All Forum Posts by: Christopher Lane

@Lisa Thoele I'm gonna try to see if there's a happy medium. Great wisdom.

@Filipe Pereira I do not have the money to start in Cali, I bought my primary there and have gotten like, 50k equity that I want to HELOC to use for a few multi-families in other states that provide good cash flow. My strategy allows for failure, small failure, enough to recover from. But I don't think I would fail If I was disciplined and made wise choices.

@Lisa Thoele You are completely right! She has dreams and ambitions too.  She loves to travel and help people and wants to be the best mom a kid could ask for (we are going to start trying for kids this coming year).  My perspective is that if we make some sacrifices now to invest smartly we can fulfill all of her goals.  We could travel, and neither of us would have to work and we could raise our kids and volunteer at church, and help people who need it.  She's a trauma nurse and wants to help people more than anything and I love that about her.  I see it where they are complimenting goals, I just don't know how to explain that. :(

I live in CA, but have legal residence in Florida. I want to eventually own properties in multiple states. My goal, albeit ambitious, is 100 doors by the end of 2020. I'm only doing it (LLC) to protect my family from lawsuits, and the tax benefits. would that change your advice?

@Filipe Pereira That's a great idea, but I gotta get the first one (other than my house) first, then, I'm going to reinvest into more before I do anything for her - or even tell her for that matter. Anything over $1000 a month would actually show her that there might be something to this idea.  I am legitimately probably going to do this without her knowing. The "I told you so" moment will be so sweet, but I wouldn't do that to her.  It's the right answer for us - as a team - which is why I'm willing to do it without her knowing - at first.  

@Jason D. I completely agree.  I feel like taking this and scaling it is the key to financial freedom and passive income forever.  I know if I don't I'll resent her for the rest of my life.  End of story.  What I'll likely do is just proceed and take the a$$ chewing but after 2 or 3 when I start having $1000 a month passive maybe shell wake up!  Pray for me guys... I might die within the next 6 months. lol

But those things don't excite me the same way. Don't get me wrong, I completely see the value in it.  My question is more - How do you deal with a wife whos blind to this as a form of investment.

Bad answer: Depends on what you want, rental or resale.

good (?) answer: Go for something that increases the rent value AND the ARV. There are a lot of things you can do that add great value without maxing your budget. Go with refinished cabinet fronts instead of new cabinets. Go with quartz counters instead of granite. go with a Stainless steel sink since they're easy to clean, you can get stainless steel appliances on the cheap if you wait for a holiday sale.

Hey team, so this is a super personal post.  Read at your own risk lol.

I grew up in a family that had 2 - 4plexes and 3 triplexes. I grew up collecting rents with my dad, and working on the houses and mowing the lawns.  My parents got divorced and now my mom has a house, and my dad has 3. somewhat relevant but not really.

The big issue for me is my wife.  

"I dont see why you dont think you need a job.

I dont think its smart to waste our money on something risky

I dont know why youre so obsessed with this

I dont know why youre chasing $400 a month from such a headache

I dont know how you think this is smart

You got fired from your sales job because you couldnt sell and never made money there

Remember when you invested in bitcoin? howd that end? (I ended up doubling my money, but only after being 9x if i sold at the bubble)

You need to be thankful for what you have

Why cant you just be normal

God gave you what he gave you for a reason"

I tell her I grew up in this arena and I've done literally years of research, with my dad and on my own. I've listened to every BP podcast, every Grant Cardone youtube video, read over 20 books, all on real estate and personal finances.

I'm devastated that she says these things to me and I have no idea how to get her to see that this isn't something that's a half-a$$ed idea.  Shes a Trauma nurse in SoCal and makes over 100k but ha NO goal of ever doing any better in life than what we make now. and TBH my relationship is really struggling now, not because we don't have money, but because we have differing opinions on what to do with what we have.  

What do I do?   A divorce is never an option.

Buy and hold, I would go into flipping but I'm currently stationed in Kuwait and don't want to be an absent manager. plus the thought of flipping isn't really that appealing to me honestly. I don't find the income to be as solid, or consistent.

but I'm open to having my mind changed.

Do they rent regularly? 

Do the HOA fees increase a lot?

GREAT view!