All Forum Posts by: Wayne Bodley

REI brings a lot of my skills into play: building construction and maintenance, dealing with people. I like the challenge of juggling a lot of things at once. With my kids grown and moved out it gives me something to do. I am basically cheap and having someone else pay down my mortgage makes me very happy. Having the ability to buy one of my kids a house was an amazing experience, I never thought that would happen. I also don't want to be a burden on my kids when I get older so that's a real motivator. Ultimately it gives me something to do and something to look forward to.

I started 10 years ago by buying a property with 2 houses on it, one we lived in and one we rented that paid the mortgage. We also rented out the house we moved out of for about double the mortgage so we immediately had good cash flow. Since then we have bought two more houses, one we moved into and one for my daughter in another state. I have been trying for the last 2 years to find something locally that would work but this is definitely a seller's market so I'm going to wait until it changes or someone drops a deal in my lap. The tenant situation hasn't been as bad or scary as all the things you'll read but it is on my mind quite a bit I'll admit. I am in a much better financial position now than 10 years ago that's for sure. All in all I would say be patient for the good deal but be ready to act when it comes.

In 1997 my wife and I were fortunate enough to be involved in a self help group called Housing Assistance Corporation building 3 houses with 2 other families. after 6 months we had built the house and had about 30k in equity and moved in with our two small children. 10 years later we were able to buy another house with a garage apartment. We rented out the old house and the garage apartment and suddenly found ourselves cash flowing over 1k on both properties. Then 2 years ago we bought and moved into the house next door renting out that house. We are on the slow boat to wealth I guess, definitely don't want to overpay and our town of Hendersonville NC doesn't have many deals lately but we're sitting on some money from a refi of the original house waiting for the next good deal. One great thing is with part of the refi money we were able to pay cash for a house in Independence MO for our daughter and her family to live in and eventually own. For anybody starting out I would advise patience and persistence.

I have my 40k in a synchrony 1.2% account while I wait for an opportunity. They also have a 1.55% cd at the moment. Better than nothing but definitely a short term position.

I just bought an 05 suburban LT for $3700 cash, awesome vehicle. I also have a 90 miata ( best $2000 ever spent)for fun in the mountains and a 2013 Kia soul for practicality, we owe 5k on that one. All good vehicles.

I would say go with your gut on this one. There are a lot of red flags there. The numbers don't add up.. and that dog, yikes!

cut the cord and find a new tenant asap. sounds like a flake at best, scammer at worst.

Thanks to both of you, that's very helpful. I'll get busy and report back.

Hi this may seem like a weird post but we've had a 1/1 cottage as a rental for 10 years and it's always been super easy to rent and always had a great vibe. We've been trying to rent it this month and have shown it to at least 20 people with no good result for whatever reason. Previous to the last couple tenants (2 years ago) most people would comment on how nice it felt but not lately. Thoughts (and prayers) would be appreciated!

Hi everyone, my wife and are are thinking about buying a multi use building and so we're looking for a property management firm in Independence Mo. Any recommendations? Thanks