All Forum Posts by: Jonathan G.

@Trevor Starr

Congratulations on the Equity Trevor. I think there are two potential pathways here for you and not one. I think you could find a C class multi family and work really hard and meet your 5K month goal (Gross but harder for Net but certainly doable). You could also consider investing in a Syndication deal and get a nice return (15-20%) with minimal long-term work and effort. I do however think it unlikely to get greater than 50% ROI with minimal work and effort.

@James L.

Where are you getting 2-3% high yield liquid savings accounts? Best I see is 1% and the 2% money market accounts are low at 0.2% range

@Jennifer Torino

I would recommend getting out of this deal and cut your losses which relatively speaking are likely very small at this point. There are two people making a lot of money on this deal. The seller and the contractor (s). The quotes for several categories of work are ridiculously overpriced. I respect that your looking to get into the game but your looking at a lot of financial pain in this “deal”.

@Bryce Stclair

Strong work Bryce. They say if you love your job, you never work a day in your life. I think of retirement as a means to have the money I need to do the things I want and like to do. Looks like you’re at that stage

@Carrie Purkeypile

The wood floors will likely take a beating. You will need to avoid renters with large dogs and also all other animals will negatively effect the wood from their water bowls. They will purchase and slide around chairs with metal legs / bottoms. Slide “whatever “ across them, and generally not really think to much about what it costed (or will cost you to fix). Have in your lease a provision about significant wood damage (gauges, deep scratches, water damage, etc) and plan (and budget) for eventual resurfacing (about $2 per square foot) which will require restaining and lacquer) or if your lucky, a “screen and coat” where they just rough up the surface lacquer (with a screen like sander attachment) and re- coat with lacquer only which is a bit cheaper . I found that my hardwoods would go without either treatment for 2 or 3 turnovers (1-2 yr tenants) but would need complete redoing after one long term renter (>5 yrs)

@Luke H.

There have been multiple well thought out responses albeit of a vague and generalized nature based on the limited initial information provided. Can you be more specific on the exact issues in order to foster more specific opinions on each point.

@Chris Gomes

Congratulations on the house hack Chris,

I would suggest you employ another strategy which is to group your repairs into one evening or weekend day. I suspect that your new renters may discovered that you are available on a round the clock basis to take care of any small issue as soon as it comes up or occurs which has potentially become an annoyance due to frequency . Practice putting some “business hours “ into you replies and availability and that may help. In regards to hiring out a Handyman for an on-site property, I would discourage if it’s an easy fix / repair and save the more time consuming tasks for a handyman.

@Johnathan Walton

Jonathan, why are you messing with such high interest loans with that nice credit score?. You already know all the answers but what you need is a plan with a time line. You need to refinance that personal loan ASAP to something lower. Check with your bank and if your not already a member of a credit union, check out that too.

Next, sell that car and get something cheaper (but not “cheap”) like a reliable Honda, Toyota, or older Lexus.

Have a goal to have all of this done in the next two months. Then you’re going to go into 2021 with that same amount of income and you’re going to be killing it with moving closer to your goal to buy property.

@Corey Kenney

Sounds like you have discovered this during the due diligence process and I would suspect that you have a good opportunity to point this out to your buyer to renegotiate. Is your buyer willing to pay this much without an AC so you can get your 75K commission? I’m assuming the buyer is aware of this new development as well.

@Thomas Garza

So basically your asking how much tolerance do we have to someone intentionally being a f$&$?!! pest. If you kept calling and texting me after I told you to stop I would never do a deal with you or someone you work with / represent. If you kept emailing me, I would also likely avoid you due to not wanting to work with an amateur as I would anticipate you would not really thrive in any real relevant or significant business circles . If however, all you did was send me junk mail and flyers after I said I was not interested (via phone/ text / email) and for some reason I changed my mind about a particular property, then yes I would potentially consider your mailer.

Hope that helps.