All Forum Posts by: James York

@Kevin R. I appreciate your opinion of me based solely on a conversation-provoking post. I’m sure, to your point, you’re far smarter than I am and will always be far more successful. Congratulations and thanks for the feedback. 

@Account Closed that’s very interesting. I’ve actually had the opposite experience here. I recently had an applicant I wanted to approve but was having some concerns with. The housing office realized my concerns and recommended that this may not be the right match. They’re not easy to communicate with, but when I can reach someone they’re actually quite supportive. I appreciate your input!

This has nothing to do with starting a political debate. It has to do with starting a discussion. I feel certain that, much like myself, many of you aren’t aware of all the previous injustices done in housing. Anyone who knows me would expect me to make all the same statements seen in other comments. After reading this book, I’ve come to realize that the problems are greater than I had imagined. It goes far beyond calling someone lazy and assuming they could easily do better. I realize in the context of a forum it’s hard to fully understand, but if you knew me you’d know that I am absolutely an advocate for working hard and helping yourself over handouts. I simply think there is a case for public assistance far greater than what I had previously believed. You’re welcome to disagree and I’m most certainly NOT here for a political debate. Regardless of your thoughts on section 8, I’d encourage you to check out that book. It was eye opening to say the least. 

I’ve just finished reading “The Color of Law” which is an eye opening look in to government sponsored segregation through housing policy. With section 8 being an actionable step in the right direction, why are some landlords refusing it? The inspections I’ve experienced look for things I’d demand for my family. The allowance for rent meets or sometimes exceeds market rent in my area.  The tenants are often more qualified than market tenants. They often have incomes 6-8x their portion of the rent vs the 3x I typically require. Aside from places where vouchers don’t match market rent, why aren’t you taking section 8 tenants?

@Colin Reid I’m interested in the RV12. 

When I’m not working I’m typically thinking about working. Working is my hobby... I’m planning to build an airplane as soon as I get these kids out of the house!

@Jason Graves this is awesome. My two 9 year olds and 7 year old are “investing” in my building projects. The 7yo is putting her total savings of $37 in for the promised 100% return on her money. 9 year olds are having a harder time parting with more than $10. My wife also thinks they’re too young. 

@Allan Smith $135k Mortgage, $1200 property taxes, insurance is low on new homes. Theyll cash flow pretty well. 

@Josh Franklin appreciation is certainly possible, but never promised. 

@James Hamling this is in an investor heavy area already. The MLS prices make renting tough, but it's a good rental market.

Filipe, its about $100k left in for all 4 houses and $5200 gross rent for all 4 houses. I hope that makes sense. 

I own 4 contiguous lots and I'm building 4 identical homes. To date, I've always sold the homes, but I've considered keeping them as rentals. Without getting in to all the numbers, I can essentially build and refinance with 75% LTV to recover all (or within $5k) of my costs. What stays in is the would-be profit of about $26k per house. Home value will be about $180k and rent for $1300-1350. I like the lower maintenance of the new homes and the long term income, but I'm wondering if it makes more sense to sell and Brrrr something else. Also, capital gains on the sale are a significant concern that makes holding appealing. I appreciate the feedback!