All Forum Posts by: Derrick W.

great story and I love the idea of being diverse! I'm 1 buy and hold house away from my origional rei goal. Lord willing I will be able safely meet that goal at the end of this year.  I would really like to change gears once that goal is met. Apartments, mobile home park,laundromat, car wash...... How do you decide which way to go once you reach that point?

how much is needed?  A table saw will work or you may be able to find a mill that can custom cut wood for you. 

You can still do a plank subfloor with a thinner maple covering over that. 

Compare apples to apples. A cheap lot is great unless it's in a flood zone, no utilities, tons of tax debt,has zoning issues, etc.....

Research it then use a title company or something similar done give ANY money until it's confirmed legit. 

it's a buy and hold rental. 

So I would basically do the same thing with the owners as I would a realtor?

I have a lead on a decent sfr that is for sale but not yet on the market.  Owners (investment group) will consider financing it for me. This is scary as I have never gone this route.  How would I go about doing this and protecting myself?

well done!!! I bought  the 2nd to worst house on the street and turned it into one of the nicest houses on he street.  The only one that was worse is a early 70's model mobile home and the only one that is better is the brand new house across the street. 

It can be done, now go do it again!

first thing is to meet with the city.  Zoning, permits,storm water drainage, access for tenants and emergency vehicles and addressing are all issues that can kill a deal.  The city will have their development department, engineers, fire marshal and planners all involved and maybe a trip before the city counsel. 

I've seen deals fall apart over fire truck access, storm water detention ponds and installing fire hydrants. If you can get through the city the rest will be "easy". 

I didn't read every post but am shocked that I didn't see any mention of the terminator or lawn mower man. 

Of course that also showes my age....

the idea of having cash flow that is equal to or greater than my w2 income is tempting.  That is one of the major reasons I want to get a few houses paid off. 

I bought a house and did a ton of work on it.   According to my realtor  I have around 30k in equity.  I buy and hold so selling isn't really an option. 

Do I 

A: pay it off and up my buying power through increased cash flow. 

B: refinance and up my buying power through leverage. 

Leverage is faster and pay off is safer. This is in a c- area so I'm afraid that leverage would require a rent rate that would leave little to no cash flow.