-20 unit buildings as well. I'd be keen to see what people have to say about this. I'm very comfortable with 2-4 but 5+ seems slightly different if ever so. I actually walked by a really nice 16unit over the weekend and wished it was mine! :-D

@Eric O'Brian have you considered owning a duplex/tri/quad as your primary residence? You said you would have split the profit of the triplex with your investor friend but why? Where do you live now? SFH/rental? Make your first investment your home. So when people ask you if you think your home is an investment you can definitively say, why yes it is! and I get X$ a month for it!!!

But otherwise if your 15 unit acquaintance is paying you $1500 for the gig you should also have one of the units as your own managers residence on site. Hes also sort of softballing you on the whole 5 hours a week thing. Hehe. Junk breaks all the time in rentals/complaints from tenants. Emergency calls at 2am...

Do you like Robert Kiyosaki? I'd think you'd have to like him a lot to peddle his 'motivational books' because thats what they are, and put more $ in his pocket like that. Better yet, take the gig and ask for upfront speaking fees. 10k per engagement, local only, once a month not to exceed an hour. Hehe.

@Francis Okeke I've lived in SLC, Oklahoma city, Dallas, Cleveland, Biloxi, Eugene, Boise and any number of little cities in between. I'd never invest in a place that I've not lived in or been around. As they say when you are buying a single family home. Drive by at night on a Saturday...Neighborhoods can change dramatically even from street to street. Cross X boundary and it becomes total junk. But thats just my opinion.

Hello @Brian H.

Yea Boise is great low crime, Capital city, medium small-ish size, growing! I really like living here. Its one of the reasons I wanted to start buying its such a nice place to live/work/play.

Hello @Jonna Weber

I actually offered on a duplex your Agency is listing the duplex on 22nd. But I got out bid it seems. Its nice, but its not THAT nice! :-D Its Dave Kallas listing. Would be nice to have a duplo in the north end for sure to live in.

@Jonna Weber

Wow hello there,

So its my first day back to work. The first Monday of 2014! GAH! Feeling a little bored after lunch I literally type into google.

How to make a million dollars in real estate.

First article pops up and I think why not

http://www.biggerpockets.com/renewsblog/2012/12/12/make-a-million-dollars/

Its like I was reading an REI biography of the last few years of my life. The numbers and properties are different of course, but this was a rather amazing read. It kind of blew my mind to see this kind of article out there. I'm sort of on year 5 of this plan but its actually year 3 1/2 for me. :-o I started with my first 4-plex in late 2010 and acquired a second property in early 2012. After reading the make a million article. It occurs to me that I should investigate the idea of selling via 1031 and rolling into a larger-ish complex of 800k-1M. How did I not know of this site before?!!!

Probably because overall I'm a relatively passive investor. Hands off, let my management company handle it. I like to find good deals and collect the checks and relax...HA! Flipping/rehab and so on is just not for me. I'm lazy like that and enjoy the math and the analytical side. But it seems like an interesting thing to invest in. You've got to know your skill set I think. Thats not to say dont try new things. but 'know yourself' I suppose is apt. This site is opening up ideas I'd never considered before and I've looked at it a whole 2 hours now? :-o Awesome!

I'll get a photo of myself here and maybe explain a little more later on. Back to the 'salt mine' for now.