All Forum Posts by: Justin Reid
Justin Reid has started 5 posts and replied 22 times.
Originally posted by @Shawn M.:
Currently I only have three vehicles, but I have had over 20 cars in my liftetime. Real estate investing end goal will be a car collection. I used to flip cars back in high school to make money for college.
My garage today, subject to change in a few months:
- 2007 Toyota FJ Cruiser (winterbeater)
- 1992 Toyota Pickup 2WD (the work truck)
-1998 Toyota Supra Twin Turbo 6-speed (now a single turbo, and for funsies)
Funny thing is the FJ and Supra are actually APPRECIATING assets in today automotive market.
Originally posted by @Joseph Firmin:
That would be a BRRRR sir. So yes, you could do it! Another option to consider is getting a 1st lien position HELOC with someone like PenFed and having access to the capital all the time without the higher mortgage payment.
Interesting. I will look into it. Thank you for the suggestion.
Originally posted by @Reece Iovine:
If the credit card interest is higher than your cash out refi (which im sure it is) then yes it makes sense.
That was my thought, just wanted to make sure I was not off base. Thank you.
I'm fairly new to the game and currently have 2 SFH's. One of the houses I bought right and was $20-$30k equitable the day I bought it. I've since put some money into it to get it rent ready and will be putting it on market soon. Cash flow will be VERY good based on my market which got me to thinking. I could pull some of the equity out and pay down pretty all of my debt and the property would still cash flow well, even with the higher mortgage. Would this be considered a smart move? I'm looking to wipe out around $20k in credit card debit with this move.
Post: Rent collection iPhone app?
- IL
- Posts 22
- Votes 4
I use Cozy.co. No app, although that would be great. Their site is pretty mobile friendly. Only downside is the 5 day wait for funds to get deposited to your account unless you want to pay the $2/month per property for 2 day service.
Post: Tenant not paying rent and not responding to any communication
- IL
- Posts 22
- Votes 4
Not to sure in these times with the COVID issues, but if the lease is up and no response, you might be able to consider it abandoned. IF they are still there and the lease is up, I think you can inform them of your choice to "not renew" to get rid of them. At this point you maybe able to make a case they are no longer "tenants" but rather squatters. Each state is different. Might be prudent to seek legal advice on this one.
Post: Advice on buying Orlando-Kissimmee SFR
- IL
- Posts 22
- Votes 4
My personal opinion is that FL in general is currently over inflated again. That market tends to have some pretty strong swings between high to lows and right now it is pretty high. I've been eyeing it for awhile myself as my goal is ultimately to move there from N. IL. Once we hit a solid economic down turn I think you are going to see a lot of deals to be had. Im personally positioning myself that when that time comes I'll be ready to jump.
Post: Do egress windows in a basement add value?
- IL
- Posts 22
- Votes 4
Egress windows would only add value in a situation where you would be required to have one in order to add a countable bedroom I would think. Since that is not your situation I'm going to say no, but from a landlord perspective I think they are a good idea for basement bedrooms.
Im a bit different as my main day job is luxury car sales and my hobbies include road racing and auto cross. Over the last 5
years I have owned a 2012 Cadillac CTS V coup(730hp), a 2006 Porsche 911 Carerra 4S, 2001 Lexus IS300 (dailey driver) and now a 2013 Scion FRS. Some I bought cash, some I financed, and I've always made money on them because well, I can buy wholesale. I got into real estate to help feed my auto obsession and my eventual retirement. It is a goal of mine to get a Lamborghini and at my current pace I'm about 4-6 years away.