All Forum Posts by: Shawn Coverdell

Tell your family, you can retire in 5 years with huge income from realistate or you can retire in 40 years from a college level W-2 job with a house and a car. Ask your parents which would be the better choice. 

Shawn Coverdell

Homes in the Hood

This is going to sound bad, but I don't mean it to. If you are dependent on a home inspection, I don't think you are ready for investing. Learn more about home repairs. Do a few remodels. You need to be able to buy as is to get the best deals. You should be able to walk over a property and in 20 min or so make an as is offer. 

My best deals were Cash, as is where is. close in 7 days or less. Find out later what the bad was and just fixed it. works time and time again. 

Know how to get a roof on for 2,500. a sewer line replaced for 1K or so. Drywall a  3 bed/2 bath for 1K labor. I think there is a lot of misleading information out there. TV is horrible for this. You need to be ON SITE. 

That is when you are ready

Shawn Coverdell

Homes in the Hood

I get this all the time. EVERYONE as in (ALL) want to invest in realistate and make money. The problem is, if you are 25 or above and have no or little savings.   Your done. Sorry. You just have to be content with 9 to 5 till 65. 

Shawn Coverdell

Homes in the Hood

If you choose your wife wisely based on biblical principles, You prosper several times fold, as your will be driven to make you successful. My wife is the secret to my success. With her help we are unstoppable. 

If you choose your wife based on worldly wisdom, Put your hands around your neck and choke yourself. The damage is often unrepairable.

Shawn Coverdell

Homes in the Hood

If you are going to go for the serious cash flow percentages, you have to get used to terms like,  "My babies Daddy". or "yes, but it is an emotional support animal so it is ok" or "I don't think we have any eviction on record, I don't believe Catelain Properties every officially recorded it so I think we are in the clear."

You just have to get rid of your television and go after the money. Politically, we are headed towards socialism. Get yours and get out!  But get it fast because this ship is sinking. 

Shawn Coverdell

Homes in the Hood

Just pick one. I like to use mostly one. for me it is HD. Nothing worse than having a pile of returns and not knowing where they came from. I then use Miller paint for all paint (any premium paint dealer will do) There all the same really. but use one so you can get a volume discount, and they get to know you personally so you get better service. Convenience is crucial. You can spend all day shopping for your crew easily.

Do the math. I would rather get no discount at all, have my workers shop, and spend more time with my wife deep in the mountains. This took awhile to learn. What effect does 500 dollars savings on a 5K order have on your several million net worth. Not much at all compared to every day that god has allowed you to continue breathing. 

You can spend long weeks shopping and stressing and make 100K on a flip for example. or you could just go with most convenient and make only 80K. Yes you lost out on 20K, but you just keep doing it over and over again so what is the big deal and what would you spend all that money on anyways. 

I recently spent an evening at an exclusive club. downing 25 dollar shots. woke up with a headache. Miller light would have been just as effective. 

Shawn Coverdell

Homes in the Hood

Shawn Coverdell

Homes in the Hood

When I worked a W-2 slave job. I had a certain number that I considered my "freedom number" read that somewhere. sounded cool. I hit that number rather quickly and kept remodeling homes for rentals. Today I make several times that number, yet I just got back from laying down another Lego floor. 

I took a break on the front porch around 7pm and pondered the thought that most of the neighborhood was home from working (those few that choose to work). They are probably sitting on the couch watching the latest TV show. trying to forget about there financial stresses, backstabbing co-workers and the boss they wish they never had but do. wondering what politician is responsible for there woes. 8 or 10 hour shift, 5 days a week, same tasks. Expendable, replaceable, Beat down and misinformed. I look across the street and see a 40K truck and a 50K fifth wheel parked in driveway. 

Only recently, did my wife get her nails professionally done for the first time. No point while she was working as my electrician and laying tile. Just bought her first "new car", a used 2017 Honda HRV. 

I can't tell you how grateful I felt while laying that flooring. I in no way have to do so. I feel so free, but I work daily and I love it!!!

Power is having the ability to buy a fleet of any car on the lot. One in each factory color produced, Yet exercising restraint. and being content with your 1999 F350 Diesel with faded paint and scratches, heading to the dump with another load left by liberals. 

I think it is that Power that leads to freedom. Remember when you finally mastered Asteroids and got your initials in the top 10?  "All your Bases, Are Belong to Us". No, you can not take it with you, Yes your kids will sell all your boxes and blow it on candy. You will not be here and you will not have to watch them fail. 

It's all about beating the code. Beating the game. "I want a name when I loose." 

Shawn Coverdell

Homes in the Hood

I never really value properties this way. Learn to BRRRR with cash purchases. Not borrowed cash like some are trying to do which is ok but not the real deal. Real Cash, your cash.

If done correctly which is not hard to do, Your returns will be oddly infinite. Or difficult to calculate because $$$/monthly from zero into the property (after refinance) = ????  much debate. 

but I tell you what. My calculator will not give me the answer. Especially when you consider that each house equity becomes another and another etc. 

Shawn Coverdell

Homes in the Hood

100 dollars is a bit extravagant for such a dwelling. 89 dollars, Glacier Bay round bowl. If the seat is too small, report them for abuse of  food stamps and things will work out over time. 

Up the rent to cover the ever increasing costs of being a landlord. 

Shawn Coverdell

Homes in the Hood

Most of my properties are in the hood. I us a PM with fairly strict standards. I get good tenants  high turn around. I am finding that good people do not appreciate toothless meth addicts as neighbors. with good credit and income, they find a better place and move on.... Our houses are all fully remodeled and very well kept. A friend of mine invests in same area. He spends less than half the time remodeling and his vacancies are about a week as opposed to mine that sit for a month or more due to picky selection. His tenants look like they fell off a Harley and rolled into a ditch. Most have felonies and credit scores in the 500's, they shop Aaron's and drink energy drinks daily then go to food banks for help.ar

His places are only empty for a few weeks when vacant. He takes larger deposits for the risk. He tells them he is charging them higher rent for the risk. His tennents tend to stay forever because no one else will rent to them. 

Yes, they stink and are straight up nasty. But if you only spend 500 bucks and 3 days turning your units, you are doing pretty good right?

so I  a bought a home that would normally rent for 800. spent 14 days remodeling it. The tenants  were moving in as we were packing up our tools. I was kind of embarrassed on the job we did, but the tennents loved it. Both had felonies and had a pit bull. 

I charged them 1K rent. that is 200 more than normal. and double normal deposits. They are so happy to have a second chance they pay there rent 2 weeks early and they seem like very nice people. 

So I figured hey, maybe this is beginners luck. so we bought another one and did the same. 

Wow. working great. 

so here is the question, This is Washington State. so we are now advertising another one on Facebook. if they ask how much can we tell them it depends on your risk factors. Go down a list of questions. if they pass the gut test ( you landlords know what I mean) tell them the rent amount. Tell them to apply through our PM. Our PM is willing to go over them with us. 

Is this wrong? will I go to landlord prison?

Shawn Coverdell

Homes in the Hood