All Forum Posts by: Account Closed

@David Nacco I suggest you include everything that has value...  Your net worth is the sum total of all your assets, which is everything you own of some value that can be liquidated into cash at some point, minus all your liabilities, which includes car loans, home loans, business loans, credit card debt, etc...  Most personal property will have negligible value after some time of owning it, so you can exclude that, but jewelry, paintings and things like that can appreciate or depreciate.  Cars and sometimes furniture, whether you have loans against them or not, may have some salvage or scrap value, depending on age and condition.  The trick really is deciding what value to assign to those items so as to not artificially inflate your net worth.  In the end, you'll only know the actual value of anything in your personal balance sheet if and when you attempt to sell it; before then, it is just an opinion of value.

So, in short, it is really up to you what you include or not, but every debt counts against your net worth, just like anything you own that can potentially be turned into cash adds to your net worth.

Hello everyone.

My grandmother recently passed away and we are looking to eventually rent her home in Miami, near Coral Gables. However, neither my uncle or myself live in Miami, so we are looking for property manager referrals.  

Appreciate any recommendations of great property management professionals that service the Coral Gables area.  Thank you in advance.

Hello everyone.

Can anyone please provide suggestions regarding good sources and/or books providing guidance on how to do proper market/neighborhood research?

Thanks!

Hello everyone.

Can anyone please provide suggestions regarding good sources and/or books providing guidance on how to do proper market/neighborhood research?

Thanks!

Hello everyone.  Thank you very much to all for taking the time to chime in.  I appreciate the perspectives...  some very good advice.  Thanks!

Hello all.

I have ~$24k in car loans for which I had a plan to get paid off in a few months, while continuing to save money to begin investing in real estate... to date, we have accumulated close to $30k, kept in a “high-yield” savings account and earning 2% interest.

However, in recent months, we were hit with medical bills which we had to put on credit cards, adding another $16k in high-interest debt.

My initial thoughts are to use the $30k to knock down the debt to $10k as the much higher interest I pay on the debt means I’m losing money each month, and start again saving from scratch. I also figure that, by cutting some of the monthly debt payments, I should be able to use that money to pay off the $10k quicker and then accumulate savings faster than the previous time.

However, the general advice going around is to “pay yourself first” and not touch that money for any reason. So, I would like to ask for advice as to what might be the better way to accomplish both goals: paying off all debt and save enough money to go into real estate investing.

Thanks in advance for any advice received.

— Max.

Hello all.  Looking for some great law and accounting professionals in the Tampa Bay area who also have experience with real estate investing/investors.  Appreciate any attorney and/or CPA referrals... we can PM to share information.  Thank you!

WDO = Wood-destroying organisms

Thank you, both for the information.  Actually, I am already registered to attend Thursday's TBREIA meeting.  I don't actually have anything yet, but I was looking for references to begin connecting with people in different disciplines, so I have some contacts for when I need them.  Perhaps we can talk more on Thursday...  thanks again!

Hello everyone.

Looking to network with potential team members and would appreciate references for real estate agents, attorneys, accountants, title companies, general contractors, insurance brokers, lenders, home inspectors, and/or property managers.  Any references for quality professionals in some or all of these areas of expertise will be most appreciated.

Thank you,

Max.