All Forum Posts by: Jeffery Waicak

very inspirational. I think I want to start a meet up. What do I need to do to get started?

I understand it being hard. This person helped you grow your business,  but 4000 is 4000.  

 I would also like the company you went with

I get what you are saying, but in my experience,  it works out a little differently. To get to 30 units it'd probably be 1 or 2 the first year,  1 or 2 the second year, 2 to 3 the 3rd year, by year 10, you will be at like 4 to 6 or something. Basically the same idea of a Divided reinvestment. 

  How I understand dca though is you would invest say 20k/ year so some years you'd buy more, some years buy less. Not buy 3 a year

this was a few months back. I was renting a 2/1 house(700 sq ft).  Guy pulls up in a pretty nice clean truck, hope out with a nice outfit right around my age.                              He tells me that he hurt his hand, missed work got behind, was getting evicted. It's late fall and he's a hardscaper so I ask about layoffs,  he says no he works year round. He has 3 kids and the bedrooms are small, he hasn't walked the house. I suggest he looks to see if it's big enough.  He said he thinks they may be able make it work. 

  I say well if you want, call back and we will start our background check.  There's a short silence, he looks around and says did you buy this house, or did your dad give it to you?  I'm at the time, dressed like a bum,dirty hoodie and jeans,  tore up shoes. My 2005 grand caravan with character adding rust is outside.   I laugh and said yes I bought this house,  as a matter of fact, I started with nothing, and I still have most of it left.  

I would take the $5,000/ month  no question. I would set my fixed expenses to be easily covered, then work for as long as it's fun. Investing half in low risk stuff, and swing for the fences with the other half.

  I'm pretty sure I could beat the $5000 but it'd be awesome to have a guaranteed income 

I would  suggest that you save the 900 a month for a few months, or more. You will want some for a down payment, and some for reserves.   

  While you are doing that,  self educate, self educate,  self educate.  I think most here will tell you to buy a rental and I agree, but if you're very risk adverse, early repayment a great thing too. That's why you need to make this decision.  

  You're in a great spot though! $900 extra a month. That's a chunk of cash. But you're on an investor forum. We think you should invest. Go to a debt free forum, they'll say pay off the home. Go to a corvette forum, they'll say buy a corvette.  All will make compelling arguments, you need to decide what's best for you.  On second thought,  don't even go to the corvette forum...yet

  The basic investing  argument is that you will be able to do better than the rate on your mortgage, that in 15 to 20 years with inflation,  your payment is lower anyway. In 15 to 20 years, your rents will have increased based on inflation.  They'll be bumps in the road but at the end of it you'll have solid cash flow. I agree with this   

  The payoff argument is that it's guaranteed to be paid off, the tenants won't always pay like they should, roofs need replaced, water heaters, tenant turns, etc. I agree with this. 

  I will say, I've met many older people that worked hard, had paid off homes that were struggling.  I have met a few older people that had 10 to 15 rentals.  They weren't struggling 

I wouldn't back out. You agreed to the price, they agreed to the price it's a deal.  

if credit is the issue then deny,  but I wouldn't be above renting to them.  I would want to tour their current place. If it was good,and they checked out,why not? I can do a pretty good turn on $2400 plus regular security deposit. 

thank you for building this site. I have learned a lot. But I really feel less like an oddball outsider when I come here to like minded people!! 

If I was paying per hour, I could probably do 90% of the legwork myself. Look at the mls, drive by,  go to the open house. Then I call you. You write an offer for 1 hour, we renegotiate with the seller, 1 hour. Set up inspection, send me a report, ask seller for repairs,credits 1 hour. I close, send you a check for $178? If I add an hour to show me the house you're at $236. If I see 10, offer on 3 get one accepted you make What? $1000

  I also think, don't know, these are very big numbers for my area. The $400,000 home buyer probably wants a high level of customer service.

 I also think many of the people buying in this range are going to be cash poor and wouldn't want to risk 100%paying money out of pocket vs paying only if the deal goes through. 

 One more question,  will the lender allow this to happen? Again idk

Disclaimer,  I also thought cell phones had saturated the market in 2000. So take what I say with a grain of salt. 

                      Good luck!