All Forum Posts by: Account Closed

I would have to disagree that millennials are the largest renting pool out there.  They are loaded with debt, lack ambition and are just now starting to procure decent jobs.  Housing is something that as a whole they cannot afford much of.  I am not basing this off any studies and admit I could be wrong, but I don't think I am.

Why wouldn't I go green? I don't like spending (wasting) money that makes a negligible difference. Unless you are putting in a 25 SEER HVAC, efficiency isn't much of a concern. The ROI is zero or less. Yeah, I'd like to put in foam insulation in the walls of all my homes, but once again, the ROI is zero or less. Super high efficiency windows are extremely expensive and the ROI is zero or less. In fact, if you want to really go green, you should take all the windows out. They are the worst. I put in LED lights because 1) they are free from the electric company and 2) it will hopefully prevent the tenants from losing parts to the light fixtures when they replace a bulb. Not because it is more efficient.

Are you planning on turning down C class applicants that apply before your A class millennials even if they meet your qualifications?  I've been doing this for 8+ years and I have never had someone ask if a home was "green".  Most people are desperate to move into a quality house which I provide.  

I do some things to help the tenants, but mostly because it is code and they could call the city and have it inspected.  In particular, I make sure the attic insulation meets code.  Not out of some skewed sense of planetary kindness, but because when the city inspects, they will find multiple issues.  I don't want them anywhere near my properties if I can help.  

BTW, I purchased an Energy Star certified home in NJ circa 2005 and it was absolutely terrible.  There was nothing efficient about it.  That program is a joke.

Immediately.  No minimum as long as the expense is legit.

Why are you trying to turn it green?

I used a VA loan for my personal residence. I typically don't buy expensive properties so I use 401k loans, credit cards and personal loans to finance a lot of my deals. I don't think there is a set time. 90 days seems pretty reasonable but frankly no one is going to actually check as long as you pay the mortgage.

 I got a loan against my 401k.  I think you can take out half of what you have in there up to 50K (or something like that).  And I used it to purchase and rehab a 40K home that now rents for $725.

I would tap every source of money I can get.  That includes credit cards, 401k loans, car title loans, personal bank loans, my kids savings account, etc, etc, etc.  BTW, I have used eery single one of these to fund a house.

@Tony Stephenson I try to source all my materials through Home Depot.  Get a commercial account.  Their online purchase tracking is great.  Sign up for the fuel rewards and you get a 1 year return policy.  Comes in handy.  A lot.  I also source through Amazon as they keep recipes for like ever on my purchase history.  Cabinets are wherever I can get a good deal.  Hopefully used.  Appliances and stuff like that come from Craigslist.  But tile, lights, flooring and paint all come from Home Depot.  Yeah, I probably pay too much but having a single vendor makes it easier. Plus you get 10% off when you flash your Military ID.

I am not all the familiar with notes, but one of the recent podcasts went into depth on this.  I believe the person being interviewed said he pays $15 a month for a company to service his loans.  At that rate, it is crazy not have them do it.  I have no idea what a loan originator is, but I have taken several owner finance deals and we did not bring anyone else into the deal to handle it other than the title company.

Duplexes are a single unit owned by a single entity.  They are usually listed under a single address in the registrar of deeds as well with a secondary address attached to it.  I would never assume it is unoccupied.  Drive by and see if anyone lives there.  That is the best way to determine if it has a tenant or not.

@Tony Stephenson  I am a veteran and yes, we are all pretty handy.  I don't like the home warranty thing myself.  I have 7 rentals and the difference between me doing the work and a contractor is striking.  I over engineer everything and do it right for the long haul.  Contractors are just trying to get through the job and get paid.  I will offer you this advice.  I have 3 colors I use in every house.  1 color for rooms, 1 for the bathrooms and 1 for the rest of the house.  I do not use anything else.  When we have to repaint due to a move out, it is quick and easy since it already cut in.  use the same tile in every kitchen.  Use the same tile in every bath.  Make sure it is porcelain.  It will last forever.   Standardize now will save you time in the future.  Have the HVAC serviced twice a year.  Every year.  No exceptions.