All Forum Posts by: Mike Hansen

Yeah think this is different per individual... Everyone has different living expenses, wants to maintain a certain standard of living, etc. Then you need to think about what type of SFH you want to invest in, then calculate out how many you think you'd need.

Lot of "individual" values you need to plug into the equation

Just doing a ballpark at 50k a year you'll need about 2500 a month coming in, so you'll need 3 more like you have, at least. I'd aim for 5-7 more... Or, if you love the business, maybe become a realtor/flipper/wholesaler/etc. to supplement the rental income. Sounds like a fun plan to me :)

For me it would take a bunch of houses to get me to quit my day job, so not really going for that. Really different business plan for the long haul.

Mike

When I was in college I worked for a landscaper... Seen this before.

From the picture it looks like hand work: you'll need to disassemble the wall and remove earth. What is on other side of wall? Maybe you can use a bobcat with a digger attachment and dig from the other side?

Not sure on your budget but using the formed concrete retaining wall systems usually a good idea over the pressure treated stuff you see here. Each piece has a ridge on back of lower surface to "lock" the block into place and give you a natural setback to wall. More cost and you need to prepare soil/foundation on lower course but will be a much stronger and attractive wall.

Mike

Since this directly affects you and your family's life, I think whatever you choose needs to fit into your lifestyle.... Choose a scenario that feels most comfortable. Do you like the place you're in now? Do you want to stay in it? Like the neighborhood/schools/commute/etc? If so, borrowing against it to pick up something to rent makes sense. If you're not in love with your existing place, then you can entertain selling/moving/etc.

Mike

Great thread... Yeah this is my experience too. People say "no carpet" but hardwood can be easily scratched up by unprotected feet of furniture, and pets REALLY can scratch up the floors. a few years of a dog or cat running around the house can call for a floor refinish.

I had a tenant request hardwood floors to help with her allergies. I declined and basically said with her cat and dog she'll have to hand me her security deposit to refinish the floor after her animals scratch it all up.

Agree with the tile tho

Am I looking at this wrong?

Mike

You might also want to request renter's insurance (with pet coverage). It's cheap, and can protect if the pet attacks/injures someone.

We ask for tenants with pets to get this insurance. I think its a win-win

Mike

Thanks much (again) @Raymond B.

Thanks much @Raymond B. !

I do the walking/jogging thing. I plot a course on my exercise app in an area I'm interested in buying in and then jog it. If it's a low impact day I'll walk a course with a friend. One of my properties is on one of my courses too so good way to keep up to date with the tenants :)

One of my buddies just moved to an area we're thinking of buying in. Soon as Chicago stops being like Siberia we're gonna start walking the town

Mike

Damn your Vulcan logic.....

Good point @J Scott I agree....

So much for our "Supreme Commander of all" titles :)

Mike