All Forum Posts by: Logan White

I guess I should been more clear, the low income guy inspired me to look at a low maintenance perspective, not that I intended to protect my property against malicious actions by renting stone cubes. The truth is no matter how good a tenant is the home being rented is not theirs and they won't treat it as if it belonged to them. Other things I have thought about, flooring for example, what are your opinions? Does everyone automatically lay tile everywhere they can? Do you try to use carpet as much as possible because it is cheap and can be cleaned? Has anyone tried stripping everything down and refinishing concrete floors? I know region plays a big part in this decision.

Another investor once told me about his friend who invested in rentals in a major city in Ohio. This guy basically took old cookie cutter homes in low income ares, rehabbed them in a way that made them "indestructible". Stripped them down to the block walls, removed any fans, installed basic kitchens etc. This concept got me thinking about a rental I just acquired. For various reasons I am stuck with this property as a rental indefinitely, so I ask myself what can I do to set it and forget it. For example I have been looking at how I can incorporate restaurant stainless kitchen sinks and cabinets in a way that comes off as "modern industrial" and not the lunch lady's retirement home. With this style kitchen you could easily install it with little to no cabinetry skills, could always scrub it super clean and it would last forever. What are some things that you guys do to make your properties more maintenance free?

Look into a brief arrangement with a property management agency. I use one and I am currently on active duty, no issues communicating and working on issues while I was deployed. 

It depends, I have 3 rentals and one is a mobile home. I paid next to nothing for the home and small lot. As far as numbers go I am 4K away from it paying for itself and I have only had it 3 years. So in reality it was my best deal. In the end I think if the numbers are amazing why not, if the numbers are close to a normal SFR then no way. A mobile home is a depreciating asset in the end Just like a cab, but cabs still make the cab company money. (Pre uber of course)

Originally posted by @Mitch Messer:

Hi @Logan White! Well, I believe your very next step should be to decide just how much net cash you need each month to fund the lifestyle you want. Everything else is a tactical decision.

I'd also strongly recommend reading "Lifeonaire" by Steve Cook and Shaun McCloskey.

Once you have that number, calculate the gap between where you are and where you need to be. Then you can make informed decisions about HELOCs and raw acreage and whether or not you really want to be a landlord managing the number of rental properties you'll need to reach your number.

There's no shortage of ways to make money in real estate, but make sure your tactics support your lifestyle, rather than the reverse!

I can't tell you how many investors fling themselves into this business with no consideration of the endgame. I should know: A few years ago I was one of them!

 Thank you for this, it really has made my gears turn. I looked into the book and from what people are saying it could benefit a beginner.

Wow, already good thought provoking advice. Selling the land has definitely been on my mind because that money is not really working for me.

Three years ago I received a free/clear house on 2 lots and some money from family in my home state (currently active duty USAF). I immediately repaired anything wrong, updated the house and rented it. With the remaining money I purchased an additional small lot and a mobile home for a 2nd rental. After that I purchased 75 acres in the country. The 2 rentals net me around $1200 a month.    My next step is buying the 3br 1ba house neighboring the lot with the trailer. The seller will carry the loan on that one and all other properties are free and clear.

In the end my goal is to retire from the Military and continue investing in rentals. My question for everyone especially the pros is, if you were in my shoes and knowing what you know now, how would you move forward?