All Forum Posts by: Stone Jin

@Joshua D.  How many hours a week would you say you work at your real estate business?  I think everything in life should be equitable.  I work a full time job and manage our real estate both in town and out of town, my wife does the books and cares for our children.  I feel that even though I'm bringing in the money, the relationship is equitable.

If your wife perceives you as working 15 hours a week looking at houses and talking shop with contractors, she probably does feel inequity.  I don't even think it's about the money, it's about the effort.  I remember being unemployed for 9 months in 2009 and was playing video games 4-6 hours a day and my wife would walk through the door and I would ask her what's for dinner (she still gives me grief about it 9 years later).  She felt the inequity.  

If you are truly hustling and working a full load and just investing all your income back in the business, I see nothing wrong with that, but if you are not doing that and just watching Judge Judy 4 days a week while your wife is at work, I can see the inequity.  Most of us who have been doing this for awhile know exactly how much time each week is spent on real estate, not many can say they work a full 40 hours unless they are running a large real estate business or working the construction themselves.

I heavily subscribe to "Happy wife, Happy life".

Good luck,

Stone

@Kirti Patel Thank you for sharing your story.  I think it brings a refreshing warning to all that real estate investing is serious business and not all people are friends.  I see a lot of success stories but hardly anyone shares their failures.  I've failed many many times during the last 10 years and luckily no single screw up put me out of the game.  

Will try hard to make it!

I invest out of state in a market I grew up in and have lots of personal connections.  The numbers work much better than my current location and fits our long term strategy.   I think in every market there are so many sub markets that you really have to be intimate with to make the smart choices.  The area may be losing population but certain sub markets are just booming.

If you have a really desirable property why not try to short term rent it.  I'm sure you can get way more cashflow then just renting it out monthly.   If you do go down that path, just know the risks and understand that it will be more work.  

The keeps them doing is part is addiction for me.  Once you see that first rent check and the cashflow, you just gotta have more of it.

Getting in part was really timing.  When we saw units that were going for 215K in mid 2007 and selling for 75K in late 2008, we just said we can't lose with that and took the dive.  

@Cynthia Andersen You can pay off your 30 year fixed mortgage in 1 year if you just pay a ton into it.  I think the concept is that same.  I just don't see how having a higher interest rate loan pay off a lower interest rate loan makes any sense.  Ultimately you will have to pay off that debt, there really isn't a cheat around that.   

@Erin Elam I would think every A neighborhood in Ohio is renting above $1400 for a nice 3/2 or 4/2. I buy SFH that need updating in A school districts. We just started this strategy this year, hopefully it will work out for us. Fingers crossed.

I'm not clear on what you are asking.  I'm not as smart as @Shiloh Lundahl. Are you saying you want to purchase a home with cash and then take a HELOC on it? I almost feel like this is the chicken and the egg. I think I understand your intent is to use a HELOC loan instead of a convention/fha/whatever fixed rate loan so that when you pay down your equity you want to use it again immediately. I think if you were to get the house with cash, then there are banks that will give you 100% LTV on a heloc in which you can write yourself a check for the full amount. I'm not sure a bank is going to give you a heloc on something you don't own

Hi gang,  I'm looking for a recommendation for handyman and hvac company in Greensboro NC.   Thanks