All Forum Posts by: Brant Richardson

I wish I could make it out there.

If you plan on holding it as rental for decades then locking in the rate would be very tempting. If you want to access the equity for further investments then you have even more motivation to refinance. I would personally finance it out as much as you can while still maintaining $100/mo of positive cash flow and get it locked in with a 30 year fixed.

Ha, ha, yes, I measure everything in quantities of either a down payment or a months worth of cash flow from a unit. Gym membership, hmmm that's half a months cash flow. A weekend getaway, hmmm, several months cash flow, think I'll pass.

I've been working on my boat lately... so I can sell it. It's worth right about the same amount as a downpayment in my investment area. I then no longer need the tow vehicle which will cover closing costs. Also, I keep it in a boat yard which is $120 per month. I can't help but think that $120 per month loss is like losing the cash flow from a rental unit. So selling the boat and buying a property is like gaining two units. My buddy has a better boat anyway.
When I retire I'll buy another one, my investments will pay for it and I'll have the time to use it.

Let your future partners and mentors know what you bring to the table and present them with a professional first impression.

The first part of bringing something to the table is education. Check out the podcasts, beginners guide and buy a book every couple weeks.

How about selling some real estate and making some money for a down payment? You will learn your market inside and out along the way.

I would do some thorough photo documentation of the current condition of the house so you can prove what is new damage when she moves out. I would probably not make her pay another deposit but that is more of a nice guy move than a smart landlording move. She may want to sue the old landlord for the money, maybe you could help her.

Where are you planning to invest?

It depends on how big your pile of money is. If you can buy twenty houses in cash and think about financing later then quitting your job in a year should not be a problem.

If you are a "total newbie" you should spend a few months reading before you jump in though. Check out the podcasts and beginners guide, both are excellent.

Something to consider when calculating vacancy expenses, most property managers charge you a months rent for placing a new tenant. So if you have one month of actual vacancy while a unit is being repaired and a new tenant is being found, you actually lose 2 months of rent.

When he said "off the MLS", he meant it was in fact listed on the MLS.

What is your goal Mark? Happy for you that you added one to your portfolio.

You need to move your search inland to find good cash flow. Check out Fresno and Bakersfield. Out of state made me nervous too but thats what I'm doing and no longer too nervous.