All Forum Posts by: Account Closed

 You got lucky being able to stay in the barracks! The second year I was in, they had to push me out of them since there were too many people and not enough space. BAH/BAQ and BAS as an E-3 would be a bit short for rent and food in my area. So had four guys get a 2 bed 2 bath apt and save as much as possible. It also didn't help that all the saving I did the first year was a loss in the stock market, chocked it up fee for learning, kept at it,  and now getting into RE investing so I can have two different 'passive' income. 

 I would contact the owner first and allow him to make the arrangement. I would find it rude for a potential buyer disturbing tenants.

 I didn't say I didn't take any loans out. I have a loan under two of the properties I own. My rant is towards your mentality that you can't be self made. The example is literally being self made... do you think a lender will provide a loan to you if you can't even put a business plan together or produce results before? 

The income I am currently making is from the stock market and military pay, the RE properties are just new (bought this year). You came to an investing forum and look down on leveraging yet complain that this generation cannot be self made. Self made is not paying for everything yourself, its starting from scratch and making something from nothing. 

Why don't you learn and research how to actually make money. 

And yes, I paid for my truck in full, paid for my pilot license classes in full, and the military paid for my schooling. 

 I'm 24 yrs old driving a 75k truck, buying a 2200 ft home with 1.5 acres of land and doing a 110k renovation project on primary home, making twice as much than median income in my area, completed my bachelor without the help from family or friends and do not have any student loans... left home when I was 17 cause I didn’t want any help from my family and turned down full ride scholarships... please don’t say people can’t be self made. just cause you can’t, doesn’t mean it’s impossible. 

Honestly I get annoyed with that kind of thinking cause people gives me **** thinking the stuff I have are due to rich parents...Well the truth is: it is from only sleeping 3-4 hrs a day, every time I have a break from work I research economics, financial news, etc. While people are out partying on the weekends, I am planning out my next move in the stock market and reading company reports. When people are blowing money on things that they cannot afford, I am paying to read global economic news and reinvesting what little I had into something that makes me more money. During the NFL playoff, I was reading the new proposed tax bill during intermission. At 0200 AM in the morning, when I have to be at work at 0800 AM; I was watching the tax bill debate live for a whole week straight prior to it being passed.

If you want it that bad, you have to earn it. Oh by the way, I enlisted into the military when I was 17, and if you know anything about military pay, we don't even make enough in the beginning to pay for an apartment so we normally roommate with someone for at least 4 years until we get enough high of a rank to pay for the average rent in the area. Literally ate Ramen Noodles twice a day majority of a year to save money to invest.

I didn’t mean for you to go into military. I just wanted to show you my example and as you have gotten from other people, there are many other ways to make money legally. Just go for it and be creative. You’re going to fail at some point or have horrible deals, but just keep at it and learn from mistakes. 

 No he cannot stay another 28 days without paying rent. The law only states to terminate renewal. So if he wants to stay longer, he has to renew the lease and the landlord cannot say no as long as he keeps paying. So basically the landlord has to renew the lease for at least another month. 

Some states allow text messages or emails as notice.

What the landlord can do though, is as soon as your friend signs the lease for a month extension, the landlord can then send him the notice right after.

 For smoke smell, the biggest problem would be carpet if you have em in the house. You can try steaming/conditioning them, but to completely get rid of the smell you'll have to replace them.

 Google search says landlord needs to give 28 days before the lease ends if there are no issues with tenants. If tenant has been breaking rules outlined in the lease agreement then they don't have to give that notice.

https://docs.legis.wisconsin.gov/statutes/statutes/704/19

 When was the property built? when was the last time the ac has been serviced? age of roof? how old is plumbing? electrical? If they still have atleast 5 years left on em, I would just allocate two months worth of rent in cash up front. No need to put too much up in if you are not expecting a big expense in the near future.

In the process of closing on my first deal as well but I have been an investor in different venues before. My plan is to just save a year's worth of extra income after PITI have been paid. After that I plan to use the cash flow to buy other properties. But I have credit cards with $30k limits at 4% annual interest rates and investment funds in the stock market should I need an emergency fund.

At the end of it all, it is your choice on how much to collect for repairs, vacancy, cap ex, etc. If I know the roof is half way in it's life-cycle, I will probably save up a lot more than 5% for cap ex. Honestly for the first one, I think saving everything in the first year or two to build a cushion is not a bad idea.