All Forum Posts by: Eric D.

Maybe you need the looks of Keith Richard...  He has a decent wife. 

How can a property bought for $118K only cash flow for $200 a month?  Who made that decision?

I bet it is a great book!

If yo think that is bad, in the 2008-2011 timeframe, banks would reject offers only to see he home sell for significantly less that the offer.

The 'bankers' are often very out of touch with the market.  The listing realtor is the one that should be making the case for the selling bank to accept the offer.

Keep it as a duplex and rent it out.  If you flip it, duplexes are going for pretty big money, any multi-family is.

I was a member for a while.  It's a great networking place.  I took a short-sale and foreclosure class with Mike Jacka.  There were always a few bird doggers and deals being peddled.

If nothing else, you get a different perspective.

My properties cash flow greatly.  I keep mine all together.   Rarely do I ever have an expense than cannot be financed out of the monthly cash flow.  That includes property taxes, insurance and even my own distributions.  Or three roofs.  Or two furnaces.

I will use a credit card is there are no fees and pay it off in a month if I need extra.  Or plan ahead a bit and save for taxes.  I have put on three roofs in one day and paid out of the cash flow.

Of course, if I rally need to, I can withdraw from previous months cash flow that went to my investment accounts.

I should add the cabinets are 100% wood, no particle board.  JSI also makes a great cabinet.

All drawers, sides and back are plywood.  Fronts solid oak.  All 100% complete except assembly.  I have put in ~12 kitchens with the same product.  RTA is an easy company to work with.

Being plywood, and not particle board. I  can hang them myself.  They are lightweight once you take the doors off, which you need to any way to clamp them while you are hanging them.

I buy regular laminate counter tops from Menards, in stock colors.  Kitchens are easy and cheap the way I do it, and they hold up.

I use RTA Cabinet Store.com.  I get a 10% discount from their website.  Remember, these are not custom cabinets that go in a million dollar home.

Here are some of my cabinets.  I always figure ~$100 per cabinet as a rough estimate.  Count upper and lower cabinets, multiply by $100, and that is pretty close.  This kitchen is ~$1500, including the center island you do not see.

RTA Cabinet Store

"Never include any utilities in the rent if the tenant can put them in their name."

If the utilities are able to be attached to the property, never let the tenant pay them.  Add in a reasonable figure to the rent and you pay it.  Adjust the amount later in the lease if they cost more than you expect.

I have never run across any tenant deliberately wasting utilities.  They may not be as careful with saving, but they have not been wasteful.