All Forum Posts by: Justin V.

@Michael Valenzuela

In my experience Closing costs are typically pretty minor in the grand scheme of things.

I buy duplexes because they are common in my market and the per unit price is much cheaper than single families. And a duplex can be bought for slightly less than a single family of similar sqft and rent for 40-50% more. Duplex taxes are the about the same as single families by me. Same with insurance.

That’s why I buy duplexes. That said, if I could get 4 1000 sqft single families for the same price as a 4000 sqft 4 plex with similar taxes and insurance total, I’ll go after the single families all day long. Only major cap ex difference is the roof, which isn’t much. Most people would rather rent a house than share a yard in my area. Thing is I doubt I’ll ever see that, so duplexes and multi families it is.

@Clint Shelley

I love this post and it made me chuckle.

Them: Should I get a truck?

Me: smiling and giving a thumbs up while I sit in my truck.

Awesome!

Also, I Agree that older used trucks are great and don’t use up a bunch of down payment money.

@Scott Brewster

1) since you’re friends, don’t do it.

2) what happens if there is a loss instead of profits? How about if it goes too long? Market crash? Is the loss on you or is that split?

3) if your gc designer friend wants to be paid weekly to be a gc, why not pay them to be your gc for your project and keep your potential profits?

4) don’t assume your extra risk/effort will be recognized or appreciated and try not to become bitter once it isn’t.

Relevant experience: failed partnership with friends which led to a fractured friendship on a good day.

@Kirbi Campbell

Covid vaccine: let someone poke me with a needle after patiently waiting my turn.

@Jason Stephens

We’re doing this. Fixed up some duplexes and they cashflow well. We’ll cash out refi them after college is finished and also after they’ve funded the purchase of the rest of our fleet with the cashflow for the next 18 to 20 years.

It’s much easier to save when you are getting paid to do it.

@Dewayne Hopewell

As little as possible plus repairs buffer.

@Lauren Larsen

Buy your first multifamily in Kansas City, then ask to be added to their sellers list when they call looking to buy your house. I get a couple calls a week for my few properties and that’s what I do.

@Robert Dunbar

Laminate is junk. The sawdust absorbs water, swells up and never goes back down. 1 spill or pet accident that doesn’t get pulled up right away and you’re done. I put laminate in my first kitchen. Ruined it that same year.

Lvp is good, but you get what you pay for with it. The cheap stuff won’t last or stay together.

I’ve moved to prefinished solid hardwood that is refinishable. $3 per sqft later plus $3 per sqft install then I save after: $1 per sqft repoly or $2 per sqft sand and repoly. I plan to hold my properties forever And I believe hardwood will be cheaper in the long run.

@Nathan Smith

College was the 2nd best part of my life next to on the field in high school football. I’d never trade it.

I’ve been working hard ever since to get properties and raise a family. My w2 income made buying my properties achievable. I think once I’ve made it I’ll continue working as an engineer but take more vacations.

What do you plan to do once you’ve made the money and are 30? Good to know what you are rushing towards and sacrificing your youth for.

@John Matthew Johnston

I feel you are justified but would likely charge triple what you have in most places. Chipped granite would flip my lid.