All Forum Posts by: Suzette T.

I think they would be ungrateful. Tell them about the wash n fold place down the road! When we had kids living in the house the laundry machines sat idle we always did was n fold.

What I would say is, more properties doesn't necessarily equal more cash flow, so you may need to redefine what your goal is. If you have more properties, you're likely to build more long-term wealth. More properties means more tenants paying down more loans. As those loans pay down, you have more equity and a higher net worth, but your cash flow doesn't tend to grow much accept for rent raises each year.

Cash flow is a different game. I have two rental properties that cash flow $2,000 a month. I could refinance both properties, pull out around 200k and buy four more houses in my market with a comfortable cash reserve. Then I would have six properties each cash flowing about $200 a month for a total of $1200 so I'd lose about $800 cash flow monthly.

You won't find a ton of people who agree with my strategy, but I like to have fewer properties on smaller mortgages. I then use my larger cashflow to plow my open HELOC low enough to put a substantial down payment on a property and enjoy higher cash flow, which accelerates the next purchase.

Best of luck, no matter how you go forward!

Whatever you do, DON'T use USAA...  They randomly audit accounts for business activity and will send you a letter stating that they are going to close your account for conducting business from a personal account because the account "is not set up for business use"--whatever that means.  To attempt to remedy the situation I asked if they had a business account and they said no.  So it looks like I will be moving all my money away from them.

This is also the same bank that employs folks that asked what Popmoney and Zelle were...  One of the phone reps also recommended that I stop investing in real estate and buy some bonds.  Sounds like good advice to me!  ;-)  LMAO

One more question please.  Can anyone share an average cost per lot to develop a subdivision?  In my reading, I've seen everything from $20 - 50K per lot cost.  Is there a way to get an accurate estimate from someone in my area?  And by cost per lot, I mean the cost to run utilities, pave roads, curbs, etc.  

@Lindsey Milam Hey Lindsey, one thing I would recommend is just to reach out to the planner in your county. They're usually happy to talk with people and should be able to give you an idea of the feasibility of the project before you start dumping money into it

So, they're still low balling us. That's fine. I've waited 12 years, I can wait some more. As long as my consultant is in the middle, I'm good. He does the communication. And he says that they can bluff that they can build around me, but that they really can't. They're planning to widen the road and put new infrastructure in and they'll need my pieces for that. 

Yesterday it came out that they're now possibly proposing the site for a future casino, if the Georgia legislature approves 3 casino/gambling sites for Georgia at the next session. That would be huge. 

You know I had (before looking at rentals rates in the area) figured the best rental rate I could expect would be $750-850.  Is there a method or process that I should be using besides comparable rentals based on sqft rooms/baths and immediate area?  Frankly, this is the part of this that gives me the most pause.  

@Victoria C. Navy Federal stated that my DTI was too high and I had a medical collection. So my realtor found some investors who want to buy it and hopefully close June 15th.

We have a contract for the house as is on the day the contract was signed. We are also giving the buyer estimates for some items she wants done right away. We may or may not do this work but it all will be after closing and in a remodel contract so that will generate a little more income off the deal. 

We are literally stopping with Hung drywall ... no taping, no mud... just the boards. We added a room and just had the final rough inspections on it and now we are giving her a price for demoing out that room... she has a vision for the house that is nothing like what we were executing so in the end everyone will et what they want. I will make a little less than planned however... the market has changed for this size house in the part of town and my agent forecasted that it would be on the market for 3 to 6 months and would probably sell for a little more than what we contracted for.  

This is an awesome question. My personality would lean to $10K/mo with all factors playing into my life today. As the famous Mike Tyson saying goes "Everybody has a plan until they get punched in the mouth". The punch in the mouth for me in this instance would be the instant injection of $1M. My 3 and 5 year plans today, while aggressive, are based on the resources I have available to me and can confidently work with. I can't honestly say I'd be able to move quick enough with the $1M to create more of an impact than what I'd be able to do on my current trajectory. 

Great discussions all around!