All Forum Posts by: Account Closed

@Jesse Stemle Your biggest problem is your thinking.  You need to fix that first.  Everything else will follow.  You are worried about being setup for failure rather than setting yourself up for success which proves my point.  You need to live books like Think and Grow Rich.  You need to find others who live books like Think and Grow Rich.  BTW, what was the last book you read?  If you have done any research, then you know that you don't have to have any capital to get houses.  Try Bob Proctor's 13 month program.  It completely changed my life but i also took it very seriously.  There others like it as well.  Being young, you have the advantage of high testosterone, plenty of energy and plenty of time without all the hassles that come with a full family.  

I like your questions and so I will give you some advice.  

Can it be done?  Yes.  How long?  That is up to you.  Go kill it and you get it done in less than a year.  I doubt you will because you don't even know what you don't know.  But you might.  You may want to be on the 8 year plan to 40 homes.  

That being said, why don't you get a house under your belt first and see if this is something you want to  do.  Until then, it is only academic.

You should always have reserves.  HVAC units fail, tenants break pipes, wood rot is found and termites happen.  Usually when you just realize you don't have any reserves.

Which means you need to be prepared for a major correction.  Hope for the best and plan for the worst.  Make sure your exit strategies are in place.

Stop analyzing and buy a home.  Do rough numbers.  Do a gut check.  And then pull the trigger.  It is $40k(ish).  It isn't $500k.  If the area support any amount of rental income, it is almost impossible to lose your butt completely, at least in the short term.  You will learn what you need to know and how it all works on the job.

You aren't paying the rate so long as it is rented.  I say do it.  This is a numbers game.

Ask for Deed in Liu of foreclosure.  If he is amicable, it will make your life seriously easier.  One signature and the process is done.  If you have to foreclose, it will cost you some cashing a lot of time to do that and will involve the court.  Do the chap a favor and just take it back.  The market is doing well and you should be able to sell it again, probably for more money.  Your CPA should be able to answer all the tax questions.  It is more than I know.

Yes.

@Amber Matas - Give them the number to code enforcement.  Have them come do a quick inspection.  I don't typically use a licenses electrician, but if I did and all the permits were on the up an up, I say bring it on.  I would tell them let me know when the inspector is coming by and I can meet them there.  I would take this head on, full charge, no holds barred.  You need to train these tenants that you are in charge and not them.  This is your first start.  Threaten to kick them out.

I'm good.  I don't work or think like you do.  But I am good.