All Forum Posts by: Chris Pace

Roy N. Adam B. Awesome responses thank you both.

I am new to REI and looking for a place to live. Me and 2 other beginner investors are thinking of buying a property in which we all live in, rehab over time, then sell for a profit. We think this ought to be a decent way to start our investing careers. We mesh well and are all generally not stupid. However I think only 1 of us can qualify for a loan. We all plan on putting in equal parts for a down payment, and we all understand that whatever we decide needs to be in writing under contract of some sort. Is this a good idea? Does anyone have any kind of experience with this sort of thing? Any thoughts or suggestions are very welcome. Thanks for reading! Happy new year!

Awesome, thank you all for the replies. I am looking forward to meeting those who come out to the investors meetings in January! Happy holidays!

I am still very new to this so please excuse my ignorance. What are the pros and cons to owning a rental property outright? It seems that cash flow would be significantly increased if you can pay a mortgage off, but through all my studying I never really hear anyone talking about it. It just seems absurd to me to have 20 loans out on homes that are cash flowing $100- $250 monthly. Why not pay off a couple at a time before adding to the portfolio? Once again I'm a total noob so please excuse my ignorance. Thanks for the time and happy holidays to you all!

I'm a second generation concrete worker, and have done concrete and other forms of construction most of my life. I don't know the contractor and I don't know the area. Your price could depend on many different variables. For instance; how many stairs, the length of the stairs, wether he's using rebar to reinforce, is he putting fiber in the concrete, is it colored, is he going to dowell into existing concrete. For residential side walks and walkways in general 4 inches is the standard. Driveways are 6, stairs can be anywhere from 7 to 10, (mostly depending on your specs and preference). To me 2500 seems high but this could be because the contractor is well known in the area and does very quality work. In my area you could get the same job stamped, colored, and sealed by a very quality contractor for around 2500. If I was you I would check the reputation of your contractor and shop around a bit. For standard broom finish concrete work you could be looking at around $6.50 to $8.00 a square foot. Also doing the demo work could dramatically reduce your costs, no one likes doing demo. Hope this helps!

wow thanks Matt.

I've probably listened to about 35 hours of the podcast so far. That's a great resource but a lot of times just leaves me with more questions. 

I have also set reminders in my calendar for both investor meetings and will be in attendance for January. Thanks for the tips and hope to see you there!

hello all. I'm brand new to REI. I have been soaking up as much info as possible for the past few weeks, and am hoping to find a mentor in the Oklahoma City area. I can help in whatever way possible in exchange for knowledge and wisdom. I know how to learn and I am very hard working, but I'd rather let my productivity speak for itself. I have toured several manufactured home parks in my area as well as scouring craigslist and this seems to me like a very viable way to jump start my REI career, so any info from the okc are on MHI would be greatly appreciated. I work about 50 hours a week and I have about 4500 saved up. I have an extensive background in concrete and various other forms of construction. I can help anyone in the area on weeknights or weekends. I am interested in building relationships and learning. Thanks for reading!