All Forum Posts by: Steve Stuart

@Omar Williams

I've routinely used credit cards to purchase and rehab properties. I have two Bank Of America cards that sometimes offer cash out for 4% then 0% APR for 18 months. So it's costs me $4,000 to borrow $100 for 18 months.

HOWEVER- there have been times I’ve missed my goal date on repayment and have had to use other (still my, but allocated for something else) money to pay the debt off before maturity and adjustment to a MUCH higher rate.

I would only use short term credit options IF you have enough income from elsewhere to pay it off, if necessary. If you’re not careful, and you miss your mark and then miss payments you’ll screw your credit up so badly it’ll be years before you get approved for anything else.

I thought I officially retired in 2018 at 30 (had the party and everything.. ha)

Traveled full time for 9 months internationally- unforeseen circumstances forced me back to the states for a bit but on the bright side, I’ve almost doubled my doors in the last 18 months.

So now we’ll call it “semi retired”... seeking out deals and managing rentals until I can get back to traveling, but the first 9 months around the world taught me I enjoy business (and real estate) enough to always be at least partially involved.

Thank you all for the responses. This is a tank in the mechanical room. There’s a 1,000 pound safe next to it (had it cracked last week, empty) which has obviously been there for years (decades?) so doubtful there has ever been another tank. 

There are no on demand/electric systems in the units.. just this gas tank feeding the entire building. 

It’s definitely a commercial heater which I don’t think could be compared to our residential HW heater (correct me if I’m wrong?). 

I wish I posted here more... but I do spend a few minutes each night perusing.

Here’s what I’ve got:

Purchased a 32 unit former motel property that will now be 1/1 apartments. Kitchen sink, bathroom sink, tub/shower.

There is 1, (I believe) 100 gallon GAS hot water heater servicing the entire building. It was 50% occupied when I bought it 4 weeks ago, now 65% occupied and no HW complaints yet.

Is this one unit (probably) going to be enough to service 32 apartments?

If it isn’t, would using a HW storage tank connected to the heater be effective vs. adding/daisy chaining a second?

Thanks in advance!

I have 12:00 noon on the last listed in my leases for the property to be vacated and keys turned I.

It looks like I’m odd man out here.... I set an alarm for around 10:00 AM just to insure l don’t sleep the day away. Generally wake up anywhere from 7:30 to 9:30 though.

I was a slave to the alarm for many years and don’t miss it. That being said, if something needs my attention early, I’ll be there.

@Danny Haddad

I have good friends around the Saddle Brook area if you want to send me more info I will pass it on to them.

I’ve thought about investing in the SA market! Good currency value and absolutely love the country overall!

Where are you looking to invest there?

This is my kind of post!

So far I’ve spent varying amounts of time in 45 countries across 5 continents from the Andes to the Pamirs and the top few where I could definitely live:

Mexico

South Africa

Zambia

Tanzania (maybe not Zanzibar)

UAE (Dubai or Abu Dhabi)

Thailand

Singapore

Panama

France

Italy

A few places I’ve been where I think I’d have some difficulty adjusting to living long term:

Egypt

Uzbekistan/Kyrgyzstan/Tajikistan/Afghanistan

Andorra

Brunei

I’m thankful for the economic opportunities the USA provides, but I’d be very happy living elsewhere (which I’ve done and will again).

In the USA if I had to pick one spot, I’d live in South Florida (Delray Beach, maybe Jupiter) at least for a bit.

@Seemant Nakra

Initially my properties were employee housing, then when we transitioned them to LTRs the plan was for my partner to take 10% off the top and for me to travel the world full time...

Turns out he hated C class property and therefore undercharged for rents, overpaid for contractors, and sent me weekly emails about how much he hated it.

We’ve been great friends for years but this just wasn’t his thing so back I came. I’m at 92 units now but aside from the initial Reno and leasing up of a property, it doesn’t take a huge amount of time and In the last 18 months of self managing non-employee tenants I’ve learned a TON.

If for no other reason- I say self manage for a couolw years at least so you learn how to do it and you’ll know when a PM isn’t doing it right.