All Forum Posts by: Account Closed

@Jason Hines, some questions to ask:

• Is there any way you would be able to get a narrower estimate range on boilers somehow before you need to decide? (big difference between 6k-22k for replacement)
• Whatever that # may be, would you have reserves to handle if both units failed in a short timeframe?
• How would that affect you and your family financially and emotionally?
• Do the #'s still work if you are accounting for replacement of those items in your CapEx? There was a good article CapEx: How to Estimate Future CapEx Expenses on a Rental Property which approaches it not just from a percentage but actual replacement of big ticket items.
• Could you ask for reasonable seller concession to offset replacement: This may depend on how aware you were of these issues going into offer as it may not be fair to get an accepted offer and then ask for a steep discount for issues that were obvious prior to the inspection.
• Hope you can make the best decision.

@Willie Page, that is cause to celebrate. Stoked for you.

@Felipe Vazquez, are you referring to a specific company? The responses others have provided so far are referring to tax auctions in general, not a specific company which it sounds like you may be asking about. Either way, Mmy advice is to do a lot of research first: If you're talking about a company, look up reviews, see if you can talk to people who've used them (and do not work for them). If you're talking about just getting involved in tax auctions, you need to know what you're doing. You'll be buying properties without the protections that would normally exist.

Welcome @Travis Gregory. I admire your wife and your goals to provide increased stability for your family. REI done well seems like a great way to achieve that goal. My wife and I are in southern CA as well, so I looked OOS to start too. We own a duplex, and I'm hoping to keep moving forward with some other deals soon. Best of luck.

@Robert Miciu, do you already have a career you are pursuing? If not, then building on what @Mack Benson said, you could think about your strengths, personality, etc. and look into different careers within the RE industry. You could work towards an RE license, try to get a job in PM, become a loan officer, work in construction, etc. and each of these would start to give you a different perspective and in-roads into different areas of REI while you continued to acquire knowledge.

Welcome aboard Michael. There is a ton of info on here and good people.

@Mark Futalan, I think you've summarized one of my concerns, which would be making sure you would be able to survive if things don't go as planned. I like the potential idea of slowly making that transition as much as possible until you reach a tipping point where you feel comfortable taking the leap.

@Mark Futalan, that makes sense. I'm still in the thinking phase about whether to continue pursuing a license.

@Mark Futalan, is your plan to get your RE license and keep the day job? That was how I read your post. I've thought about if that were possible too, so I'd be curious how you plan to fit in the realtor aspects.

Just downloaded it @Luke Carl. Thanks for the recommendation. I appreciate your thoughts and chiming in on the thread.