All Forum Posts by: Mae Galang

I would be concerned of their run-in with the law. A clean background is important. While people can change for the better, its imperative to run a thorough background check and a full credit report. Have them fill out an application form listing their previous place of employments, references, etc. Verify employment by calling. Call references they listed. Inquire with previous landlords that they have rented from if applicable. 

A year's rent paid in cash sounds great and all! But not worth the headache if the tenants bring about non-monetary stress. Not all that glitters is gold.

Very true! 

Starting a business or investing can make a person feel scared and anxious -- start anyway.

I'm not much of a planner and bought my first home in 2017, I didn't have the capital for the downpayment at the time. It was a new-build and it took GL Homes 18 months to build it. So I worked 4 jobs in that 18-month timeframe to come up with the money for a suitable downpayment (without touching my brokerage, 401k, etc).

Gosh! I was so young and naive at the time. I've learned that a little bit of naivety is good because otherwise an individual may never take the leap if they possessed all the knowledge and truly knew how much risks are involved. The experience taught me a lot. Sold that house a few months ago. Great returns!

3 Steps To Take Immediate Action:

1) Set small, short-term goals (establishing a one-year, three-year, five-year goal has helped me tremendously)

2) Seek help from people smarter than you (I am never shy to ask questions, even the stupidest ones)

3) You grow through what you go through (We will make mistakes along the way and that is ultimately what will help us become better investors)

Hi there,

Pretty new to REI as well.

Things I've done to gain knowledge:

-Listen to BP podcast

-Read RE books

-Enrolled in a RE course (I take an exam in a few months to obtain my license)

-Look at listings throughout the day in states I've been eye-ing

-Analyze potential deals by plugging numbers in a spreadsheet (to calculate what ROI will be first year, second year, etc)

-Been reaching out to seasoned RE investors

-Saving more $ to increase capital

Good luck to us! We got this!

How was the $27,500 determined? I would ask around and get quotes on how much (cost-wise) damage was done. What state are you in?

Stick with one-year lease. Charge her a "minor" fee for breaking her lease (whatever amount it states on the contract) and set her free. List the property as soon as you can so hopefully it doesn't stay vacant for long.

I'm slightly bias because I recently moved in to a new place and vacated my old apartment with still about 3 months left on the lease. Told my landlord I moved out but intend to pay my rent until my lease is up. She found new tenants within a week! So now, we do not have to pay for 2 places these next few months. We already budgeted for it but thought that was great of her to be accommodating and proactive. Definitely leaving her an awesome review!

Few questions:

1. Do you have another source of income? How are you affording health insurance?

2. What other assets/investments do you own? (checking, HYSA, HSAs, 401k, Roth IRA, crypto, etc?)

Agree with comment above about selling loft but not using profits (nor savings) to pay off the house. I wouldn't pay off the house. I also agree with putting some $ in the stock market. The S&P 500 is up 14% YTD. Bitcoin ETFs are up 38%. 

If you were to put savings in the S&P 500 -- in 30 years, it will be worth over $3M. This is calculating a return rate of 8% (inflation taken into account).

I might be a little bit more risk averse. What is the vacancy rate of your properties? Have you had to spend a large amount of money for huge repairs / capital expenditures?  

There is a huge psychological aspect to money. 

I can only speak for myself and what worked was establishing a goal early on while being careful about having a certain number in mind and building your life around it.

What is your rich life? For some, it’s owning a super car. For others, it’s having more time to travel and spend time with loved ones. I am grateful to be able to go to the grocery store and not have to look at every price tag. I am also thankful that I am able to invest X amount per week in the stock market and Bitcoin.

Commitment, discipline and consistency. “Live in the moment, plan in decades.” 

Welcome! From a fellow newbie.

I work a 9-5 as well and plan on keeping my hospital job (Luckily, I am only part-time at this job but have the option to pick-up extra shifts or take extra call 📟). 

There was a podcast episode that discussed having an income to fall back on in case things don’t work out (there will be some Ls along the way — all part of the journey.) 

Been looking at deals and have an excel spreadsheet to analyze numbers (ROI, expenses, etc). I live in La Crosse, WI but have been eye-ing other Midwest states too.
 
Good luck! This is a great place to learn, network and asks questions. 

“The proposal aims to remove a tax benefit from landlords who raise their tenants' rent by more than 5 percent per year, the Post reported. This would only apply to landlords who own more than 50 units, which accounts for roughly half of all rental properties, according to the news outlet.“

From: https://x.com/unusual_whales/status/1812919262874595461?s=46...https://unusualwhales.com/news/biden-will-announce-plan-to-c...

Hello Greg. I heard great real estate stories from Racine. How did you get started investing?