All Forum Posts by: Travis Dawson

Its not that people don't understand math. The powerball ticket is mostly spending a couple of bucks on hope and the fantasy of what you would do with it.

Hell, I know multimillionaires who still play the lottery.

no deal is better than a bad deal. If nothing you find makes sense you have a few options: 

Go out of state

Find an off market deal

Find a creative solution to get the MLS properties to cash flow

Is the objective to start with a property and leverage to buy more and more until they have enough cashflow to live off of it?

For some, yes. Other people have different objectives, there are no wrong answers as long as you have a goal and work towards it.

get roughly 200k to invest into a million dollar property.

Seems like a bad plan. Why are you set on a million dollar home? Are you expecting it to appreciate rapidly to be worth even more? do you expect to find a million dollar home that will cashflow enough off of a conventional loan to make a dent in your parents finances? Do they expect to live in this later, is that why you are set on a million dollar home?

Why not take the 200K and buy several homes of lower value that will cashflow? Why not use the money to buy an apartment building with several tenants?

I guess my point is, 1 expensive home will not cashflow enough to get where you want to go, and because that property is likely already in great shape there likely isn't a way to force appreciation. Without forcing appreciation it will be years before there is enough equity to leverage that property into more property.

I think you need to do a lot more research before pulling the trigger on anything.

It isn't normal for the buyer to pay his/her agent. Your agent gets paid by splitting the commission with the seller's agent.

Sounds like he is trying to take advantage of you.

Though my actual experience is limited I don't think it would be that hard as long as they are aware that it is coming. Let a potential tenant know that after every contract you reevaluate the market price and to expect a slight bump every year.

When I bought my duplex I was able to raise rent by $150 a month and kept my tenant even though nobody thought I could. I did it by explaining why and how I got my numbers, and also giving them plenty of time to find another place if the new rent wasn't acceptable. 

in my years of renting I've never seen a contract that allowed subletting. So be careful and read the contract carefully. 

vinyl flooring is the right combo of cheap, good looking, durable, and simple to install 

@Diane G. Maybe, maybe not. One day doesn't equal correction.

Where are the tenants going to go? Surely they aren't buying houses.

If I were you I would househack a triplex or fourplex, using the bare minimum cash you could. Run that for a few months, if you decide it is something you are into I would look into buying another triplex or fourplex.