All Forum Posts by: Isiah Ferguson

Quick question ? 

Currently, we live in relatively higher cost of living  suburbs in a Metropolitan area. Our 3 biggest expenses is our Housing, Car, and groceries.

We want to bring these things down. But when it comes to schooling for our children, our school district is the “best in the state.” The ratings are all 10 for all grade levels. We look at it instead of paying for private school, we can pay for a great house/neighborhood and get the best schools in town. It’s killing 2 birds with 1 stone.

But when it comes to lowering our expenses to reach our FIRE goals. We can lower our housing and move to a different part of town but what are people doing regarding their kids education. We can move to the hood with lower housing cost but the school systems ratings are low there. 

How should we approach this ?

Hello all. 

I have a rental with a long term tenant in place. Recently she’s notice raccoons on her roof at night. She heard them moving around and they appeared to be in the attic. She in complete panic mode and making me nervous too. 

So I called wildlife rescue and they came. So far they baited the raccoon and caught 1. The tenant believes they’re at atlease 5 in the area. 

Wildlife Rescue seem like they’re doing a good job so far. They check the attic and no signs of raccoon inside regarding raccoons feces ( urine and stool ). 

Here’s a few photos below. 

This is my first time experiencing something like this. What should I do because at this point I kinda want to sell. It’s our lease favorite unit. 

How should we approach these circumstance ?

Thanks to everyone for the feedback.

We spoke with the tenant. I’ve mentioned it’s okay to break the lease due to the unforeseen circumstances and she wouldn’t have to worry about court proceedings etc. She also agreed to be okay with forfeiting her security deposit and pay 1 months rent for landlord damages.

All it took was a simple conversation and it was smooth and easy. She kept apologizing because the move out is so short notice. She expected to move out in 2 weeks but I told her no worries and she all set to break the lease and move.

@Michele Fischer @Greg M. @Tim Delaney

Hi to all ! I have a question. I received a long text message from a great tenant that occupied 1 of my units. I’m kinda confused on how I should proceed. I’m trying to see this from a humanitarian standpoint but I know this is business. We have a standard lease in place already & if you break it you lose your security deposit plus you’ll have to pay 1 months rent prior to move out. What do you guys think ?

”Good Afternoon !
I am contacting you to respectfully ask to break my lease and move from the resident by the end of the month. We had a tragic event happen over the past week and a half. My daughter who we just helped to move to Mooresville on March 8th fainted while on the phone with my oldest daughter who also lives in Mooresville. Once my oldest daughter got there, she found her sister unresponsive and called 911. She was in the home with her 2 toddlers. This happened last week on Tuesday. My daughter was diagnosed with Grade 4 brain cancer. She was taken by to Duke Medical and had surgery yesterday where the doctor said that they were going to remove the tumor and as much of the cancer as possible and then give Chemo and radiation once it’s determined if all or most of cancer was removed. As of today, she’s still not fully alert or exhibiting function or mobility. I was told by medical staff that she is going to need care once she is discharged. We are not sure when that will be. I am taking care of her children right now. I need to move into her residence with her to take care of her and her children. I know this is short notice and unexpected. I am currently waiting to speak with her doctors. I can call later this evening to discuss what I need to do. Thank you for your consideration and understanding.

Vicky”

I’ve been with State Farm for some years regarding all of my policies. I have about 7 policies but I’m tired and looking for a new company to take my talents too. Do anyone have any recommendations for a good solid insurance company to house my policies. They consist of rentals, vehicles, & umbrella. 

Thanks in advance. 

My name is Isiah. I am 31 years old. I have a wife & 2 boys.

Whewww ! I don't know where to start. 1 thing for sure big thanks to Biggerpockets & this community. 

I started this REI journey super green back in 2016. I couldn't wrap my head around the the concept "The Rich Don't Work For Money" - Rich dad. I always thought, the more jobs someone has the more money you make. Sheeshh I was wrong. Reading "Rich Dad Poor Dad" made me realize it's not about how much money someone has but how much CASHFLOW they generate. How long can you sustain your life without a JOB ? I begin to understand CASHFLOW a lot more. But I also realized to obtain FINANCIAL FREEDOM you have to have a GROWTH & DEVELOPMENT mindset & become the person you need to become from a mentally standpoint to get what you're asking for.

I brought a duplex a couple months later after learning about REI. Brandon Turner always talked about not getting analysis paralysis. I did not want to get caught in that. I am more of an action taking guy. I'm the type to jump in the pool and teach myself how to swim. I will not let myself drown mentality. I always won going against the grain of the norms. If I'm being honest Brandon was like my online virtual mentor. I would be od motivated by his story and prospective about REI. I seen his growth through social media. I felt he can do it, I can too.

Present day, 7 years later & 6 units later. Also, we have a 7th unit up the pipe line. I am super grateful. I still can't understand why doesn't everybody want CASHFLOW over a paycheck. 

Anyways, Today I called my employer & told them I quit. My supervisor & his boss was shock. I told them this is not an emotional decision, I've always had this planned. I use the JOB to help me build a bridge to increase my rental portfolio. I'm not sure if they understood or not but okay. Today, this decision felt so right. This was GOD timing. I felt and seen many sighs to leave. I know too much and I prepared for this moment. I would always worry about health insurance but for a family of 4 we were only quoted roughly $215 monthly through BCBS.

At the moment, it feels kinda scary, exciting, unknown, & just mixed emotions. Then, I thought you have to watch what you wish for it because GOD will reveal it to you. I can feel any kind of way but I know I am prepared for this. We have a healthy six figure nest egg, rental CASHFLOW, & expenses are relatively low. We refused to give into the consumerism lifestyle. I've kept the iPhone 6 Plus for yearssss and never gave into the more expense upgrade. We've made many sacrifices to get to this point. 

Moving forward, me & my family plan to take at-lease 1 year off to travel the world. The first stop is Lisbon, Portugal. We are super excited for the unknown and GOD blessings. 

I humbly tell you guys some of my story for motivational purposes only. I hope this motivates someone else to build their own CASHFLOW. 

Goodluck & GOD bless

Best Regards, 

Isiah !

Yoo. I’m currently doing my DD on a potential property. It’s currently a 3/2 w/ an half finished basement potential 1/1 with separate kitchen and driveway. There is a roughly separate garage w/ roughly 1000sq.

I spoke with the city and since the property is on .8 acre it can be zone for a 3 family. There is more than enough parking.

The main house is complete, I’ll just need renovations to finish the basement and the 1000sq separated garage space.

Potentially, this can be a 3 unit. The main living with is a 3/2, the basement 1/1 and separated garage space 1/1.

I would use my HELOC for the renovation. What should be my first steps to make this come to life ?

Initially the PP was 310k on open door. They dropped it to 262k but we offered 250k 

@Allan Smith @Kim Meredith Hampton Thanks for the feedback. 

Yes, I believe it zone only as a single family. 

Basement has its own driveway, entryway, second door, and windows. Legally it’s considered a single family unit. From the looks, I automatically assumed this is a duplex being sold as a single family. It looked like opportunity to me.

The utilities are operating on 1 meter, I believe. I only notice 1 A/c unit. I’m tryna see how can I make this a deal ? I wouldn’t mine advertise the units for rent with all utilities included. How should I approach this legally ? 

I came across a single family with a 3/2 about 1200sq. There's a basement with a full kitchen, bedroom, and great size living room with a potential for a second bedroom. The main living has a door access to the basement with a lock. The basement its own has a front door, backdoor, and own drive way. But it only has 1 A/C unit connect to the house. It was listed for 310k 2 months ago but now is at 275k. Potential rent for the 3/2 is $1600-$1700. The basement apartment can go for $900-$1000. The basement need some work. The main living space is moving in ready. I'm thinking to put a offer in. What should I do ? any advice ?

@David M.

I have to ability to close on both. 1 closing will be direct to seller and another will be with an agent. I was not sure because I have 2 different approvals from 2 different financial institutions.