All Forum Posts by: Jody Schnurrenberger

Oh, Dima, there is a WHOLE LOT of laziness in me!  Hahaha! 

I recently got medically retired from the Army and am living on my disability check for the moment. But I hope to go back to school this fall to become a social worker and do discharge planning for the VA or something else so I can apply my 12+ years of Army service toward another government retirement. When I have another job, I think your idea is great...minus the part where I open the mail telling me how much I have set aside. That will just encourage me to spend it. ;-)

@Dima Kassim I like how you use your laziness to your benefit!  I always say, "Life isn't about being perfect, but about working around your imperfections."  You've found a perfect answer for one of your imperfections, not just working around it, but using it to benefit you...Genius!  Great job!

@John Thedford

HOLY CRAP!!!  YOU'RE MY HERO!  I totally want to be Colleague!  I don't know what that means or even how to do it, but I want to glom onto you like a freaking lamprey eel!  Hahaha!  GREAT JOB!

Howdy!

I'm a buy and hold gal, recently medically retired from the Army. I've got a SFH and 2 sets of duplexes in Auburn, AL, my original hometown. (WAR EAGLE! lol) I've owned property since September 2001, though I'm looking to sell my SFH and purchase something else. But I think 3 in Auburn is enough, then I'm planning to move on to Raleigh, NC, where I might be moving next for school. After looking at that city, it seems like a good one for rental investments. :-)

I utilize property managers, even when I was closer, because I'm terrible at being the bad guy! Hey, know your weaknesses. Life isn't about being perfect, but about working around your imperfections. I'm just too nice, so I hire other folks for that part of the job. Not to mention, I'm pretty disorganized and am terrible at collecting rent on time even when I was trying to do it myself. lol I also have a financial planner who owns real estate as well and he helps me vet properties. (It was actually his idea to sell my SFH for something better and to stop buying in Auburn after this next deal in case something happens to the economy there...not having your eggs all in one basket type of thing.)

My SFH is paid for and my duplexes all rent great and cash flow, so while I'm not a genius at this whole real estate thing, I've got good folks helping and I'm doing alright for myself.

Who else is new on BP?  Who else is from AL or NC?  Who else is just friendly and wants to say hi?  :-)

@Jay Henrichs Thanks for the tip about the top 1/3.  As an out of state investor, I appreciate that tip!  

I forgot to add, EXCELLENT call in adding another bathroom to your 3 bedroom/1 bath.  I had a neighbor with a 3/1 and they couldn't sell for the longest time.  They put in another bathroom in the basement (there just wasn't a good place upstairs) and I thought it was a waste because there wasn't really anything down there except a family room and storage, but they sold their house fairly quickly after that.  Huh.  Anyway, I knew I wouldn't buy a 3/1, but apparently I'm not the only one.  Great call with that addition!

I only do buy and holds so I'm also interested in this answer, but I can tell you that a good home inspector can often not only tell you what needs to be fixed, but also about how much it will cost and/or point you to a good contractor.  I hope this helps a tiny bit.  :-)

Good luck!  I can't wait to see what other folks say!

I'm glad you posted this.  I'd like to know, too.  :-)  I researched a bit online and didn't see anything useful.  It was all pointing to school stuff or map reading.  I hope someone who knows what they're talking about answers.  :-)

How exciting for you both!

I'm in NO WAY an expert. I actually have a financial planner who makes these types of decisions for me. But if no one else answers, I'd say you need to create an LLC or something. But if she's already signed, is it too late? I guess they could draw it up again and she could resign as the entity, assuming they were willing to do that.

GOOD LUCK and I'd love to hear the final outcome!

I'm not an expert, but I wanted to keep your thread alive, so I thought I'd chime in.  But remember, opinions are like...well, anyway.  lol 

I'm a big proponent of having one place free and clear!  That way, if all else goes badly in the world, at least you have a place to live!  It's better to be broke than broke AND homeless.  I think you should never put another person's dime on your duplex...unless you end up buying something else and have it free and clear later, then you can at that time.  ;-) 

That being said, I vote for a SFH. It's just my opinion and many people do well with town homes, but for me, I don't like the idea that it increases some of my risks. If their place catches on fire, mine probably will, too. If they are gross and have tons of roaches, my place probably will, too.

I think you should keep the duplex as is and buy a SFH. :-D Then again, if you know anyone good at the stock market, consider putting some in that for a bit of diversification. I have about 1/3 of my money in property and the rest in stocks and bonds, though I'm looking to make it more half and half. :-)

Good luck with whatever you decide!  But, after this thread is dead, I'd love to know what you plan to do.  :-)