All Forum Posts by: Eric X.

I had a leaky toilet in a flip I was working on...Turned out to be a 1300 water bill..We have no idea how long this will last.  get it repaired.

@Rachid B.

Giving someone 2 months notice to vacant that doesn't pay rent does even make sense.  Why not start the eviction process sooner?

In the usa, you need to evict properly or face harsh fines (at least in illinois)

What you are trying to do is a "self help eviction" penalty can be many many month of rent. tread carefully

@Rachid B.

You still need to legally evict.  you can under no circumstance change locks and forcibly evict yourself.  Basically you have a squatter now. 

@Olivier Meijer

If you truly have the go get it attitude, you can do great even with limited resources at a young age.  However, I'm not one of those people and the quickest thing that accelerated my real estate is having high streams of income after graduation.  I see a ton of posts that says I want to skip college or a real career and go straight to real estate investing....It is much  much easier to invest in real estate once you have some money. My wife and I had a few small businesses and I worked corporate for a while. Besides some traveling, we saved probably 75% of our income which gave us a nice battle chest. we did luck out a bit since we got into real estate in 2010 which was prime buying times.

Working the trades is also nice.  Good pay...you understand homes better...always in demand and low education cost.

If you can find a mentor to shadow, that would also be a good place to learn. 

College is not required

@David Healey

1.) If it is 15 years old and functioning fine, I would leave it.  If it is patched all over like an asphalt highway...replace it.

DO NOT install another layer especially if it has multiple layers already.  Shingles are heavy and you might be putting too much stress on the roof

2.)strip and resheet where needed and new layer of shingle

I wouldn't exactly call it panic BS.  If you asked the people of Italy if it's panic BS...they would beg to differ...

It is quite important to flatten the curve.  It might not hurt you personally but the for the elderly and people with various conditions, it is quite serious. 

I just got 75% 3.875 but that was last week . rates went up a bit

 If the government does that...they better let us not pay mortgages or property tax.

That seems like a lot of money for 150-200 cashflow

@Ryan Barnes

The really good investors make sure that their initial investment cash flows fairlywell.  If I were to finance my deals for 2019, the homes would all cashflow above 400 each.  Some of the ones I bought a while ago cash over 1000 after financing.  Also take into account the purchase price.  The instant I buy something. there is minimum 10-20% instant equity.  The deal is almost in the purchase price.

I used to work for institutional asset management and equities and alternative investments do have a place in your investment sphere but for me, real estate has been the only thing that allows me to "not work" when I don't want to.

I do also take advantage of solo 401k which allow you to put 50k+ per individual tax deductible every year so I am still heavily invested in the market.  It is good to diversify. With enough rentals, you probably won't need to touch the 401k money unless you want a luxury yacht. 

So it is really a why not both situation.