All Forum Posts by: Mike Lee

@Mike Lee

I have tried. I spent the money, I owe the money, I actually want to pay them back. It would feel great! You know, a Biden off my chest. I’ve even called them to see if they’d do their part after I’ve done mine, and delete it. They won’t. It’s not very incentivizing to pay off a debt they’re going to keep reporting on, despite my willingness to settle it.

@Michael Hebron Jr  As others mentioned above, most likely your lender will not legally allow you to do this, and they can call in the loan.  Probably won't happen, but there are reports of lenders being more strict during COVID.

@Tyler D. I like the way that you are approaching your investment strategy and building long term wealth and income.  That being said you need to budget in major capital projects like roofs, driveways, HVAC, appliances, etc. and make sure that you keep some cash reserves for that because its its expensive to access the capital in the house to pay for some of those expenses. 

Also you don't have to stay locked into the same houses for 50 years.  That would obviously be ideal but make sure that you are keeping tabs on the neighborhoods and that you don't hang onto a property in an area that might go down hill.  Today's lower end areas were very nice 50 years ago and today's best areas might have been farms then.  You can also jump markets, who know what cities might be hot in 20 years, we could all be investing in Idaho then (sorry to whoever I offended from Idaho, I'm sure that there are great properties and returns there but someplace had to fill that spot in my example).

As I tend to repeat myself on the forums I'll say this again here.  Focus more on simplifying your life, if you have system in place in one market then it might be easier to grow there.  Also keep in mind that the deal is more important than the location, you can buy a terrible deal in a great market and vice versa.

One last thought on appreciation versus cash flow would be to think about net present value.  There are some calculators and I hardly see anyone talking about it but as an active investor you should take that into account.