All Forum Posts by: Anthony Gayden

Originally posted by @Mary Jay:

Those of you guys who invest in small towns in Midwest...

Do you think those small towns will become obsolete? 

There are  a lot of ghost towns here in Arizona, that are 1 hr away from Phoenix... And that is 1 hour away from megalopolis!

Small towns in Midwest are 2-3 hours away from Kansas Cit, Indianapolis, etc...

My worry is that they will become ghost towns in 20-30 years...

Do you worry about that? Or as long as it cashflows, who cares what happens in 10-30 years?

This is really an argument for rural vs. urban areas, not necessarily solely concerned with the midwest. There are plenty of smaller towns on the coasts where the exact same could be said. Merely being located on the west coast is not a hedge against rural decline. 

There are a multitude of reasons why these smaller towns will continue to exist. The number one reason is agriculture, and farming. These industries will continue to exist and by their very nature will be located in these rural areas

Aside from that there are those businesses that are considered "unacceptable" and will locate in a rural area, far away from NIMBYs and city regulations. Think meat packing plants, mining operations, oil refining, dairy farms, etc. 

Any other landlords using home warranties on their single family rental properties? I went ahead and got home warranties to hopefully alleviate some of the cost associated with repairs on my single family homes. I'm just curious if anyone else has used them and if they saw a cost benefit?

Originally posted by @Nicole A.:

Are the tenants month-to-month? If so, I'd likely give them their 30 (or 60) day notice to vacate immediately.

What exactly is code giving you fines for? They can't give a violation for a stopped up toilet can they?

 I was going to say the same thing. 

Originally posted by @Pablo Barrientos:

Hello bp, I wanted to start looking into my 3rd home and want to be sure I can qualify. My first home is a duplex which I live in one unit and rent the other . My second is a investment duplex all rented out. So I know want to buy a single family for me and my wife. What do the banks look for when buying a 3rd home . Any help would be appreciated.

 Good afternoon,

I just went through this process myself, so I may be able to help. I just bought my fifth property, a single family home that is my primary residence. Aside from that I own 2-4 unit apartment buildings and two single family homes, one of which was my primary residence up until I moved.

The bank looked at several things to be sure I could afford these homes. They looked at my personal income and credit of course. They also looked at my debt to income ratio. That number was higher due to the fact that I have a W2 job as well as rental income. 

Finally they asked me to do a little bit of analysis so that I could use the future rental income from my former primary residence. I had my realtor run an estimate of monthly rental income for the property, and I also used rentometer. 

With that property I now own over $1,000,000 in real estate

A lot more investors enter the markets when they are hot. Right now the markets are hot. There is still money to be made through off market deals. 

@Kevin S. I’ve been playing with it trying to figure out a way to list newest posts. There may be a setting or way to do it.

The truth is that this sort of legislation will target the “mass affluent”. These people are the upper middle class and probably have several hundred thousand in net worth and lower six figure income. They sit just below accredited.

Originally posted by @Allan Szlafrok:

A wife could cost you half your R.E.

 A good spouse will support you while you grow your portfolio.

Originally posted by @Frankie Woods:

I've made it to financial freedom with real estate and still I can't find a women that's interesting.  I mean, yes I talk about real estate all day, but that should  be very interesting.  Where have I gone wrong?  I work out a lot as well.  Biceps for days.  I guess I need more units.  Anyone else find him or herself in my situation?  If so, let's trade notes and figure this out IMO...

 I met my fiance 2 years ago by using an online dating service. She is not into real estate, or working out, two things that are a big part of my life. Still we have a lot in common, and she is very supportive of the things that I love to do. 

We worked together over the last year and she was able to get herself out of debt and repair her credit. She also has taken a lot more interest in real estate, though I don't think she will ever be as passionate about it as me. 

Kim Durst When I bought my first rental I was still a renter myself. I house hacked my second rental, so I became a homeowner.