All Forum Posts by: Marcus R.

I'm with James and Nick on this one.  My suggestion would be to turn down the money altogether.  Why?  Because you don't need it.  Your grandma's offer means she believes in you and that's worth more than the money.

Now since she believes in you go and make it happen.  Short term this will be harder than the easy path but long term you'll be much better off in all areas of life.  You can't be a champion without going through the grind.  Don't run from the grind, embrace it.  

I don't stop marketing until we have a signed lease and security deposit.  In the lease you can specify a non-refundable fee to take off the market.

As Bill mentioned in most cases you should have a few tenants to choose from and the math almost always works out better to have someone in their sooner for a few hundred less a month vs waiting a 2 month vacancy.  And unfortunately even with a 2 year lease they leave before the end of the lease.  Sometimes tenants will say they'll sign a longer lease to give themselves a leg up but won't honor it so don't fully count on that in your decision criteria. 

- 401K loan

- Pay penalties and taxes (I've done this before) 

- Pause contributions above employer match and save for RE 

- If it's outside retirement accounts then sell and pay the LTCG.  I know some folks that do this to lock in the gains.  Especially if they're rebalancing or considering other investments

Nathan - Praying for you, Angie, and your family.  Thank you for your wisdom and sharing your story.  Stay encouraged and keep fighting. 

Couple of questions...

What class is this rental?  Can you find out more information about the pitbull?  Is the pitbull up to date on shots?  Can the pitbull be boarded?  Is there a vet that can provide information on the behavior and health of the pitbull?  Has this pitbull had K9 training?

Depending on the answers this could tenant could be a great fit depending on your insurance situation.  I doubt a quality tenant in an A-class rental would have an out of control pet.  Given that they may have limited options you may be able to work things out with this tenant and keep them for a long time... 

Adding two add'l options to consider...

1) Live-in flip.  Find something that needs cosmetic updates.  Update over 24 months for the cap gains exclusion.

2) Savings grow by $100K annually.  Given this I'd move to a LCOL area and pay all cash.  Realistically you could pay call cash in a few years which would super charge you towards FI.  Fewer things move you closer to FI than a paid off primary. 

It might be unstable but it seems like your greatest wealth building tool is your income.  It will be hard to find investments that consistently produce $100K of after-tax disposable income unless you take on a massive amount of risk. 

@Dominic Gilbert - I faced the same problem and went with a mini split.  Fit my design aesthetic and target market better.  Central air system is still the standard but I've been seeing an uptick in mini-splits in higher end properties over the past few years. 

1) Real estate is the "how", but make sure you're aligned on the "why".  If you're aligned on the why then I think she'll be on board with the how even though she may not take an active interest.

2) Often your spouse can help in other ways so you can put more time in real estate...kids, errands, household tasks, etc...

Try Kin Insurance or Liberty Mutual.  That's who we use. 

Tagging @James Carlson and @Steve K. for reach.  Two of the best in the local Denver/Boulder/Springs market who can help you find what you're looking for