All Forum Posts by: Matt Groth

@Dennis M. Exactly what I was going to say. People are scared of a 10 percent pullback in real estate, but dont think anything of financing a new car.

@Dan Farkas if you want it for yourselves, and any income is a bonus, that is fine. If you need the income to help make payments, not so good, it sounds like. If bookings are sparse this close to summer, doesn't sound good. Our summer from may through October is probably 90 percent occupied. Find something that makes money, and rent that cabin as you want to use it. I am also a gc, and log cabins are endless maintenance. You will be dumping lots of money into it. Also, you will probably want to use it labor day, July 4, and memorial day, which are the perfect times to be renting. Str's are work, so it needs to make sense.

@Matt Austin if you have that long, it is worth the switch for sure. Will they lock the rate that far in the advance?

@Matt Austin I sold my primary last spring, and the buyer changed lenders. I knew them pretty well, so I agreed. If I had it to do over again, I would have added some to the sale price. They got a better rate, but it cost me another month of holding costs. Be aware, it could cost you the deal. Are you prepared for that?

@Michael Sechrest I agree with @Frank Wong, as I usually do. Wouldn't think twice about it, keep it forever. Think 30 years.....would you trade 180,000, if you never raise rent, vs 25000 today? Now add in the tax implications/benefits of each scenario. You can always choose to sell. Congrats on a great find.

@Adam Rudolph if you are nervous now, you will be petrified if there is a 20 percent correction. We bought our first deal in 2011, and quite a few people said we were crazy. Time horizon is everything.

@Anthony Wick I used to agree with, now, as a business owner, I'm not so sure. I'm a gc, say I come and look at a rehab for one of your jobs. To keep the numbers simple, say I bill out at 60 per hour, pay my best guy 30 per hour, and my inexperienced laborer 15. My best guy is 3 or 4 times more productive. Who is getting the biggest benefit? The laborer. You don't want to pay more, I don't want to make less, and my best guy is staying, just now he has to do the grunt work, too. We used to hire 18 year olds, and had to pay 15. Small town, not a lot of available kids that want to work. It just didn't pay, so we no longer do that.

@Paul Sandhu that made me laugh.....I've never had to blacklist anyone for being unconscious, but we don't see very many neck tatoos....

@Meg K. Complaining about every price will either get MUCH higher prices, or people that won't show up.

@Jason Tran if you weren't going to class, you should have had plenty of time to get the degree with a 4.0, AND go all in on real estate at the same time.