All Forum Posts by: Zachary H.

@JD Martin that’s an interesting perspective I haven’t thought about. I guess because there is still so much untapped land in the US we’re not really thinking about that yet, but in some markets this will happen quicker than others (Midwest specifically)

@Steven James hey man!!

AirBnBs in Conway area and surrounding are really good. They have started tightening down the restrictions. There is a small fee and the fire Marshall has to approve the property before it can be listed for short term rental. But most people in the area are generating 2-3 times their mortgage. So, it wouldn’t be a bad move.

I’m a long term rental guy, so I typically recommend going that route. For a 4/2 in a solid area you’d easily get $1500-1,600 if not more.

Holler at me if you need anything!

Blessings

Zac

@Bryant Blackwelder

We did this with one of our employees. Wasn’t terrible, but we made a policy against it from now on.

Like everyone else has said, it just makes it hard on the tenant relationship and on the employee relationship.

I recently built a duplex and had one of my carpenters ask if he could rent it, the other carpenter (who rented from me before) told him it’s a bad idea! Haha

Make it a standard that you don’t rent to family, friends, employees, or anyone you have prior business with and it will help save you a lot of trouble.

@Christian Albright

Personally , I have ~40 SFH and 5 duplexes. I like knowing that at any point I can sell my single family houses and have competition over them.

Duplexes I think are still pretty competitive. But I remember someone telling me a long time ago that the majority of Single Family buyers are owner occupants and the majority of Multi Family buyers are investors and there aren’t as many of those out there that can afford mid - high level multi family.

That being said, I’m currently looking for a 30-40 unit multi family , because it fits into my long term goals since I have met my single family RE goals.

Different strokes for different folks!

Blessings

Zac

@Michael Fitzgibbon if you get prefinished cabinets and do low end finishes I think you could get in at under $60-70k doing some of the work yourself.

The last full gut I did on a house that small I think we only spent $50-60k. But we used a cheap shower surround in the bathroom, prefinished cabinets (only 12 linear feet of cabinets lol small kitchen), and went back with vinyl plank on floors.

“Full gut” can mean a lot of things though. We had to add 10 piers under house, mostly new floor joists, all subfloor, most sheetrock, mostly new wiring, new HVAC and ductwork, new sewer, water, and gas lines, etc… and we were able to stay under $60k I believe.

@Michael Fitzgibbon Run the other way. Way too much liability on your part hiring a non licensed non insured “Contractor”

If he isn’t diligent enough to get licensed and insured, he won’t be diligent in the remodel either.

@Bert Cohen cozy.co which is now apartments.com… used it for 4-5 years now with over 50 doors. Haven’t had any major issues.

The features we like are: Auto deposit for tenants, tenant screening (background check etc..) is paid by applicant, and maintenance requests are super easy to use.

@Kevin Young I agree with above posters that it completely has to do with your goals.

I have paid off a mortgage and love having one paid off.

Most of my loans are commercial 5 year balloon 20 year am’s.

However, in mine and my wife’s personal Portfolio we have decided to convert some to conventional mortgages.

We decided to do them at 30 year mortgages because we still want the cashflow. We’re young (30) and will have 5 properties paid off in the next 10 years in our personal portfolio as well as 10-15 paid off in our partnerships.

It really comes down to what you prefer. We've also "paid down" the rate on a 30 year on the last 3 we did to get it to be a closer rate as 15 year mortgage. This yielded about a 17-20% ROI on the fee we had to pay to do so.

Hope this helps!

Blessings

Zac

@Yeury Galva go with a good granite or Quartz … you can get it fairly cheap from some discount places. Granite will last forever. It’s fairly tenant proof since it allows hot items to be placed on it and you can cut on it without major issues.

Have to reseal it occasionally but I just do it every turnover

@Samuel McCart

To add to some of the others posts—Quitting your job isn’t going to solve any problems. However the motivation to quit your job can help push you in the right direction, but you have to have a bigger “why” than just getting out of a crappy job.

I was working corporate 4 years ago at a great company but it was keeping me away from my family when my son was a year old.

Rental properties gave me the “extra” income to change to a job that would have me home more and much less stress. I moved into the remodeling field because it’s what my family does, but maybe after a while of doing real estate and your full time job you’ll find something that will work to move into that won’t take away your W-2.

I thought I would only need 20 properties to stop working full time, but after now acquiring 45 properties we realized that we have a bigger long term goal than to just “retire”, we want to make an impact on those around us for the Kingdom of God and to just “retire” would be a waste of our talents that He has given us.

Best to you brother as you figure this out. We all want to point you in the right direction.

Zac