All Forum Posts by: Chris Mackinlay

I tried out Cozy and I've been enjoying it. Not a good option if you need your money quickly. It takes a few days to get money from their account, to Cozy, then your account.

Cozy reports payments to Equifax, so there is added incentive to pay on time. Every potential tenant I interviewed liked the idea of their credit improving with payments.

My first maintenance...

Tenant called me at 4:30 this afternoon said the house was flooding. Someone was taking a shower and found the other bathroom toilet overflowing. I don't understand this.

I got the basic information and quickly called my plumber. He was out there at 6pm exactly. I got there at 6:05. I found two bedrooms adjacent to each other, each about halfway soaking wet.

He was able to successfully snake the main drain going into the alley while I shop vacced up the water the best I could (had to empty my vacuum 7-8 times).

I borrowed a huge fan from a friend and rented a carpet drying fan from Home Depot. Made it back to the house at 8 and set up the fans. Carpet should be dry tomorrow.

I treated the tenant with high priority and very respectfully. He did the same and is pleased, I am happy my property is still in great condition.

Plumber work: $162

Carpet Fan Rental: $52

Happy resolution: Priceless!

I'd love to hear some of y'all's boring maintenance stories!

What about that "Experian Boost" I see being advertised?

@Mark Welp

Love your statement. People are VERY polarized on whole life.

My wife and I each had a whole life policy. We closed hers to pay off a credit card and continue to put money into mine. Actually took out a loan at 5% from mine to pay for some repairs.

I attended a seminar maybe 7 years ago. I left with a burning desire to have sandwich leases within mobile home parks and/or wholesale properties. Spent 2k on that.

Then I started trying to act on that. Immediately ran into massive roadblocks and began to research wholesaling laws. Stopped dead in my tracks with that plan.

Spent the next 7 years getting my financial house in order, established some savings, invested 15% into the markets.

THEN I bought an investment property.

I think it was only worth it in the sense that it grew my awareness of REI in general, I learned more from reading, networking, and doing.

If there was a seminar near me for $200, I'd do it.

If the property value goes down and you're underwater, you keep renting it. If the rent value goes down, you keep renting it because your property should have been a great buy with some buffer against rent decreases.

Just like stocks, do you sell them at a loss when they fall beneath your purchase price?

Only if you like losing money.

I bought a property with mold. Showed my GC and the next day, the leaky water line and all the affected sheetrock were replaced.

Cost me a few hundred dollars.

Michael,

Thank you for the encouragement. I see the logic in it but by nature I am wired more conservatively so starting "small" is the way I'm going.

I have a sfr rental. In my mind, I have acquired the skills and experience to move into tier 2: a small multifamily or mobile home park. After that, I'll do the other of the tier 2.

After 2 comes tier 3. Not sure what that is yet. Logically, it's short term rentals.

I don't know if I even want to progress into anything larger than small multi. I'd be perfectly content with quality cash returns over a larger quantity of mediocrity.

If I wanted to own a hotel, this path would be different.

That being said, keep posting, I learn a TON from your insightful posts!

@Scott Passman

Voted for post because of the Matrix reference.

Hey BP.

I have a house for rent on the market. I started the listing a little above market and I'm about to reduce it because of minimal interest.

I'm curious, do y'all have a formula you follow to reduce the asking price systematically? What is it?