All Forum Posts by: Joshua D.

@Dennis M. Thanks man i did want people’s advice on it haha.

@Angela Smith the way of money management professionals? Im basing this off all the big money makers the fact is to be blunt there is no doubt in my mind like 99% of people she would just spend like crazy and become broke lIKE literally shops non stop the reason i invest it all for are future she comes from huge money and not her fault but has no clue of a value of a dollar and we get approved for the loans from rental income and the equity. I talked to my banker before quiting my job made sure it wouldn’t effect it.

@Joshua D. Also 50k in roth ira and other cash and stuff

@Thomas S. Really? Feel nervous doing that? I have $250 in available lines of credit bank cut me off. But if all goes well in February they will see where im at and at that point should have 4-5 properties that i havent leveraged against. Which should be in the value of around 300-400k.

So are contractors have been a little shady lately . They are costing them selves money and the one came to me and said there not making anything. He hasnt been at the jobsite for 2 days left all there tools. He wont answer my calls just txts me back and i wanna get the project done. Hes doing other jobs with his brother who is also a contractor. Do i have the write to get on there asses like i need this done? The one brother did answer my call and said they been busy with a side job and trying to get done because guy is on there *** and im trying to get are place done. How do i got about handling this situation? Getting worried and nervous and concerned they are gonna walk out on me?

@Terre B. Big bonuses

         Thanks everyone for the responses. I could have plenty of income if wanted to but the way i see it and every big money maker ive heard is to stay cash broke. I put every penny back into are business buying more real estate and putting into stocks. The only difference i been telling her is the rich accumulate assets vs liabilities. Shes all about that because she has come from alot of money and i came from nothing. So im all about trying to make good financial decisions.  Honestly one property pays my truck payment. Which also was the worst purchase ive ever bought. Thought would be nice compared to my $1,000 toyotas and now i have a $30,000 chevy. Nice for a week after that no big deal.    Also she has a fantastic cake job for her dad she gets to leave whenever she wants and has her own schedule really gets payed crazy money for it too. I was in a bad spot in my life with work and i started this and went balls to the wall at every angle and it blew up i feel like. I mean the numbers alone i think show that. Anyways anymore questions i can answer? Also not taking anything harsh. Say how you guys feel, I appreciate the input.   @Angela Smith  @Mike Dymski  @David Zheng @Amanda G.@Tyler Gibson @Andrew Neal @Travis Henry @Terre B.@Dennis M. @Amy H. @Patrick M. @Brian Pulaski @Jim K. @Mike Cumbie 

We make around $7,000/month off of the business, net. However, we've been putting it all back into construction costs and paying our lines of credit and mortgages, up until this point. And I don't see any of our tenants. We have a pretty streamlined system. If a tenant has an issue, they email our maintenance request email, we send it to our contractors, and they perform the repair.

Hello all. 

   My wife and I are having a disagreement that we need you to weigh in on.  Here is what we are having a hard time with:

We started dating in 2012, and I've always held a W-2 job of some kind. I hated the last job I worked at. It was at an asphalt plant and I made good money, usually around $850-1000/week, depending on overtime, etc. I was extremely unhappy at the job and knew that I had more potential that I hadn't tapped into.

Fast forward to 2015 and I started to have a serious interest in persuing real estate. I bought my first duplex for $16,000 and now make $650 on one side and $675 on the other. After that one, I bought a house for $27,500, worth $130,000. Fixed it up a bit and rented it out for $975/month. Next house, bought it for $36,000 and fixed it up, rented it out for $1600/month for the past 3 years, and so on. It was just really blowing up and I was getting insane deals left and right. Seeing this, my wife supported me and when I brought up the idea of quitting my job to do real estate full time, she fully was on board. 

It is now 2018. We've built a very successful real estate portfolio over 18 units, and here are the figures for each:

- Have 60k into house, house worth 150k. Rents for $1280/month. (523)

- Have 25k into duplex, worth 40k. Rents for $1325/month. (8-10)

-Have 40k into house, worth 130k. Rents for $975/month. (122)

-Have 50k into house, worth 110k. Rents for $1025/month. (46)

-Have 50k into house, worth 125k. Rents for $1250/month. (40)

-Have 60k into house, worth 130k. Rents for $1200/month. (709)

-Have 50k into house, worth 85k. Rents for $985/month. (59)

-Have 60k into house, worth 125k. Rents for $1747/month. (290)

-Have 50k into house, worth 110k. Rents for $1245/month. (78)

- Have 75k into houses, worth 130k. Rents for $2115/month. (77)

-Have $10,000 into duplex, worth 30k. Rents for $1150/month. (171-173)

- Have $65k into house, worth 125k. Rents for $1200/month. (12) 

- Have 25k into house, worth 35k. Rents for $1150/month. (640)

We also have a flip house coming up. We bought it for $15,000 and will have around $100,000 into it when finished. It will sell for in the 130k neighborhood. 

As you can see, we've brought on a good amount of properties in the past 3 years, and the returns on them are around 20%. On the business side, we have $450,000 in debt for them all, and our net worth is around 1.3 million, minus our debt, our net worth is around $645,000.  We make around $7,000 cash flow per month in rental income, net. 

Here's the thing. So, on a business side, our business is running itself pretty much and doing great, making a monthly return. BUT on the personal side, my wife is now the only one who holds a W-2 job, and makes $700/week. Since I quit my job to focus on real estate full time, we've been paying our household bills and living on JUST her income, and putting 100% of the business income back into the rentals and acquisitions of new rentals.

She has recently come to me, upset, feeling like it's "not fair" that she is the only one of us who now goes to an office M-F and pays all of our monthly bills (My $477 monthly truck payment, $540 electric/heat bill, groceries, both of our credit cards, and anything else we buy) out of solely her paycheck, and feels that I do not contribute.

In my defense, I feel that me managing the rentals (meeting with contractors, looking at and aquiring new properties, and keeping the ball rolling in general) is my contribution, and going back to a W-2 job would be going backwards for me, with all that I've built while not having a W-2 job anymore.

She feels like a "sugarmama" and "used." 

Is she justified in feeling this way? In your opinion, should I go back to getting a W-2 job and doing the rentals, etc, as well, on top of it?

Or is she being unreasonable? 

Thank you! 

@Jake Hartnett plus we do are own management being there are none around