All Forum Posts by: Account Closed

@Samuel Iwu You can always pay cash for the first home and then start leveraging on other properties after. It would probably help reduce the anxiety and also your overall risk with having that one property paid for while you then start aggressively expanding your RE portfolio if that's what you decide to do.

Nothing wrong with reducing your risk on your first deal and seeing how you feel after. It's still a smart decision. You're young and have plenty of time.

@Scott Mac Agreed, which is why I don't pay attention to anything mainstream media. There are many areas where the market is doing fantastic and other areas where it's not or just seems to be inflated. There are for sure reasons to prepare for some kind of recession or market downturn whether now or in the next few years. It's not something to expect to happen 100% but it's not a dumb thing to anticipate and prepare for either. USD has been in a decline since it's inception, that's just a fact. Yes, It's stable, and relative to other fiat currencies it's strong but that doesn't mean in today's age that a better currency that doesn't inflate can't compete with it in the future. A digital currency and/or store of value makes sense to accept in order to hedge against that.

@Matt R. He should've still paid taxes on the Bitcoin received for rent and if he sold it then he would've had to pay capital gains on it. I'm sure he still came out more ahead from it and that's a pretty cool story. Looking to hopefully repeat what he accomplished and I'm in it for the long term so I'm not worried about the volitility.

@Anastasia G. For sure! That's pretty much how I see it as well. Thank you for that

@Ola Dantis Definitely makes sense to go about it that way!

@Mac F. Care to elaborate? Alot of things in today's world were derived from some past idea that was executed and brought into fruition from someone else at a later time. Not sure what that has to do with anything here.

@Bryan Mitchell I don't convert my Bitcoin for now. I'm expecting it to outperform the USD so that's the reason I accept it. This is only about accepting rental income in Bitcoin as a home owner. If the contractors didn't want to accept it, then you'd just pay them in USD like normal. That doesn't change anything from the rental income perspective.

I believe (obviously could be way off) that other countries will have their own Bitcoin reserves just as they do gold reserves. They have gold but still have their fiat.

@Darla Smith That seems like a lot to start a job but maybe not depending on the work being done.

I would just make sure you get an itemized break down of the materials (what materials, what quantity, and what price per quantity) so you know exactly what you're paying towards the labor.

I write property estimates for insurance companies every day and deal with contractors who rip off clients because they have a very cheap invoice that has nothing itemized.

$2,000 for "wall drywall"... Well, what type of drywall and how much drywall?

It should read more along the lines of 1/2" drywall at $1.75 per SF.

If they won't give an itemized estimates breaking down the materials then I would personally find someone who will.

Wish you the best!

@Nancy Bachety If you're able to allow them an early check in then go for it. We have allowed it a couple of times even though we honestly don't like to. Usually we need the time for our cleaner anyways but every now and then it's ready 2-3 hours early and we'll allow them to go ahead and check in.

From the begining we are just honest about it and say it won't be a problem but since we're making an exception just please don't put anything about it in the review.

@Justin Reyes Alot of people will tell you not to but if you have found a good enough deal to cover your (roughly) $10K cost in fees/taxes then why not? If you're that confident in your ability to find a deal to do that then that should give you your answer.

For example, a short term rental or large enough deal could give you a much higher ROI than the stock market to where within the year you could recoup your loss and be up more on your money than you would have if you kept it in there. You're young enough to where you don't need to act 60 with your risk/reward. You just have to figure out what your risk/reward tolerance is and move from there. Good luck man! I took a lot of my money out of stocks and I'm glad that I did. We now own 2 vacation rentals that do extremely well and have been a blessing for us at 29 & 32 years old. It was worth it for us to take that risk and it paid off for us.