All Forum Posts by: Shawn Coverdell

I just bought a SFH for 30K. Spend that money on a trashed home. learn that way and hopefully make some money in the process. Even at a loss, you will learn more I would imagine. an extensive remodel will give you loads of know how. Next one you will know what things cost. what to avoid and what things look bad but are not a big deal.

Just finished digging out a sewer pipe. Made 3K (saved).  Want a VERY realistic money making machine?  Buy Orangeburg and get  both hands down in that earth!  She needs a fix'n!

Hoooorrraaaahhhhhh. $$$

I think it means were old Jay. We are in for some VERY interesting times just ahead. 

1031 exchange out of those properties. Don't waste energy on anger. Portland has a high population of liberal stoners. Laws will always lean towards favoring that group to keep votes flowing. Not worth the fight. Let it take it's course. Once it collapses, maybe pick up some of the foreclosures. Until then it's full speed to ruin. 

I sink whole returns. Put a pond liner in that sucker and raise Tilapia for additional income.

Agree with Teri.  If you can remain insured. Hold on to that income. Consider the tax punishment for selling it.

While making our rounds, Security checks we call them. A neighbor to one of our duplexes waived us down to chat. A friendly fellow we usually get information from in exchange for farm fresh eggs and an occasional streak. So were talking about this and that. Wife notices the back unit has a for rent sign in window from our PM.

We ask the neighbor fellow what happened to our tenants?  He informed us that the tenant died of a heart attack last week. We called our PM who apologized for somehow not informing us but they confirmed tenant died and they had several applications pending. Place was clean. We came back next day and tootle farted around giving it our extra finishing touch for couple hours like we normally do. Gives us a chance to see our place. Went home to finish our evening with a nice dinner.

On the way home, wife and I realized how odd it was that we had never even met the guy.

A case for  property management. Get a good experienced one with there own lawyer.  When we do run into a tenant, we tell them sorry all we do is work on them, our Manager deals with the money, legal and drama related stuff, you will have to ask them.

Now is that nice or what?

Or just refinance one or more for cash out depending on your needs. Rates will not be this low forever. Lock in. HELOC is great too but they adjust as over the years as rates climb.

It looks like Scott's parents made the best investment here. Jay Hinrichs as well. None of my tiny boxes come close to that. 

Jose, 

I hear you, but consider this.  My Mother bought her first home (later became a rental) many years ago for 4,400 In Portland Oregon. Back then that was a lot of doe and she would have been overjoyed to have gotten the recommended 20 discount (88 bucks). She nervously paid asking price. It is now a 1,500.00 dollar rental. 88 bucks will not fill a grocery basket anymore. 30 year time span yes, but as you age you can appreciate that at least she bought something. Beats living on a Social Security check. 

Now lets say some of these guys have a great day job or whatever and are able to hold out for 10 years. I don't know about your area, but here rents just keep rising. hard to keep track to all the rent raises. 

Not disagreeing with you, yes risky if not on solid financial footing, but for some of the older more established and patient investors here, 50 dollars cash flow is dynamite compared to a 401K. If that is all they can find in there area and want to keep it close to home. 

I worked with a guy who way overpaid on a 4 plex ,negative cash flow. took 4 years to cash flow. He retired last year at 55. Because he held out and allowed time to take his property out of the woods, he was allowed enjoy 7 additional years off of his cubical sentence.  Now he can get to know his family.  Sounds like one hell of a deal to me. Alot can happen in 7 years to include death.

I have also known of a few millionaires who interestingly bought homes in high end areas, Lived like a mouse to maintain them till they cash flowed. Sounds stressful to me, but they did it and they are pretty wealthy now. 

I think you have the right idea. get as much cash flow as you can, but know that there are  bigger risk takers out there who somehow end up with those beach front homes and one hell of a story to tell....Sometimes.

It almost seems to me that you could  stick a pin in a map, buy that house and some day looking back it will be a good deal!