All Forum Posts by: Robert Blanchard

Are duplexes that common in the outlying areas of Houston and Austin?   Back before the RE Bubble collapse, we had companies that would come to our investment group meetings and offer a pre construction investment ($250K for a duplex in AZ or NV) with 36 month guarantees of renter placement and even a buyback program.  I know of some people that did well with those, but others that were overextended and lost all of their RE portfolio.

I am surprised to hear that from a Contractor in the Springs.  I usually do the 90 day replacement unless the system is being used a lot like in the really hot months or cold months.  Then 60 days.  But, for the $10 or less cost, the piece of mind of doing it every 30 days might be worth it.  Did they mention how often to rinse off the fins on the unit outside?   I have found some so clogged up, I wonder how the AC even can work properly.

Did you do most of the renovations yourself or did you hire it out?  What percentage did the other investors put up for the down payment?  Was this in a suburb of Boston in Fall River?  

Congrats on a money making flip and thanks for posting about it.   

Congrats to your Son, and to you for sharing the story.  I got bitten by the shiny object syndrome when I got out of the Military, so I was not able to save up for a down payment.  Hopefully, after your other Son sees that your younger son will be able to buy all the shoes he wants and still have 1-3 houses bringing in monthly income he too will decided to get into Real Estate investing.  

I am not sure since is has been awhile since I have read RDPD, but as most RE books states,  more millionaires are made from RE than from investing in Stocks.

I agree that the daily trip to Starbucks does effect some peoples retirement plans.  Those people are the ones that do not have or stick to a budget to plan for the future. 

When I was in the Military, I had a goal to be able to buy a nicer car when I got stationed back in the United States.  Being in Germay (West Germany at the time), a car was not needed unless you lived off base or had a family.  No Starbucks to go to back in the 80's but the NCO Club was the Vice of many "Dorm Rats".  

One of my Dorm Mates would spend over 25% of his base pay on his club bill and Alcohol.     Base pay was only around $1100 back then.  Many heavy Drinkers (and smokers) in the Military, back in the 80's.

After 2 1/2 years,  I not only had enough to put a large down payment on a nicer car (Shiny Object Syndrom), I also had enough saved to go on a 3 week trip all over Europe. 

Back then, I did not have a retirement plan but a relatively strict budget and goals. 

I now realize that if I had put just 5% of my income into some kind of retirement account, It would have grown into a decent amount 20 years later.

As Dave Ramsey says,  If you will live like no one else, later you can live like no one else.

@Ryan Y.

If you attend a local REIA meeting, usually some of the investors will be willing to share what contractors that they use or like. If it is large enough (the group), sometimes they will have a list of contractors that they have vetted and that the members use regularly.

You can also find meetups of members on BP in your area.  They would have a good idea on who to use or who to avoid. 

@Ryan Y.

Here is a thread from a year ago with many replies.  Most said they would not attempt to do them without hiring someone after dealing with all of the steps to make them come out nice.

Nice thread on this site regarding painting cabinets

Is your rental in an neighborhood with mid grade finishes?  Since you are on a tight timeline, I would hire the contractor with plenty of references and a decent sized crew.  It will cost more, but they might be able to do it in much less time than a contractor with just one or two workers.

Welcome to Colorado and the Springs area.  I am a native and came back once I got out of the Air Force.  

With the large amount of Military in the area, are you going to concentrate your rentals in the areas where the Military will be renting or anywhere the numbers look good?

You should look into getting a Department Store or Gas Station card.   This will help you build credit.   Pay off the gas card every month so you not go farther into debt.  

What material is the deck made out of?  If it can re-purposed fairly easily, you could put an ad up on Craiglist for a "free deck and railing" stating that they have to dismantle and haul away at their cost.  Since it is by a pool that has some water in it (unless it can be drained before hand), the safety factor might not be worth the hassle. 

Is the railing metal or some other material?  Looks like at least 75 feet and at least 4 foot tall, so someone should want it if you post pics on Craiglist. 

A Pool installation company should be able to give a you a good quote on dismantling the pool, or someone that has experience on doing it.