All Forum Posts by: Bruce Woodruff

Bad idea. It just scares the crap out of me....but then I had a disastrous period in my life where I was forced to do this, so bad memories of seeing the ramifications are probably clouding my judgement.......

As was said, only do this if you are positive that the rewards points are guaranteed to be higher than the interest you are losing. And your 'profit' from this tactic will be small, why not use your time and mental energy to fo find some killer deals and make real money?

And you're still paying interest-on-interest as @Chris Seveney said.....

True.....but I would be wary of them because they do not take into account two of the most important factors: 1) Reno budget - this is critical to get right and the cause of most failures. 2) Time - it is near impossible to calculate this accurately, too many moving parts...

Still, thay can give the prospective investor a ballpark idea.....

There are many other options...of course based on budget, risk tolerance, innate skill-set, etc.

I just think that having a complete stranger actually inside your house is a bad idea.

*Buy a distressed 2/1 and rent out the other house. *Buy a 2-story and take one story, add a separate entrance for a tenant or guest (STR) * Buy a property with a good upside and just take the profit when you sell. Many options exist....

@James Hamling is right. Congrats on 'only breaking even'!!!! I have lost money on flips, even being a seasoned GC, and even with a deep pockets money guy as partner.

I suspect that your renovation went over budget, along with your time-line. That is what got me and most others. You have to buy cheaper AND be spot-on with your budget. There is also Mr Murphy to consider, there will ALWAYS be some unexpected occurences.....

Welcome. You have big shoes to fill, so good luck!

Yes, complete re-wire. K&T is dangerous and not worth the risk. You will raise the value of the property too....

Get rid of her just for the attitude. There will be plenty of other 'good' tenants out there. She will only get worse if you allow her to stay (thereby rewarding her bad behavior)....

Welcome to BP, you'll find this a great place to assist you on your journey...

Just my $.02, but I would start small and make it a hands-on effort. This is how you will learn the fastest and have the most control. This would include Flips, STRs, or just having a basic old fashioned rental property that you guys run, manage and take care of....

Ask a lot of question here on BP. Good luck!

Use your stay-at-home status to your advantage. Take the kids and go drive around neighborhoods looking for fixers, etc.....start thinking about geting partner (s). Figure out and write up a little proposal saying what you bring to the table in a partnership.

Househacking with 2 little girls could be risky IMHO, I would find another avenue ......stay on BP everyday and ask questions....

@JD Martin is right, just fix the problems and move on. You don't really even have the option of selling the house....because now that you know, you must disclose these issues, so there goes your profit if any.

It'll just take you a few extra years to get back the money through appreciation, no big deal. Could have been worse......