All Forum Posts by: Walter Key

Chris,

What kind of inventory are you seeing right now in the Bay area? Here in Charlottesville we're sitting at about 2.5 months. I can only imagine the craziness you've got going on out there.

That's a great observation Max. With almost $1.5 TRILLION in outstanding student loan debt and a generation that is ever more comfortable not leaving the nest until late 20's, I think you might be spot on with regards to the higher demand for rentals of purchases in the near future. 

If you keep shopping around, you should certainly be able to find some lenders willing to do 20%.

@Michael Plante For you. And for whoever else decides to comment. Just sparking conversation. I couldn't agree more; it is always about the numbers. 

I can't say I have any specific goals to solve the housing crisis. I tend to think that new construction will help some of the supply issues but that'll take time. In the interim, an investor just needs to scrutinize what's available closely and a prospective home buyer needs to temper their expectations to what might be available in a limited market. 

I definitely have some goals for myself and my business. Those goals include selling a couple long term rentals over the next few months that are out of state and re-directing my focus into a new market. I'm a fan of flips and long term rentals, depending on the deal, the market, and the specific property and neighborhood. 

@Jesse Copjec Have you looked in the file place and did a search for "Construction" or "Building" to see if there are any relatively new uploads for building cost projects or calculators?

Considering the possible variables of what kind of tile was used, what type of flooring was put down and how much of that cost was the actual floor repair, I don't think you overpaid by much if any. 

White cabinets tend to make a kitchen look brighter, bigger and cleaner. All big bonuses considering kitchens and baths sell houses. That being said, I would either go with white or I'd go with cherry. That decision is based on looking at the specific kitchen in question and taking into consideration the natural lighting, the layout, flooring and wall colors, etc etc. It's an "on site" decision.

@Daniel Andrews

Looks great man! Very nicely done. In regards to your next flip, I bet you will have no issues cutting the flip time in half now that you've worked out the kinks in your planning, timing, budgeting, etc. Fine tuning your processes will certainly save you time and therefore, money. Can't wait to hear how quickly this sells! 

-Walt

Tuff call. Personally I think all three markets (maybe Vegas slightly less so) are pushing highs that make me a little nervous. All things considered, I'd say Vegas but in the back of my mind all I'm hearing is Omaha, NE. :D

@Faysal Alam

The one thing I didn't hear was your expenses and debts. How much of your $40K/YR are you able to SAVE each year? Good on you for starting young and having the courage to reach out for help. In order of importance, I'd do the following if I were in your shoes.

1) Pay off any consumer debt. Anything you're paying to creditors is money you can't save and invest.

2) Take 3-6 months a read everything you can possible find on money, investing, real estate, business, leadership, etc. A few examples that are great would be: The Richest Man in Babylon, The Millionaire Next Door, Ninja Selling, The 12 Week Year, Raving Fans, The Miracle Morning, The Speed of Trust, The Art of The Deal, Business by the Book, and there are tons more. Bottom line...Knowledge truly is power. Start there.

3) Determine where you want to be in 5-10 years. Dream big but be realistic. What does the 30 year old you look like? What are you doing? How? Where? 

4) Once you've laid out that vision for what your ideal life looks like, start walking that back to where you're out now and determine what you need to accomplish in the next 3 years to meet your 10 year goal. What do you need to do in the next year to meet your 3 year goal. What do you need to be doing each DAY to make each week productive so that each month your goals are met. 

5) Surround yourself with people that are successfully doing what you want to be doing. If you can't surround yourself with them physically (the best option) at least surround yourself with them visually  and emotionally. Ways to do that include posters of those achieving what you want to achieve, reading books by those that have succeeded doing what you want to do, listening to podcast or watching videos of professionals in your desired area etc.

I'm going to stop there because I don't want this to become a novel but hopefully this has given you some great food for thought. Keep focusing on your future, planning your tomorrow, and executing TODAY and you'll get where you want to be!