All Forum Posts by: Matt Groth

I am with @Jim K. in that I don't think there is any linear instruction manual here. I also agree with @Mike Dymski in that the most likely scenario is that you "retire" to run your RE business. I know that's what I will be doing. If you've done it well/done it right, the time commitment is probably 1/10 of the time commitment of a typical W2, but the idea that 99% of people are going to have a totally passive portfolio that runs itself while they drink Appletinis on the beach is pure fantasy. Most of my houses run themselves, but there's still 5-20 hours per month that I put into the properties on average, depending on turnover, new purchases, etc. 

@Rob Condy

As a self employed contractor with no employees, I have no worker’s compensation and can’t get for myself.

Here’s a question for everyone- I have $2m in liability coverage that costs me $865/year. Would you really want to hire someone that can’t afford to get a policy? What kind of person are you hiring that isn’t responsible enough to get a policy.

It’s a no brainer, never hire someone without insurance, especially to save a buck. Just not worth it.

You should pay it.

We got hit with a much higher bill & the city would NOT help at all. In fact they charged us $1200 for an emergency middle of the night shutoff & then $1500 to hook the completely NEW run to the city  main because they had to dig up the road. They insisted in a complete new run because their old lines were Lead (Pb) & had to be replaced on the owners dime. I guess property taxes paid since 1830 were not enough to cover it. We have since put utility insurance on all our properties.

@Ken N. the ideal amount of carpeting in a rental is none.  Carpet absorbs stains, smells, some noise, and cash flow.  In higher asset class rentals I would consider replacing carpet, as well as if a second floor rental had an uneven floor.  Carpet and underlayment hide unleveled imperfections well.  But 12x12 tile is durable and vinyl is my next favorite, especially because the install and removal on vinyl is quick.  

@Alex G. From your experience, what's the best way to fund something if you're short on cash, but you have a deal that's a sure fire win? Keep the horror stories on the back burner there's no benefit there! I'm moving forward with my head down and seeking help along the way.

BTW - I'll keep you in mind if I do find an off market deal that I can't fund, but seems like a win - big fan of your bio!