All Forum Posts by: Kurt Gardner

It is a strange balance.  My wife and I haven't moved nearly as fast.  We have been doing this just over 3 years and have 5 "doors" (all houses).  We may be closing on our first duplex this month.  We've struggled, but have done it all on my day job salary (she doesn't work, small contractors, and leverage from previously purchased properties).  It requires patience to find a good deal in my area then boldness to strike.  Follow a plan.  Stick to your plan.  Don't get emotional.  Keep to your numbers and stay focused.  Most of all, keep us posted and inspired!

Blessings!

outside the box question related to this.  What if you used the equity to leverage new purchases, THEN sell the property so you can remain comfortable in your time frame (no 1031)?  Rent MTM, don't lease in the interim so you are free to release the prop and a new buyer has easy options?

Does this make any sense?  Still a newb and always questioning...

Im in illinois and we just had a washer p-trap that was buried in a slab that caused a problem.  Estimate from my plumber to dig up slab and repair was $800-1200 depending on how long it took (one day versus 1.5).  Instead of ripping up the concrete, we were able to tie it into an existing stack (it is only gray water, so any existing close line worked) and close off the old line, saving us time, effort, and money.  $450. 

Mobile home park, all day long.  It's like a storage facility for humans.  Sweet passive income for owning space...

It was right side up when i started, but when i downloaded the mobile app (android) it is upside down?What happened?

it's a little above what I prefer on a deal, but it still seems like you are protected.  I'd hold it bc the flip would not profit you nearly as much as renting a couple years and leveraging the equity.  You won't be underwater on it and it sounds like it isn't your first rodeo.  

The best advice from above is what my realtor ALWAYS says to me, "what's it worth to you."  Sounds like you answered your own question and just needed a sounding board.

Be well, sir.

Hi, fellow investors.

I had a super failure at the start of my real estate venture over 10 years ago (I am still paying for it, lol).  Since then, my wife and I have worked slowly and patiently to purchase 7 homes since December of 2012, we flipped one, live in one, rent five, and have a our first duplex in our sights if we can put the numbers together by the end of this month (April 2016).

I work a day job that pays our bills and my wife manages the business (she has not held a "paying job" for about 2 1/2 years).

I've lurked here a little and decided it was time I joined the discussion and at least said thanks for the great atmosphere and encouragement displayed by you all.

We believe it is a missional calling to do what we do because we invest in people by buying and fixing houses (from the local contractors, friends who need part time income, and the renters who might not otherwise have a chance to live in a quality home).  We will not buy a property we would not live in ourselves, and follow a basic formula of a purchase price at ~50% of fully restored value and no more than another 20% of FRV for rehab (typically we spend around 12-15% - most recent example is a property we bought in February for $26k, put in $11k, appraised at $61k, and rents for $825).

I doubt we'll continue flipping anytime soon.  The first experience was profitable, but also eye-opening.  I prefer the long-term equity and "tax-free leverage" benefits of buying/holding/renting.  Perhaps when we can afford to buy $150-200k homes, we'll reconsider.

...yawn, enough about me.  Good to meet you all in advance, and blessings!

Kurt