All Forum Posts by: Account Closed

How do landlords answer the exterior paint versus ceramic coating question? Is the higher upfront cost of ceramic coating worth its longevity and durability in return? I see these ads all the time and used to get junk mail about it when I was a homeowner. 

If your tenant worked in an attorney's office before, she would understand she needs to get her own lawyer. All you are doing is following your local landlord-tenant law in the eviction process.

DISCLAIMER: I'm not an attorney.

To have some fun with arithmetic, 30 people at 150 lbs average weight multiplies out to 4,500 lbs. Many cars weigh less than this number. Do architectural standards presume someone is going to drive a car (if possible) on to a living room floor? I don't know the answer to this question, but the fact the floor didn't give way completely might suggest the wood wasn't rotting. An insurance adjuster might have a better insight.

P.S., I'm not an attorney, but if the floor does give way completely and people get hurt, the landlord's problems are going to get much more expensive. If the place is still habitable, shoring up the floor with temporary posts might be something to consider depending on the local building codes.

"Moving backwards" is also a personal, emotional, and business decision.

When I was in the full swing of my career, more was better. Then I went through a stage of extreme decluttering. When I moved from California to Florida for retirement, for example, if it didn't fit in the trunk of my car, I didn't bring it with me. Today, less is more. It's too bad tiny homes have such a bad reputation when it comes to zoning. Less square feet of living space means less square feet of space to pay for, clean, and maintain.

I bought my home as an emotional decision. Once I figured out I had a reasonably good chance of being able to afford a home, buying one became a major life decision and goal for me. When you want something, never say "I can't afford it." Instead, ask "How can I afford it?" The subconscious mind works 24/7 in the background to figure out how to make it happen (Think and Grow Rich by Napoleon Hill turned me on to this technique and I use it all the time now to get what I want).

I find it useful to look back to figure out what I did wrong so I can learn from the experience and avoid making those mistakes again. In my case, I probably should have waited. I bought a "starter home" in the San Francisco Bay Area in the early 1980s and had to stretch myself financially to make it happen. House prices back then were as crazy high as they are today. By waiting, I would have had more resources at my disposal and could have avoided a lot of worry and "living on the edge" budgets. I discovered the F.I.R.E. movement in the late 1990s and wish I had known about it 20+ years earlier.

I also find it useful to look back to figure out what I did right so I can repeat the behaviors that help lead to success. This type of analysis is harder to do because good behavior tends to stay hidden ("you learn more by working for a bad manager than you do working for a good one"). In my case, if I had waited before throwing the buy-a-house switch, I might still be waiting. All that financial turmoil I experienced as a homeowner in the early years forced me to look for a better way. When I discovered the F.I.R.E. concept, I knew I had found the answer I was looking for ("when the student is ready, the teacher appears").

The only way to find out where the potholes are on the road to success is to start traveling on the road to success. Those potholes will start making their presence known right away. My takeaway: That which does not kill you will make you stronger.

Technically, no investment is truly passive (stocks, real estate, whatever). Either you manage the investment yourself (you know what to buy, how to manage it, and when to sell it if necessary). Or you hire a manager (you hire and fire the person if necessary) to manage it for you for a fee. Either way, some type of skill and action is required on your part. If you know what you are doing and have the time to do it, managing the investment yourself might be the way to go. Otherwise, if you still want to be invested, you might be better off hiring a manager to do the work for you.

You can also use this contract signing as a way to screen other agents. Contacting realtors is much easier now with social media sites than it was back in the day. A reputable agent will ask you if you are working with another agent because as I understand it, agents are not supposed to poach the clients of other agents. My takeaway recommendation is to connect with several agents on social media, but work exclusively with one. If the first agent falls through, then choose one from your B list (of course, never let an agent know if they are on your A list, B list, or C list).

@Jessica Curry

Try the following low-cost alternatives: BiggerPockets podcasts and forums, local real estate meetups, the SEC filings of publicly-traded commercial real estate companies (REITs), and investing books from your public library.

As an engineer who worked in the aerospace industry in the 1970s, real estate is not rocket science. But it does conform to one of Thomas Edison's observations: Genius is one percent inspiration and ninety-nine percent perspiration.

@Keith Hackett

You are just starting out. Your agent is experienced (hopefully) and knows things you have no idea you don't know. If your agent is going to work with you (you are "high maintenance" at this stage), she likely wants to know she will get a payoff for her efforts eventually.

I don't remember if my agent required a signed exclusive-representation contract when I first approached her about buying a house (California), but if she did, it was worth the commitment on my part. I had also done a lot of preparation ahead of time and had a list of questions at that first meeting. After she heard me out, I went away with a list of tasks I needed to get done to be ready when I made an offer on the house I wanted to buy. She became my business consultant who was paid on her share of the commission she made when escrow closed (the seller pays the sales commissions from the money received from the buyer -- the escrow company does this as part of its contract).

Older workers might want to look into the in-service withdrawal. The IRS permits this if the 401K plan permits it. My 401K plan did and I rolled my 401K balance over to an IRA each year after I become old enough to qualify. Many plan administrators do not advertise this feature, so you have to do your own research.