All Forum Posts by: Stanley E.

Hi Amanda.  It was originally a property I had written off as a possible investment because the original price was 18k if I remember correctly, but when it dropped to 13k, I told my realtor we should go back and look at it and we did.  The rest is history.  Didn't need much repair and luckily the HVAC unit worked fine.  My father-in-law and I did most of the repairs (or rather he did).  

S.Ellis

Hi BP. I wanted to get a feel for where I have ended up with the repair costs for my SFR, It is 2br, 1ba, and has a small room that could be used as a 3rd bedroom downstairs with a storage room downstairs as well. It is 1062 sq ft. I got it for $12,500 and spent $3,665 in repairs to get it ready to rent. I just wanted to know if I'm doing poor, fair, or good on the amount I spent getting it ready.

Thanks.

Stanley

Thanks everyone. I neer thought of simply having it cleaned. I will definitely take a look at other carriers. I thought that was a little quirky. I guess now I am on the hunt for other carriers. Thanks again. Stanley

Hi BP. I just got notice that my insurance company will not insure my roof on my SFR because it is too old or not in the best condition. The roof looks good. I wanted to know what your suggestion would be. Get the roof fixed immediately or do I have time? I just got a renter last month and I really don't want to start cutting into my profits already. Let me know your thoughts. Thanks. Stanley

Thanks Adam for the additiona insight. I do think approaching each situation on its own merits sounds like a best approach. Stanley

I am enjoy the philosophies of both Dave Ramsey and Robert Kiyosaki.  However, I can see some value in the use of loans, but my question would be in what situation.  Also, is taking out a loan considered leverage?  If that's the case, in paying back the loan, the way Robert Kiyosaki explains it would be much, much more than the stated amount when you really get down to it.  I guess another question would be how do I balance the philosophies of these two great money men?

Stanley

Hi Adam. Thanks for the breakdown. Those numbers make sense to me. Stanley

Hello all. I wanted to get your opinion as to whether it is better to get a lona to purchase a property or if it is better to pay cash if I can? What are the pros and cons? Thanks. Stanley

What is the best formula/plan for approaching investors? Do I need a business plan? What approach provides the greatest success?

What is the best formula/plan for approaching investors? Do I need a business plan? What approach provides the greatest success?