All Forum Posts by: Account Closed

It's simple IMO, if your income covers all your expenses, and you have enough left over to save and invest, you are good to go.

As long as your non W-2 income streams are coming in fast enough to replenish your accounts. (Be sure on those income streams, no speculation.)

Have a good size cash reserve (I had at one point $115K in cash reserves in an account, because I was so cautious about life's surprises, especially medical, I have since eased up on that and put more than half of that to work for me in multiple income streams) waiting in a high yield savings account, or in some state of liquidity, that you can draw from at any time for those unexpected surprise expenses, because sometimes when it rains, it pours.

My medical is $528 a month for a family of four (1-year plan, high deductible, $1M coverage per person) Like with most policies you get a discount, if you pay in full.

8% to 10% for long term rentals, and up to 30% for a midterm. 

Some give you a bulk rate.

At least your insurance premiums will be much cheaper on a new construct versus an older existing house.

All Cash Flow Vehicles

High Dividend Stocks

Stock Options

Mortgage Notes

Real Estate Debt Investing

Long Term Rental

Mid Term Rental

High Yield Savings Account

I had the same amount after I sold off most of my rental properties and paid everything off, now I do all the above. 

Like everything else they all come with their own risk.

Yes, it is true in certain areas of the Cleveland Market. 

I had a property in Cleveland (Warrensville Heights) for 4 years and yes, I had to pay for the water/sewer (but not snow plow) and it was in my name, as the utility company billed me directly.

But, I had that expense factored into the rent, so I was reimbursed when the rent was paid.

Head east my friend and check out real estate deals in the great state of Alabama, very low property taxes (0.40%) median home vales $200K with an average annual property tax of $800.

Wow, you have a ton of options to grow your wealth or sustain a nice monthly income. 

- High dividend paying stocks

- Crowdfunding RLOs

- Mortgage Notes 

- High Yield Savings Account

- LTR, STR, MTR properties

- Commercial & Multifamily properties

Diversify when you can, live within your means, always have your money working for you, such as in high dividend stocks, mortgage note acquisitions, high yield savings account, along with real estate.

Only if you have a STR and it is furnished with furniture and appliances you paid for.

A few things to keep in mind when investing into STR.

- In many cases, but not all, after you acquire a property, you will need to upgrade it to luxury status to attract bookings, as guests will want the bells and whistles. Though sometimes just the location is good enough.

- The premiums for STR insurance are going to be substantially higher than LTR, as you will be covering more liabilities and furnishings, and even more if it's an old structure.

- If you are going to be more hands off, you will need a PM to run it, and they will charge a higher percentage in fees than on a LTR.

- Be very aware of the politics, laws, permits, taxes, etc. of the area you choose to purchase the property.