All Forum Posts by: Austin Fruechting

@Account Closed - I've heard the eye of the needle was an actual rock formation that was difficult for camels to pass through. 

I encourage you to read the book "Mover of Men and Mountains". Incredible auto-biography and story. You can make a ton of money and not be storing up treasures on earth.

How would you reconcile the parable of the talents? 

I used to be a florist by day!  lol 

I would put it all above the line, then the NOI - mortgage = cash flow.

@Alex Young - a few things... 

1) happiness is largely a choice and mindset. Read something like the "Daily Stoic" and other writings along those lines. Every person has the ability to chose how they mentally respond to everything. Your mind is the one and only thing you have control over in this world. 

2) I have no idea why you think working 40 hours a week makes you rat. Sounds like you want to have everything you want without any effort. It simply doesn't work that way. If you aren't willing to do anything, or work anywhere, I don't know what your looking for here. There's no magical way to accomplish that. 

3) Since you aren't willing to do anything, just move if you think that's the magical cure. And try to figure out how have all you want without working in a different location. 

The majority of Americans are unhappy at work. ARTICLE HERE

But they do it because income is a pretty important thing to have! Accept it and find a job that is most tolerable to you. Income allows you to do things you want to do.

You can't complain about not getting to do everything you want to do and have all the things you want in life and in the same breath say you just won't go get work a job to make the money money you need because you won't love it. 

Cash out refinance them and roll those (tax-free) proceeds into a lot more units or apartment building or syndication or REIT... crank that cash flow way up. Then you'll have plenty of monthly income to retire and pay a property manager if you wanted.

 Your offer and contract price should be reflective of all issues you are mentioning that are glaringly obvious. A renegotiation later based on issues everyone knows about isn't looked upon kindly. If the appraisal supports your contract price and the inspection doesn't reveal anything major beyond what you can see, then you should stick to your contract price. 

Now if the inspection reveals larger hidden issues behind the wall that you can't determine at this time, or the appraisal comes in lower than your contract price, then renegotiate. That's reasonable.

Read Rich Dad Poor Dad if you haven't. I think Ramsey is great for budgeting, saving, and paying off bad debt. Kiyosaki's financial outlook for building wealth is fantastic. 

I'm 32 with ~2mm net worth in 7 years of real estate investing and started with not much thanks to Kiyosaki's financial strategies. Who knows where that will be at year 16. Easily over 10mil with an occasional deal and I certainly didn't start with anywhere near $772k. 

Insurance companies wouldn't sell these if they didn't make money on the amount you pay vs what they pay out. Just have a reserve account and pay for it yourself and you'll get to keep the spread that the company makes selling them. 

@Jen Starr - Sounds like with your location it won't be a problem then. It may be a little tougher to find a tenant, but with that high of a demand you'll definitely find someone willing to take it to live there but save a little.  Is your $2500-2800 cash flow estimation actually net operating income (income before you make a mortgage payment if you have one)?