All Forum Posts by: Wade Kulesa

@Joseph Cacciapaglia. Thanks for your input Joe!

@Karla Temple. I agree with @Kyle J. A combination of pipe wrench, a little heat, and i would add tapping the spout with a hammer as you try to rotate it.

I've been on the Dave Ramsey bandwagon for the last several years. His advice definitely worked to get us out of debt and allow us to save a pile of cash. But as I look to get more into real estate investing, there's basically 2 schools of thought; use debt and finance everything or pay cash. While I feel I'd be fairly comfortable financing (assuming the numbers work), one thing from Ramsey is still ringing in my head. He says there are no real estate investors that borrow money to do so that are still around 10 years after they begin their journey. My plan is to do this for at least the next 10 years, so the main question is this: is dave ramsey correct? How many investors on here would disagree with his assumption and if so, why? Open to all views. Thanks in advance for your input.

The duplex I purchased came with a section 8 tenant. She had been there for about 7 years prior. Checks came in like clockwork. Had to comply with the one inspection per year, which honestly seemed like a joke to me. Overall good experience. I am always open to it. Hope that helps.

@Detra Harris. Thanks for your input!!

New investor. Wondering how much to set aside for repairs and vacancy. Do you go off a percentage of total rents, or something similar?

I personally would love to do flips, because that's my passion. I have a couple other guys in that same boat because we are in the construction industry. I also have others that don't know the difference between a hammer and a screwdriver who would prefer the buy-hold.

Im new to investing, but living in Sioux Falls, I almost see the opposite. Most people I know are going the buy-hold route because the sellers market is so strong due to the housing shortage. For the last few years, the only people I know that flip, are guys that get an in with a homeowner before the house hits the MLS. My 2 cents.

Absolutely! Was focused pretty hard on the Dave Ramsey plan for the last few years, but I don't like the thought of waiting another 10 years to pay cash for the next property!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $165,000

Bought duplex as our 1st "home" on a VA loan with no money down. Lived in upper for 5 years while the lower tenant paid the mortgage. Currently cashflowing average $800 with 2 longterm renters. Located close to colleges. Last appraisal came in at $200K+. Re-financed at 3.25% Planning to hold for foreseeable future.

What made you interested in investing in this type of deal?

Seemed smart to have someone else pay your mortgage....

How did you find this deal and how did you negotiate it?

Realtor brought it to us. Was over our initial budget, but had great rental history, so we took a gamble.

How did you finance this deal?

VA loan

How did you add value to the deal?

New paint, carpet, and some upgraded light fixtures. After hailstorm, got new roof and aluminum siding. Did all work myself.