All Forum Posts by: Jeremy Wirths

In regards to the fire hydrant, it can help your insurance rate

Educate yourself. Figure out what type of investor you want to be. What type of investing you want to do. Where you want to invest. Network with people in that market. Analyze properties in that market. When you find something where the numbers make sense, offer.

@Angelo Pompeo the best way to find good contractors is to network and get recommendations. Outside of that show up to the home improvement stores and see who is there at or before opening and talk to them. It can be a trial and error process so you may go through a few to find the one

@Joseph Kim everyone has their definition of "good" If you haven't defined this for yourself yet, maybe start there then see if this property meets that criteria. Even if it doesn't and between the other unit and your roommate are they able to cover your PITI? If so, you are living for free essentially. And even if they can only cover 75% of that you are still only living for 25% of what you would other-wise and in a short amount of time can find another property to buy and do the same thing but once you move out you'll be cash-flowing on property 1. Living at a wholesale rate is more beneficial than retail any day.

@Forrest L. Solid work!

@Jacobie Frederick This is a frequently debated topic. And the answer is, it depends. I recommend you listen to @Michael Glaspie's podcast 'Military Cashflow' ep. 25 as this is the topic discussed. 

If you want to get out of it quickly and there is enough meat on the bone, wholesale it? Network and try and find some contractors in that area already? Ask your contractors what it would take for them to do the job? 

Which ever you choose if it's profit you are looking for figure out which gets you the most. If the numbers are close and you can get a new build, I would lean towards that as your capex will be deferred a lot longer than existing. You said it had to be a SFR, can it be a SFR with an ADU so you can get more cash flow?

I second the house hack if you are able to. Get as many doors as you can. Depending on your comfort level you could even rent out bedroom(s) in the unit you are living in to further increase your cash flow and decrease your living expenses. 

I would think the best way for you guys to use them is for each of you to get a 4 unit with the intent on living in them...