All Forum Posts by: Dustin Beam

Actual Kansas City, MO schools are rated pretty poorly. But there are some charter schools with good ratings. One has to wonder how much property values in the Hyde park area would sky rocket if the public schools were better.

There are nice, wealthy areas in Hyde park, but also 3000 sqft homes with tons of charm for not a lot of money.

thanks @Chris Dawson!

Yea, I think you should go ahead and call the cops to see if he's wanted or something. If he's not, well good, frankly. If he is then maybe they can catch him.

Flip side, as I'm not a fan of the Patriot Act myself, he might be a strong Libertarian or something and is sticking to his convictions. Some people would die before giving a DNA sample, for any reason, because of principle alone. To some degree, I respect that.....even if they are a nut! haha

 I don't think anyone is saying DUIs are OK, only that people make mistakes in their life. Chances are, you have too. Maybe you've never drove after even a single drink, but you have made mistakes. And it's probably a safe assumption to say you learned from them. Everybody does, it's part of life.

I certainly respect that you can and should run your properties however you see fit, however it's a bit harsh to speak in absolutes when saying if they've gotten one DUI, they will continue to drink and drive. Some will, some won't. I would not consider renting to someone with multiple DUIs. I would not auto disqualify someone from one  DUI in the past if everything else checked out good.

What's your biggest obstacle? Is your health keeping you from picking up a second job or going to school to increase your income? If so, can you do anything about it?

If your health isn't holding you back, what can you do to make more money? Or, what can you do to save more money?

It's been said a lot in podcasts, books and here on the forums, but asking yourself "how can I do XYZ" instead of "I can't do XYZ" has really changed my perception.

But my advice is to tackle one thing at a time. Jump one hurdle at a time until you are getting some cash together, then you can buy a small SFH or duplex. Then the snowball has started, you just have to keep nudging it down the hill.

Keep in mind, I think it seems overwhelming for almost everybody at first, just keep working towards your goal.

I don't have the knowledge, passion, or desire to start a "traditional" business like Bill Gates or Billionaire X. 

But I do have passion, desire, and building the knowledge to make money in real estate.

Those factors cannot be ignored.

Furthermore, failure in all business is common, but if I had to guess, I'd say failure happens at a higher rate for "traditional" business ventures vs real estate ventures. I can't back that up though.

 You might be 100% right, might be completely wrong. A DUI doesn't mean they are an alcoholic. I know some really good people that have DUIs. One actually pulled over because she knew she shouldn't be driving, crawled In the back seat, feel asleep. When a cop woke her up, she told the truth and got a dui even tho he didn't catch her driving. But for the record, I hate the act of drinking and driving.

I'd actually be more concerned about them not having a driver's license (assuming it's revoked ) than the DUI/alcohol problems. They might not be able to get to work depending on the area.

If the 3rd floor tenants are on a month to month basis, I'd see about ending their occupancy, after you meet the legal minimum notice, and repair the bathroom. This assumes that the rotting isn't a safety hazard (like the tub or people falling through the floor).

 Thanks, and yea that's how I understood it. You only get to count depreciation for 27.5 years and then it will simply be typical expense type deductions (assuming the mortgage is paid off). I guess the good news at that point is your income will be much greater with no mortgage, so it's a good trade off. It's probably that last few years where you may owe mortage (with little itnerest) and used up all your depreciation that are the worst.

@Wayne Brooks, I always assumed that you got to use depreciation up to the point that you've deducted the total purchase price. So you deduct 1/27.5 of building value, right? So after 27.5 years, you would have deducted the total value. But,you get to continue counting depreciation forever?