All Forum Posts by: CJ M.

@Madhav Thaker

Absolutely! Once you get through the entire BRRRR cycle, you'll probably think "why didn't I do this sooner!?!"

@Bruce Park

There is a more permanent solution...getting the pipe replaced. I say do the math on the cost of replacement vs jetting. If you spend $200/yr to have it jetted, it'll be 30 years before it costs you $6K. I'm not saying to not get it replaced, all I'm suggesting is, replacing it is a lot of money out of pocket right now when you could reinvesting that on more income producing properties.

@Blake Dailey

My guess is you will see lawyers on TV every other minute asking if your business went under due to the coronavirus? or if you or a loved one were affected by the coronavirus? or if your business lost money due to the coronavirus? or if you ever had a runny nose and heard of the coronavirus?

@Stone Saathoff

I haven't really changed anything with my strategy, a great deal is a great deal... I've just been more focused on my reserves nowadays.

@Kraig Krueger

Honestly, I would of passed on them if they couldn't move in on May 1st (or atleast pay for May now). You're losing another 30+ days worth of rent by waiting until June.

@Jennifer Sierchio

Nope, not a single bit

@Patrick M.

I hear what you are saying (and understand), but as of now it doesn't sound like there is anything he can even file an eviction for if they are paid through April. It may be state by state, but where I live, I know magistrates are not happy when they spend their time on an eviction hearing, only to learn the tenant has already moved out and the landlord filed "as principle."

All that said, to the OP, your situation sucks, and I hate to hear about it! Yes you can try and force them to pay based on the lease, and even threaten them, probably won't do any good though and only cost you time and money. They are not moving out because of plumbing issues if they never told you about them before (there's something else that may not even be due to you). So long as they don't trash the place, I'm assuming they broke their lease, which means you (probably) keep their security deposit. I would leave it be and avoid unnecessary court/legal costs, and move on...especially considering evictions are on hold in most of the country. Could be a lot worse.

@Zachary Giles

I can only tell you what I would do based off of that information. Since you're not planning on buying a rental for 2 years, I would keep stocking money away until then (perhaps a Roth IRA for some of the savings). Then, in the future, if you saved more than you thought you would, or had a change of heart, you could always just pay off your student loan and/or car then. Also in 2 years, I would think you would have a sizable amount of your car paid off anyways.

@Alex Leana

Financial education and preparation are critical, however there comes a point where you've learned the basics and just got to make a decision. It's like the saying goes "real estate investing is like jumping out of the plane and learning how to build a parachute on the way down." In other words, I don't know if there will ever be a "best time" to start. You're always going to be solving problems.

Everyone's motivation and timeline to take on risk is a little different. From my standpoint, I lost my job and that literally woke me the hell up! My 1st offer/BRRRR was purchased sight unseen, but I knew the upside potential due to the location it was in. And even if I failed, I wanted to be able to say, I at least got in the game.

@Fouad Hayek

Where was it located? Condition? School district?  Sqf? # beds/baths? Need more details