All Forum Posts by: Matt Groth

Are you any good?

I like Danny's suggestion, too, but don't waste the money on a refi, just pay extra principal each month. Your rate is low, and if you pay the refi fees, you will really eat into what you are trying to accomplish. Put the numbers into a mortgage calculator,  and figure out where you want to be, then make that payment. The other advantage is if something unexpected happens, and you need cash, you haven't upped your minimum payment. 

Good, licensed electricians have no need to give discounts before the work starts. A license number is easy to give, and check, so dodging the question is a problem. I would be surprised if adding a microwave outlet was the thing that overloaded the panel....next!

Turnkey is probably fine,  it just isn't at all what you think it is. You are asking how do I make a pile of money fast, and do none of the work. I don't want to shop for a deal,  get the best financing, do any of the rehab, clean out the hoarder house, etc., but I want the big return.  I don't have the funds you do to to sink into projects, so I put in the effort. This will be my first 2 day weekend in months. I'm not complaining, and not saying you should do things differently.  You will likely be very wealthy in 30 years. Will you scale quickly? Probably not. Are you in a more precarious position if the market takes a dive? Probably. Take out the last decade, and the market tends to climb slowly. Imo, the last decade is largely thanks to ridiculously low rates, and insanely low prices in 08 That said, if you buy at market, to expect anymore than the rate of inflation is asking a lot. I consider turnkey more of a capital preservation strategy than a growth game.  

Str's are great, but you need to be aware of how it works. If you rent a place by the month, they generally bring their own furniture and pay the utilities. With str, you are doing both. The returns have to be good, or it doesnt make any sense. Add in cost of cleaning, etc, and it gets to be a big chunk. If you cant keep it busy, it is much easier going long term. 

Plan on extra time. Appliances can be hard to come by right now. I allowed 6 weeks for my new construction duplex, and barely made it. Inventory is low, and shipping can be difficult.

Try a community bank. They are so much easier to work with, and actually try and come up with solutions. 

Look a vacant lot nearby, and figure the amount to frame to that spot, then start working backwards because of age. Decide if that's the house you would build. Locally, it may be known as that house that sat for years. Could be a tough sell on the back end. Yes, the trust could make it harder. If a parent has 3 or 4 kids, now you have to agree on a price with several people, and chances are at least one thinks it's worth a million. I would for sure look at it, but don't spend too much time on it. At least there is something really special about the lot or view, it's just a partially complete house.