All Forum Posts by: Bill Bob

Alright. By chance, of the 4 properties i own, two are 1+ acre. One could easily hold 2 homes, one might hold 2.
I live in the Tacoma area, and my properties are in desirable areas near a large mil base. I can hardly find a thing about the expected cost to value, and that makes me gun shy. I don't have hundreds of thousands to through around, and want to continue to climb the ladder, so my adversity to risk is moderate.
My questions are:
1) Should I leave well enough alone (still making cash flow).
2) Should I build homes on them, and hold for a few years.
3) is there enough money at stake to justify a small time investor doing such a thing?

4) Lastly, I just found a smoking deal on 5 acres with a tear down. I At first glance want to build a primary residence of which I would inhabit for what I assume would be up to 3 yrs (about the time the military will move me again).

Alright folks.... Your thoughts.
Thanks in advance.

WB

Not sure if this is in the right place.
I am pretty new to this, so take the gloves off and let me hear/have it...

My situation.
Own two homes. One I owe 60K appraises at 130, and cash flows 450 p/ month. The other I owe 160, appraises at 210 (pri residence). I also own a couple urban acres outright. My "play money" sits at about 22K. My "emergency" money sits at 11K. I have a TSP (very low amount), and a roth IRA with 18K. I know I can dip into the roth for about 9K (only if need be) before a tax hit. My wife together bring in a modest 75K p/yr.

My goals.
I am military. I am at 10 yrs. I feel walking away from the benefits would be stupid. So, I would like to do my 20, then be done working. SO i'd like some passive income. Thus far, my one rental has treated me way better than any of my other investments. I want more. MAYBE even a flip or two now and again.

My problem.
I HAVE NO CLUE WHAT TO DO NEXT. I know i have some room to wiggle, but not sure where/ how. I am curious of flips, but have never been keen on any get rich quick stuff. The high end cash flowing properties (for my comfort level) in my area (Western WA) are at the 100-130K ish mark. Those homes usually assume a small amount of fixing. My fear is that I am not financially ready to spring on another home without being in a pinch.

Your thoughts?
By all means, take off the gloves, and spend my money for me;)
I really like hearing your ideas.

Thanks,
Bill.

In case I am the one being unclear, I believe most all service members will agree that money is not a soul motivator. I didn't join for the money (there is better wages elsewhere) and most of my troops didn't either. We all joined to be part of something bigger than ourselves and to help the weak and helpless.

My statement was more in reply to one saying they would not go to A-stan to save their homes but rather stay at home to save their life.

@ Abram.
Sorry brother for pulling this away from your original post.
To be very clear, rather the BP pockets community thinks it was the right thing or not, good job on doing your damnedest to turn a bad thing into a good. I think a lot of young folks can learn from your mistakes, and even more from your determination.

I am sure there are many that will agree that there is a lot more to serving your country than saving your home or homes.

Not gonna change the topic or create a debate, so, awesome job getting back on top man.

I think there is a lot to be said about you as a person for sticking it out.

Bill

Fantastic fellas.
Much appreciated.
Those links will be on my todo list this evening while the wife watches one of those dreaded real housewives of whatever county shows!
Thanks,

In all honesty, I have zero education, or people to mentor me in my life toward financial success and my money goals. I live in a world where money earned is money spent even if it is beyond means, so forgive me if I seem ignorant.

But,
What the hell is a 2% rule?
How about a 50% rule?
If they are rules, or guidelines, they are obviously counted as the norm. If this is the case, is there any other "rules" i should invest time into learning?

So far I have been very lucky as all my properties have been a respectable amount below market value in good areas where cash flow is easy. I purely attribute this to knowing neighborhoods, and not being impatient. I have never heard of these rules. As my portfolio begins to grow, I would assume my cash flow per unit should as well, so if these rules will help facilitate....

Thanks,

Wow.
Lots of outside the box thinking.

When any of you were starting out, was there any preferred method that you "from rags to riches"?

Reason I ask, is:
1) I am military, so a modest income is my resource.
2) I have VERY limited time (I am away from home 200+ days p/yr)
so with the above, you may not I don't have as many options as a lot of folks.

When speaking of vacant property owners, I assume your speak about other landlords?
This one strikes home as the house across the street has had a "for rent" sign in the front yard for 6+ months in a very desirable neighborhood.

Either way, great feedback.
Thanks folks.

Awesome.
I really like how they helped her out. Give her some more drive. Imagine we will see her success fly through the roof.

Curious.
I have had decent success on the MLS. Although not the ripper deals you often think of when talking about real estate investing, but 30-35% below market value and easy cash flows. The problem is I only find a home that meets my requirements about every 3-6 months. So its VERY slow, and the deal may easily fall through or I will be out bid (most often the case).

Being that I am a amateur, (own 3 properties) I was curious what ya'll do to find your deals, and at what speed it allows you to accumulate your portfolio.

Thanks,
Bill

As Ali mentioned above, they tend to know their stuff.
I use a property manager as I am often gone 200+ days a year, but so far it has been worth every penny. They rent to quality folks for fair value, and quick!
Thanks,