All Forum Posts by: Jeff G.

@Jason Bott   

@Jesse Carreon

sent you a PM

in short the property is going very well and has exceeded my conservative cash flow estimates by about $2000

I am actively searching for property #2

@Jesse Carreon

wait for it.... wait for it.... a BP podcast is in the very near future for you.... :)

Congratulations.

I recently was going to purchase a house with major foundation issues.  The seller was going to reduce the house by the cost of the foundation repair estimate.  The estimate was $27,000.

I found out that block was notorious with foundation issues and I passed because I didn't want to face the same issues in 15-20 years.

@Nicholas B.

Difference in personal philosophy I guess.  I don't care if i had a credit card with 0% interest indefinitely I would never carry a balance on it unless it was due to personal hardship and a last resort.  I use a credit card for every purchase I make for the air miles, but pay off the bill every month in full.

I don't believe in carrying unsecured debt.

Credit cards are evil.  Pay them off and as @Ben Leybovich says do it quickly.

If you are willing to sacrifice you can pay them off much sooner than you think.  

So I am looking at a property, only issue is the child of an existing tenant has high lead levels in his/her system.  The city came in and said the current owner needs to replace all the lower unit windows (uppers previously replaced) to mitigate the issue.

I am looking at this property tomorrow. My concern is that there may be future risk of lead abatement that will be needed.  

Does anyone have experience with this?  Should I stay away from this property?  The current owner is taking the proceeds from the sale and will replace the windows after closing as she is cash poor right now.  

@Bill Gulley  The King is my father.  He will be a silent partner only.  Just helping me get this RE business off the ground with my first few properties. Once he is paid back his cash outlay he will be out of the picture. 

I am in a unique position because I also have two well off family members on my wife's side who have offered to finance properties for me well.  I am more hesitant to take advantage of those offers at this stage though.  

@Bill Gulley So next question is do we need to form a joint LLC? I already have an LLC for my first building.

@Bill Gulley  The financial partner owns a $2M commercial building and is the sole owner of a $10M manufacturing business.