All Forum Posts by: Terrell Garren

@Henry Clark Pretty cool to have CPAs on the forum.  Question - Does on have any options regarding 1031ing rental property into the purchase of a new primary residence?  Best to you. 

 So true.  Learning to use a hammer, drill, miter saw, and paintbrush is a better start.  However, it requires hard work and sweating.  Not something wholesalers are into. 

Rich dad poor dad should have been a pamphlet instead of a book, but a book makes more money.  The gold nugget was the cashflow quadrant. The neat thing about real estate is you can have $0 taxable income due to expenses (depreciation, interest, etc.) but still make money.  Accelerated depreciate is not required. It is not complicated. 

I was so proud of my first 5 or so SFH rentals that I cut the grass and landscaped for a few years. It does not scale. I stopped doing it 10 years ago. My rental agreement states that tenants maintain the property in the condition it was turned over to them. If they don't, I deal with it. A M2M agreement is very helpful. My rental agreement does not cover liability. My umbrella policy does. Good luck.

@Eliott Elias 

Your thoughts? 

Ramsey's viewpoint is entertaining and useful for people in financial trouble.  I've never heard him mention 'good debt' as it doesn't fit his schtick. I've used HELOCs for many years to build, buy, and remodel SFHs.  Your professor is right as long as you don't overextend and have a fallback plan. 

This caused me concern in the HUD lease addendum.

5.d. PHA failure to pay the housing assistance payment to the
owner is not a violation of the lease. The owner may not
terminate the tenancy for nonpayment of the PHA housing
assistance payment

Thoughts?

@Matthew Paul This " we pay our contractors for material then labor " Is not a professional business model for a real contractor . It may work for someone looking for work . But thats not how you operate a business .
They have no clue
They hire "Chuck in a truck "

The main reason I got my GC was to take the added cost out of equation.  The secondary reason is not to deal with pompous GCs.