All Forum Posts by: Alexander Felice

I'm going to wait as long as possible to quit my day job.

If I make as much in passive investing as I do my 9-5 and I quit, I just took a 50% pay cut, BEFORE benefits. 

If I make 5x as much in passive income as I do my 9-5 job and I quit, I take a 20% pay cut. 

I'm too greedy to accept either of those. I'll quit my day job when I'm making plenty in RE and the work load is simply too much. Since I do buy and hold, I'm hoping that day is very very far away.

Never discount the power of multiple streams of income. 

It negative cash flows, and gets the seller stuck with the loan. How is it a win for anyone?

no cash flow = no deal. 

It negative cash flows, and gets the seller stuck with the loan. How is it a win for anyone?

no cash flow = no deal. 

I'm more worried about the market going up and interest rates rising. If the market goes down I can buy more and borrowing gets cheaper. 

The downturn is where I can make the most money.

I didn't really use it at all, I was still sending private messages the old way. I don't need BP to be another social media platform for me to stay connected. 

I come here to learn and kill time at work while dreaming of real estate deals. 

Maybe you can motivate him to move faster by setting expectations better. 

To answer your question, money in infinite, time is (terrifyingly) finite. 

With that said, it's hard to find good contractors, even slow ones. I would invest in him a bit and see if you can get him ambitious about reaching goals faster. 

I usually don't jump to conclusions on this stuff but 

#drugdealer

 Probably this. You'll have to spend some time and money at the end of the lease to get it back up to spec. A hole in the drywall isn't a big deal. No need for you to spend your time hassling around their schedule to fix something THEY did. They can live with it a bit. 

Good advice in this thread. To reiterate/add/summarize: 

1. Word the lease so that it doesn't start until occupancy has been taken, keys have been exchanged, and security deposit/first months rent is in hand.

2. Don't except Paypal. Even if this went better, the tenant has 30 days to take back their payment. 

3. The unit isn't rented until you have CASH IN FIST and a warm body in the unit. Next time treat the unit as available until it's rented (using the requirements I just listed). This will save you a ton of vacancy time. People are flaky, consider this situation the norm instead of a fluke.

yeah @Dawn Brenengen has a great example. 50k over 28 years is about keeping up with inflation at best. 

If I were you @Freddy Pettiford I would try to rent it out. It's going to cost you money to sell it. You might not even break even on it. If you sink any money into then that cash is gone, and it would be unfortunate for you to raise the value less than the cost of improvements (after cost to sell).