All Forum Posts by: Trey Burns

You could always create a consulting LLC and charge monthly consulting fees/retainers.

just googled both of you and have to say...your beard is fantastic. Looking forward to watching this American Greed episode.

His numbers sound right. Paying $3,000 for an almost complete rewiring job isn't a terrible place to be in. I would certainly withhold payment until city issues final inspection. If you're in upstate SC I can help with contractor recommendations. 

The pros aren't looking to get rich in 3-4 years. A $350k loan for me at 18 would have been a colossal disaster. Maybe the best thing you could do is get a job, learn to save, and pay some bills. Branding yourself as a "Rental Property Investor" based on a loan from your dad is not a great start, but you can learn from this. Buy some books and pay for some lunches. 

This thread has not disappointed. Has fully lived up to the subject line. Whatever you decide, thank you all for the entertainment value you've brought to my day.

Seller/giver is mostly likely facing a fine(s) that you will inherit. Faced this almost exact situation earlier this year.

Property was burnt down in city limits and owner had 90 days to demo. Not only that, the state department of environmental control was involved due to asbestos and lead in the older home. The demo requirements are significantly more expensive if you have to get it cleared environmentally. The city also has a counter on you to get it done, regardless of the situation. Your property, your responsibility. 

I'm sure your donor is a nice guy, but he's making a financial decision in his best interest. He is set to lose more money in the future by not giving it away now. You need to know how much that cost is before accepting. 

Yes. It's a good idea IF you do it responsibly. A degree can have value in the market due to a lot of employers still thinking it's the golden egg. My degree got me my current job, which is 4 days/week and providing flexibility to do real estate on the side (hence me being on a message board right now). Does my degree qualify me? Not at all, but it granted me the opportunity. If you can acquire a degree without going into debt it can't hurt. 

You're 19 with more spare time than you'll ever have in your life right now. College is not hard and does not require a lot of time (even though all the memes tell us it is). You could most likely get a degree for free if you fully applied yourself to scholarships, etc. or switched schools within your budget. 

Whatever you decide, answer the question, "Where do I want to be when I'm 30 years old?" Sticking to the plan is way more important than the actual plan.

Was set on demoing the original cast iron tub, but now am looking into refinishing it since it's built like a tank. Seems simple enough, but was wondering if you have any experience or advice in refinishing it? For a live-in flip. 

As evidenced by the replies, there seems to be a huge fear in "them" knowing you. It's honestly quite comical. I work in the public sector and it's the same. Common factor in both is that no one seems to have any real examples of how a horrible tenant/customer ruined their life through knowing who they were. 

If you're doing your due diligence in selecting the right tenant, why not? Everyone knows who their mortgage company is and who to talk to at the bank with any questions. Everyone knows who owns Amazon, Google, Chick-fil-A, local businesses, and literally every other business in the world. 

At least every other BP podcast talks about trust and relationships making the difference in deals, and every podcast ends with giving ways to connect with the guest speaker. I don't get this whole mindset that tenants are terrible humans out to get the landlords and "we" have to separate ourselves from "them". 

Even in this thread it was admitted that a landlord/property manager uses Facebook in screening tenants. What if tenants are simply doing the same to screen landlords? I know I would.

Welcome @Chandler Colyer! Short answer is no if you vote for Bernie. Longer, more responsible answer seems to be well covered in this thread. 

I paid off my student loans within 18 months of graduating while working three part-time jobs. What I learned during that short time has set me up for the next 18 years. While your friends are traveling the world and eating out, you'll be growing up and building the foundation for the rest of your life.