Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Jeffery Waicak

Jeffery Waicak has started 53 posts and replied 256 times.

Post: Cash Flow Potential from $120k/yr for 10 Years?

Jeffery WaicakPosted
  • Investor
  • Massillon, OH
  • Posts 266
  • Votes 156

first I'm assuming this is hypothetical. But yes I absolutely think it could be done. You would need a strong management company. In my area you can buy c class properties for $20,000 all in. (Purchase price say 15,000 and 5000 in repairs. Not turnkey.) They will rent at $600 per month. Using the 50% formula thats $300/month. After year 1 you'd be at $1800/month  positive cash flow from 6. The next year, you could buy 7 by reinvesting. Cashflow  $3900. The next year you could get 7 again. Anyway answer is yes.  Without  any reinvestment it's 18,000. And without any rent increase, or market shift to be fair.  

 You could possibly then bundle a pile together,pull the cash and buy more. But this would also increase your risk. 

  I would think that finding the deals would be the hardest part. Buying 6 or more each year would probably get realtor' s attention though. 

  There's probably easier ways to go about it ( syndication  they are known  to get good returns, then pull most cash out on a refi, and get insane cash on cash  returns.) But I've never done that. I have bought some 20k 600/ month  deals though. 

Post: Your Understanding of "Snowballing"?

Jeffery WaicakPosted
  • Investor
  • Massillon, OH
  • Posts 266
  • Votes 156

I'll add another point for the debt snowball. Cashflow. If I have an installment loan, until the last payment is made, the payment doesn't change.  So if I pay off 2 credit cards and a small signature loan with $3000 total, then lose my job. I'm in a better position cashflow wise than  I paid 7 extra  on a high interest installment  loan

Post: Really Bad Neighbor, Let Me Hear Your Opinions!

Jeffery WaicakPosted
  • Investor
  • Massillon, OH
  • Posts 266
  • Votes 156

or have a friend play the part of a buyer with the  non profit called 2 strikes isn't out. Their mission is to provide housing to multiple time felons at an affordable rate. Then tell the neighbor that you wouldn't even consider it, except that he's making your investment harder than need be. If he backs off, you'll keep the place 

Post: Really Bad Neighbor, Let Me Hear Your Opinions!

Jeffery WaicakPosted
  • Investor
  • Massillon, OH
  • Posts 266
  • Votes 156

Tell him if he doesn't back off you're going to make your house as ugly as allowable by law, usually there's no ordanace against Kawasaki green. Then you're going to move in the worst tenants you can find. Ask if you are more than  500' from a school.  Good luck selling your house now! Or we can handle this a better way.  I fix this place up, put a quality tenant in here and we all live happily ever after.

If it were me, i would just let it go for now. You probably hit the nail on the head with they put their money into the new place. Not to mention moving expenses. You can and probably should pull the late fee out of the deposit.  You should maybe post as being late so they can't argue the late fee,but if you try to evict,by the time you get to court they will have moved anyway, so you're out time and money.  If they are collectable, once they move out,go after them for damages. Like you said they aren't going to pay now anyway. 

Post: IF YOU CAN GO BACK..

Jeffery WaicakPosted
  • Investor
  • Massillon, OH
  • Posts 266
  • Votes 156

I would have educated myself more before I bought. I would have understood how a credit score worked. I would have had bigger cash reserves 

Post: Should I pay off my home or buy more rentals?

Jeffery WaicakPosted
  • Investor
  • Massillon, OH
  • Posts 266
  • Votes 156

as has been said, good problem to have.  I am also in the minority in that having them paid off is a great place to be, mortgages and debt are nice,  as long as everything is going well.

  A friend of mine and i were talking in 2008. He had just discovered Dave Ramsey.  He said,  I'm sure some of these investors who are leveraged are wishing they weren't so leveraged now.  Warren Buffett said something like only when the tide goes out  can we see who's swimming naked

Post: Habits of wealthy people

Jeffery WaicakPosted
  • Investor
  • Massillon, OH
  • Posts 266
  • Votes 156

@Rick Pozos I appreciate it.  I agree with many  points that are being made. I'm not saying they are incorrect.  I'm not communicating clearly enough. Your actionable, measurable step is great. The only thing is it's not measurable. In the case of yours, it could be easily made measurable. Talk to 10 people per week that are behind on mortgage payments  and or taxes. Rick,  if I talk to 10 people per week would that help lead to wealth? If I, not you don't make it measurable,  then i can say to myself yes I talked to everyone I could that was behind on payments, even if I talked to no one. 

  I agree that i need an attitude of gratitude. I'm trying to build a checklist of sorts. So it needs to be measurable. Im sorry if I'm coming across as negative. But if I ask you if its raining in Florida,  and i get a reply that it's dry in Georgia, well it's great to know,  but not what I'm looking for.  With that being said, i appreciate the input. I think I can put together a checklist. 

Post: Habits of wealthy people

Jeffery WaicakPosted
  • Investor
  • Massillon, OH
  • Posts 266
  • Votes 156

@Anthony Gayden. What I'm looking for is objective vs subjective. A powerlifter  vs a bodybuilder. I can make an argument that I'm obsessed and then go watch tv and drink beer. But I cannot say  I exercised 30 minutes today,  read for 45 minutes today, ate no processed foods today unless I did those things. Does that make sense? 

Like when I was a punk know it all teenager. My parents would say I had an attitude. I would disagree. But when they said I didn't take out the trash, i couldn't disagree,  i still did disagree,  but that's another story  

What I'm looking for are true yes I did, no I didn't habits. I.e. not watching tv, exercising, reading, etc

Post: Your only job is to find deals. What are you doing daily?

Jeffery WaicakPosted
  • Investor
  • Massillon, OH
  • Posts 266
  • Votes 156

NETWORK!  

1There is 2 weekly reia breakfast meet ups every week. I go now when time (my job) allows. If i could get away with missing work unpaid I would go all the time. 

 2 I would make an effort to meet every realtor in my area. Let them all know I have all pieces in place to buy deals if they get them in front of me. I would give them my criteria 

 3 same thing with with wholesalers, call bandit signs and ask. Call Craigslist ads

4 sheriff's sales, auctions. Anything i would be interested in buying I would go to.

5 Craigslist ads/ Facebook campaigns.

6 driving for dollars 

7 look at classified ads in the newspaper if they still exist 

8 go to local banks see if they have anything they took back 

9 call my hard money lenders,  see if they took anything back.

10 i would have a direct mail campaign,  handle incoming leads