All Forum Posts by: Dustan Marshall

i agree that the spouse needs to be on board.  also you will need find your niche and focus on creating value in a deal within that segment of RE.  (finding an under value home, sweat equity in a flip...etc)  as mentioned above, is this an investment or a job for you?  this will help guide you to your niche.  the 10k can be a down payment on an investment or seed money to start your new job.  

in my area these lots are donated (tax write off?) or sold to companies like habitat for humanity or the like, to help rebuild the community.  

by learning as much as you can about whatever area of RE interests you.  Flip, but and hold, notes...etc.   

For me, I like buy and holds.  So I would look for habititable houses that I could use that 10K as a down payment on and do new flooring/ paint and rent it.  Then 12 months late do a cash out Refi (rinse and repeat). If you bought under value you will be able to pull enough out to do another one.  and just keep going.  

great article.  i think as an investor i get caught up in the numbers and this articles helps to re-align the priority of WHY to invest.  security in my financial and family life.  

i started with excel and tried out a web based PM software.  I felt it got over cumbersome.  I am sure if PM was my full time job those programs would be great.  But I ended up back on excel.  i just keep a folder for each property and put the receipts in the folder and at the end of the month i add everything up and input it in the spreadsheet.  then file the receipts away for years end.  only takes a hour or so per month.  

thanks for alll the great replies. I knew I could count on BP. 

It seems like I need to follow up and ensure the details of the current lease (if there is an existing one) and find the best course of action.

I know Tennant is behind and current LL is not wanting to go through the time/expense of eviction.  This will certainly be addressed in the offer.

If there is one, I will prob follow that lease until it's term is up or eviction is needed.  If there is No lease, I will have Tennant sign my lease and proceed from there.

hello BP

I am considering purchasing a property that is currently a rental.  Not sure how the lease is written up between existing Tennant and LL.  But I know they are behind on rent.

If I buy the property what are my options.  force them to sign a new lease?  Evict and start fresh with someone I have vetted?  Or am I bound by some else's lease?

@Bryan N. 

What % do you use for CAP EX. Or could you suggest one for me that goes beyond the 10% I already use for repairs.

@Joel Owens 

I agree completely!  The 20 units is just to replace my day job income.  When I "retire" from it I will be able to do RE full time.  And meet my post - retirement goals.

@Elizabeth Colegrove 

I like your strategy.  I started out wanting $5,000 gross, just to make my life easier.  But after a few houses I realized that I could do much better.  So I changes the goal to 10,000 gross.  Then lately when I works the numbers I notices how little NET income that actually produces even when paid off and using PM.   So I changed the goal again to over 4,000/mo net.  That is where I got the 20 unit number from.  And that would be enough to let me walk away from my day job. But not enough to live the way I wish.  So I would need to set a different goal post-retirement.