All Forum Posts by: Stan Hill

@Andy M.   Wow! Congrats!!!

@Cooper Rewa I have also been looking for multis. I use a combination of realtor.com, zillow and trulia. Each have their strong points. For example, trulia will give you a summary on crime in the area. Best of luck to you!

Oh and loopnet.com has multis too, though most are large complexes.

Awesome! I really get excited when I see a young person getting involved in real estate. I imagine where I'd be had I done so. Congrats to your son. And remember, I'm sure you had a lot to do with encouraging him!

 Rocky, I did a little looking around and VPF caught my attention. As I recall, I was told it could be used in potentially wet locations like kitchens and bathrooms. I figure that may work out well as I could simply put the same flooring throughout the house. I have a rental that will need new flooring soon and would love your input.

Good question. I called on a property, realtor never called me back. I considered looking up the owner's info and trying to get a hold of them. I will be curious to see what some pros have to say.

 Anish, I was thinking along the lines of appreciation as well. To me, I would need a pretty good idea of at least high single digit appreciation for the next several years on this property for it to work.

@Andy Argonaut  Thanks for mentioning the value of our time. That is something I have not done with previous rentals. I think if any of us want to move forward in a bigger way, it is critical we put a value on our time. I need to keep seeing this, thanks again.

@Brandon Sturgill

Brandon, I believe by brokerage account he means money in stocks, bonds, etc. For example, I have a hard money lender I have been talking to who counts a certain percentage of IRA or 401k money as reserves. Of course, the percentage is due to the taxation and potential penalties one will incur if they tap that money.

@Jeff Plair

Great thread, Jeff. I think some good advice has come in. I am in a similar situation. We have 3 rentals and want to really expand our holdings. I think there is a balance to be sought- and each individual has their own balance.

For us, it's not having too many properties mortgaged, having cash on hand for opportunities, problems and emergencies, and finding and acquiring the right properties.

Unlike most, we do love our condo rentals. We have a great HOA that, while a bit high on the monthly assessment ($270 give or take a few), includes utilities, basic cable and HVAC maintenance. It is a complex for older tenants, and our tenants love knowing they write one check each month to cover it all. Our cap rate is a little lower than we would like, around 7.5%, but overall we are happy.

I will be curious to see how you progress, us being in similar situations. I am about ready to try some different things- a 4-plex, more SFRs, rehabbing and flipping, etc. 

I think the bottom line is we all will find our own way and our own balance. Best of luck to you and keep us posted. I will do the same, though am in somewhat of a holding pattern for the next month or two.

 Thank you for that, Joel. I would rather make a little less money and have less turnover. You're right about the elderly- we have two 1/1 condos. The tenants are older and have been in place for at least 7 years. I say at least because we've owned the units for just 3 years. They are low maintenance, no drama- I LOVE IT.