All Forum Posts by: Account Closed

Does an investment always have to have a financial value? 

What is the value of a mindset to sacrifice comfort and leisure temporarily to advance beyond the capabilities of the mediocre?

I'm not adding much for advice here however, just pulled up my Zestimate and they range me $115,000 - $200,000. Next door house is identical and attached to mine. 195-220k, rent estimate is $1449. Nobody in my neighborhood is getting that for rent!

Zillows great for hypothetical situations but today's active listings in your area may be a better approach to a deeper understanding of the rental rates.

 I'm sorry that you find it offensive that I have to live in the real world like a common deplorable, having to bust it and make every move count. I bet you did real well around 2008? What about those that didn't?  Like I said there's a million different ways to get the same results. You do you, and let others wander as they see best. 

You could make more in the long run by not paying off the CC debt. Also, you could buy a lemon property or have non-paying tenants and triple the mess that you're in. 

I picked up a  Dave Ramsey book just out of high school, didn't follow exact but the basis is great. My 20s sucked, but as I approach the back half of 30s, we have a financial picture that is unreachable by others with better incomes then a maintenance guy and childcare worker. (We are paying cash for a house flip and dumping into 401k's while the rest are STILL paying on weddings and student loans)

If you can't operate your personal finances without relying on borrowed funds how will you achieve cash flow on investment properties?

Pay off those cards yesterday and sleep better tonight would be my advice, but there's a million different ways to go about this. Be intentional and do the one that gets you to where you need to be!

Insurance on anything older then 1976 might be tough. Should be easy enough to get rid of a mobile home, especially if still in livable condition.

We play musical appliances before replacing. 

If you have another stove that is same or better, swap it out. Residents with operational or cleanliness issues never get the new appliances. 

Just make payments every month, and never worry about fixing anything. It'll be paid off before it dies, and you could almost come out ahead over a repair bill!

I've done maintenance and would gladly take the preventatives like changing an anode rod instead of fielding calls for toilet clogs and pulling dentures out of disposals! But that's someone else signing my check. 

As I homeowner I would gladly do it knowing that the best place to hide is behind a water heater, come out smelling like sulfur and earn myself a free Saturday to spend in the garage. I wouldn't make it a priority though. 

If it's a flip house, it would be getting a new WH, used for two years and moving out before the warranty ends.

Interesting question, the more I think about it. Totally understand your point and the logic behind it, but I don't see the financial gain, or the longevity in our disposable manufacturing environment we currently live in. 

$150 for the furnace seems like a great deal until it's broken down. I assume if any actual repairs come up those are out of pocket? And they almost always find something that needs to be repaired?! 

If I tap into the mentality of my paycheck to paycheck millennial counterparts, and assume that stoves and dryers will still last forever: 

My $40 black Friday special of a microwave outlasted a Chevy Cruze, water heater and a wash machine. I don't really see the point in fixing most appliances anymore (at least on my own stuff) other then filter changes and in-and-out repairs unless somebody else is signing the check.

Mostly I'm just posting here to see if anyone else cringes when they hear someone say "hot water heater" instead of "water heater"

A few years back I worked for a management company that allowed this. The operator had a legit business, any and all damages, failure to follow community rules and maintenance repairs were out of his pocket. He also had to be named on the lease. 

At the time, the going rate was $1/sqft rental, and he was charging $3.50 for furnished, never had more then a day or two for vacancies. I had been trying to get in on this (maybe someday). He lost his *** when covid hit. 

It also depends on the tenant pool. The clientele wasn't coming here to party or vacation. They were coming here to get heart transplants or have medical studies done as they die of some rare condition. 

If they can set it up by the book, follow all the regulations and are taking a personal stake in the condition of your rental - you just got yourself a free property manager.