All Forum Posts by: Jerry W.

@Robert White, I mostly do buy and hold.  I occasionally resell a house I buy to keep a little cash on hand.  I am also doing a test on vacation rentals.  I don't think they are as popular here as in resort areas, but I think the demand is growing.  Where are you planning to invest? Sweetwater County?

Hey @Robert White, there are a few investors on here from WY.  I am in central WY, but used to live in Rock Springs.  What are you looking to do for investing?

LOL maybe bring  @David Greene into the conversation hehe.

@Canel Cole welcome to BP.  The quality of flooring or anything else is determined by the condition of the competitions houses.  An extremely nice house may require hardwood floors or Italian marble.  Other areas may have 79 cents per sq foot carpet or rolled linoleum.  Your market controls.  I have started moving into snap together vinyl floors with long term warranties.  They are easy to install, cannot be damaged by water, and look pretty nice.  Good luck either way.

Hey Jeff,

How are things going in your apartment building?

@William Huston, there really is a trade off. LLcs offer a lot more protection from liability, but you get better interest rates and terms when the property is in your personal name. You can refinance and put them into an LLC. You still have to guarantee the loan personally. If you have properties that are appreciating well in valu, why sale them? Perhaps you could take out a 2nd mortgage to buy more properties with. If you cannot find good deals maybe just let the equity ride until you find the right properties.

Well first I would read the Education section, especially the guides.  I took several months and consumed almost every article they had back when I joined.  It was called the learn section then.  I read about how to rent, how to screen, how to buy, etc.  I found the articles about setting goals very helpful.  Rich Dad Poor dad is a good motivational, I really liked the One Thing and the Miracle Morning as well.

@Brian Warren, I have been doing vacation rentals for less than a year and my house is not in a very desireable area of the country, but I will give you a little feedback hopefully it will help.  First I agree you need to be able to fall back on LTRs if things go bad.  You need to make sure the town or area you are in allow STRs.  Some towns prohibit them like New York, other states prohibit towns from prohibiting them.  There are a lot of things in-between.  Find that out BEFORE you buy.  Next you want a destination area.  It can be ski resort type area, a lake, a beach, an amusement park, etc.  Look for places they are building new motels at.  Those big companies do their homework.  Then try to find a property a little unique that stands out a little to make you a little different from the rest.  Know your busy months, you might want a different pricing during peak season than the off season.  I stock mine with everything almost that is in your own bathroom and kitchen.  Pots, pans dishwasher, cutting boards, mixing bowls, cookie sheets, etc.  I started i nthe bad time of the year for tourists, and lost money all winter.  So far summer has been about double normal.

@Account Closed you are either all in or all out.  If you are not willing to share half of everything with her then divorce now and find someone who you are willing to do that with.  Both you and your wife deserve it.  That is what marriage is, a partnership.  Everything is subject to division regardless of who earned it.  You wouldn't do a partnership on an investment property with someone then try to cheat them out of all of the money would you?  Your wife is your partner.  Get divorced or be ready to pay her one half share when you cash out of your partnership.

@Vishesh Shah, I have a few questions.  Why did you think the properties were empty?  How could your contractor or partner have missed that on their inspection?  The same with disclosures from the seller?  Next WHY did the ceiling collapse?  It is not magic something more is at play.  Again how could your GC or partner have missed that?  You also say that your Broker has never missed a Comp yet.  How many properties have you done with that broker?  30?  1?  I have really bad feelings about the competentcy of your team.  These are all things that should have not been missed.

Now you say you can flip it for a 6 figure spread, I am a bit worried about your ability to do that if you are relying on your team telling you this.  While listening to others is great you need to know enough to know when someone is full of BS on your own.  What do you think the property is worth?  What do you estimate repairs at?  Maybe pay for a second opinion.  There are some big holes in your operation so make sure your estimates to flip and make money or rehab and cash flow are accurate.  Are you the guy bringing the money?  If so you are the one at risk.  Sorry to be negative but if I were you I would bring in an outside person who answers only to you and get a 2nd opinion or two.  I would do it right away.