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All Forum Posts by: James McCard

James McCard has started 3 posts and replied 273 times.

I ordered the Kindle edition as my local Barnes and Noble was out as well as there warehouse. Amazon was out of stock - I could not put it down - finished it quickly!

Post: Should I invest using my 401K or home equity NOW or WAIT?

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104

Oh I am not suggesting that you buy it all cash - only that I paid off everything I could before I started. I will be getting a HELOC rather than go in all with cash.

Post: Should I invest using my 401K or home equity NOW or WAIT?

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104

As mentioned above there is not one correct answer. You just have to pick the one that makes you feel most comfortable. I knew for me that just from a comfort stand point I wanted to be debt free (aside from my primary residence mortgage which is house hack to cover most of). 

I do not have a car payment but I did have some credit card debt etc. Before investing I decided to pay that all off. Now around me the market is hot a two family in a good neighborhood was under contract in less than a week. Now that I am debt free (see above) I am saving a lot of money every month. I am content socking away that 500 a month that was going towards debt payments into an investment account until the market around me cools a bit at which point I am coming from a stronger financial position anyway. 

My way isn't the best way for everyone I am sure but just figured I would share!

Post: Should I have a team in place before investing?

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104

I am in a similar spot - or was up until recently. I think it is good to go in with a plan and you can save you money long term - although it gets to a point where it is easier for you to do something to make that money and then just pay someone else. 

Here is an example:

Just recently I decided to insulate my basement - it would take me a day of cursing, sweating and complaining that my back and knees hurt for the next 3 days for me to do it myself - so I reached out to a guy who I know that works for a company doing this sort of stuff everyday and asked him what he would charge. He responded with an absurdly low rate - to which I said that is too low - I ended buying him 2 tires he needed (I work in an automotive shop as my 9-5) and he did the work. 

I can do a brake job in under an hour if I am hustling and make 200 dollars of profit there - so I would rather do a brake job and only spend an hour of my time to get the money needed to pay for the insulation labor. 

Post: Leave my high paying job to be an agent?

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104

I just finished reading a book that I think will help you - it specifically talks about what you are suggesting - it is by our own @Scott Trench and it is called Set For Life! 

Post: 100 Year Old House and 2-inch Maple Floors

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104
Originally posted by @Mindy Jensen:

Truer words have never been spoken. Or typed. My husband **used** to wear them at the job site because you can slip them on and off. Two words: Tetanus Shots! 

 I made the mistake of wearing slippers with a rubber sole on while I was moving wood around my garage - one of the boards had exposed nails so I set it off to the side - the next piece I picked up I lost my balance with - I stepped back to regain a solid footing - one foot punctured and I probably hit my head on the ceiling I jumped so high - landed on the other foot which also took a nail through it - never again. 

Post: Hardwood floor rehab

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104

You could also try refinishing it yourself - it wouldn't be a fun job but it could definitely save you some money if that is what you are after. 

Post: Best Vehicle for DIY Landlord

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104
Originally posted by @Kevin Williams`:

I was only considering gas 1/2  tons until now, do you find that you use the extra torque or is it just nice to have? I don't plan on pulling any stumps or houses lol

 For me it was more the fuel economy and towing capacity that was attractive. 

Post: What kind of car do you drive?

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104

@Brian H. as silly as it sounds the Sentra he sold was a 1999 Sentra SE-L - it was rare in a sense that it was a one year only model and had very low mileage. His M5 has a clean title but higher mileage - however it was enthusiast owned so all the regular maintenance got done on time. I would only be guessing really but I would say that he spent perhaps 9-10k total on the car. 

You just have to search CL, Ebay etc like a hawk and realize that it's now a car that is almost 20 years old and in the budget range you are looking for even one with a title issue may still have some dents etc. 

Also Search Tempest is a great way to search multiple areas of CL and Uship.com will help with delivery if you need a car shipped. 

Post: What kind of car do you drive?

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104

@Brian H. find an M5 with a salvage title - they will probably be in your budget. The older ones are needy if they haven't gotten regular maintenance etc done a buddy of mine sold his Nissan Sentra and put 5k of cash on top of the proceeds of the Sentra to buy an older higher mileage M5 - hasn't looked back since.