All Forum Posts by: Patrick M.

@Anthony Vaiana

Welcome. I was an auto body estimator for 5 years before my current job. You'll quickly find looking at houses is a lot like looking over cars. Get the correct angle and you can see a lot of what others don't. See the surface stuff and anticipate the issues underneath. Makes life a lot easier. Good luck! BRRRR is a good method

@Frank Chin yes business card will be used for the rental expenses only.  We're comfortable with our personal card,  I just want to take advantage of new card 0% offers for rental updates and spread the payments out over a few months.  I'll have to talk with my accountant but I would assume using personal money (w-2) to pay a portion of the business card isn't a problem.  

@Frank Chin I suppose this could be accomplished with an excel spreadsheet as well? We are planning on opening a 0% intro APR card for some updates to the rental. Obviously we have 12-15 months to pay that off. Then I could distinguish that card as the "business card" for business expenses only.

Is that generally your practice?

Thanks for the replies.  Will get set up accordingly

When opening a separate account at the bank for rental deposits, rent, and expenses are you opening an actual business checking or are you opening a personal/general checking and calling it your "business" account.  Keeping funds separate of course. 

I plan to just up my umbrella coverage for liability so I won't have a Tax ID which I believe you need for an official business account? 

Thanks

There are 4 new build ranch duplexes going up near my neighborhood in Richfield.  Last I checked they wanted 350k PER SIDE!! for a 2 bed/ 2bath.  B school district.  

@Ryan S. Banks learned a lesson but the government didn’t. As evidenced by the student load crisis. That will be the next “crash” market along with the farm economy which has high land values and low interest rates keeping it afloat.

In fact I would argue that the low interest rates are keeping the whole economy afloat right now. If you’ve saved you’re money and know your numbers you’re probably better off buying now while the rates continue to stay low.

My prediction is that farm or student loans or both will be the next cause of the crash (whenever it comes).

@Colleen F. Good suggestion on the Murphy bed. I call it the “bonus room” because these is another family room AND a dining area actually off the kitchen to the left, if you’re looking out from the bonus room the kitchen.

4 bed 2.5 ba house. 2 Bed upstairs 2 bed downstairs..legal with egress. Under contract and will cash flow nicely. B to B+ area.

Issue is the previous owner remodeled around the water shutoff and septic clean out in bedroom 4 in the basement.

The most obvious work around solution would be to cover it with a bed or build a removal box around it to "hide" it. The problem with the bed is that if you need to get to water shut off for emergency you're going to have to get under and or move the bed...could be precious time.

Option 1: There is a bonus room in the house behind the kitchen with a .5 ba attached. Considering converting to master suite. This would bring 3 beds up stairs. A 4th in the basement and then 5th is the "Water line room" which could be a game room/storage/toy room and box cover the water pipe hopefully eliminating the need for a bed in there.

Option 2: Leave everything as and just spend the money on kitchen update.

Option 3: YOUR IDEAS!

Thanks

Bonus Room w/ .5 bath off kitchen for master suite.

bonus room

@Eric Fitzgerald

Open an excel sheet and put your income in one column and expense in another.  I break up mine bi-weekly since that's how I get paid.  Figure out how much money you can use to pay off bad debt faster.  

Getting free of consumer debt and then staying out of it is the best thing you can do for yourself.  When you're 25 you'll thank your 20 year old self for giving you freedom. 

Exercise. Discipline in health leads to discipline in other areas. Savings/investing and fitness are both slow. The daily choices build the bigger picture. Both are tough, both involve internal struggle, and everyone assumes the results happen over night.

Read Dave Ramsey "Total Money Makeover" 

Have roommates and live as cheaply as possible.  You don't need granite counter tops, or a roof top pool.  

If you get into a relationship keep your goals your main priority.  This doesn't mean treat someone poorly, but state your intent up front and align yourself in relationships that support that goal.  If it doesn't support the goal it's not you, it's not them.  Neither is wrong it's just not a match.  

Continue to educate yourself