All Forum Posts by: Jason C.

@Brandon Miller

I think you will find that once you buy one property you’ll get the real estate bug, and the last thing you will want to do is lock money up in the first house when you could be saving for the next house.

Plus 7k is nice but consider what financial security you could build with 35-47 of those suckers paid free and clear one day to leave to your kids/charity/whatever.

Ask me how I know...

@Edgar Ehrsam

Get a business degree. Everything you might do to earn money in this life is business.

I had a tenant in one of our units in San Antonio mention a leak under the sink, so I called a plumbing company to go take a look. The plumber gets there and calls me. He says no big deal, the sink strainer basket is leaking on the left side. It needs to be pulled and new gasket added and putty, and put back together. So ok, I tell him. The charge is going to be $230 to replace, which is high for other markets I'm in, but I'm ok with it since he is already there, and I tell him to go ahead and replace it. But I ask him, how about replacing the right side basket as well, since they were installed at the same time and you are already there. He tells me to replace the second basket he would charge ANOTHER $230, so $460 for a weekday truck roll and fifteen minutes of plumbing. To me, plumbers should be charging an hourly rate, plus materials. Obviously this company is on a different wavelength, so they won't get my business again.

Does this make any sense?

On my plan, it reads that you have to exhaust all other loan options first-this is considered a hardship withdrawal. So there's that to consider as well, meaning you would have to take the first 50k under regular terms.

I have a couple units we are turning over this month, and I was curious if anyone else is doing additional screening as you fill vacant units given the situation with eviction moratoriums. Some thoughts I had - maybe requiring higher credit score than I have in the past, asking for a larger deposit, or just requiring more than the standard of income 3x rent?

I apologize if this question has already been asked.

@Michael Sjodin

Even worse, suddenly every car dealer in my area is offering 84 months! Seven years to pay off a car, unbelievable...

I think if its old and time to replace, go ahead and knock it out. Its unlikely that waiting 2 or 3 more years will help you anyway. If you hold on to the house for the rest of your life, you still probably are only buying one roof for it in that time. If the hailstorn comes and you have a newer roof, insurance will still pay to replace it.

@Max T. Yes it happened 100%. Cost me a new back door and tenant lost a few electronics. Police were involved.

@Kenny Dahill Most of my properties are low income, so they tend to disappear from time to time. I didn't mean to indicate that it is really common for leases to get broken, but in the last ten years, it has definitely happened more than once. These people live one flat tire from bankruptcy. 

Also, just for the mods to see, it seems silly to require 20 characters minimum on the subject of a forum posting. I had to add a bunch of dots to this one to make it fit the criteria. When BROKEN LEASE FEES seems like it sums up perfectly what I am asking about.