All Forum Posts by: Minna Reid

So I'm already way over budget. I have not much big left to buy except for my kitchen countertop. Everything in the house is beautiful. Gorgeous tile, fresh hardwood, new cabinets, stainless steel appliances. It's coming together very sweetly. But do I have to buy the granite counertop? man I'm looking at like 3k plus. I'm not feeling it. But that kitchen is the first room you see when you walk in. Should I go with granite, or can I skip it?

As being an older newbie investor I wish I had started younger. The advice I'd give you, is that IF THE DEAL MAKES SENSE..( as in - will make you money even in the worst circumstances), and you're in a position to buy...BUY.
But if you're looking for an out in a year and you want to make money, it better be a deal, whether its a single fam or a multi fam or whatever. Don't even try to get into a rental situation if you plan to walk away in a year, cause that's easier said than done. And I wouldn't try to manage a rental without being less than 45 minutes away, unless its a building with an onsite manager.
But rent is a waste of money no matter how you look at it..IMHO.
And school loans have crazy low rates. I still have one from way back when that's just not worth paying off cause they charge me next to no interest.

I've been looking into beach rentals for the summer lately. I'll probably get one. BUT...god how sweet would it be to score a rehab on the beach?...So sweet the chances are one in a million, but next week I'm taking a stroll down the coastline posting signs EVERYWHERE, just in hopes to catch that summertime beach rehab. Worth a shot anyway.

So what are we talking about here? I can't close again til after three months (doable) or I can't close again for six (NOT COOL). Or i just make "no sesoning requirements" an absolute necessity. Or I do some kind of buy owner financed til seasoning kicks in?

I hope you get a smoother one than mine's been, for sure. Keep us posted!

well good luck to you too! Are you closing as in buying, or closing as in selling?

Just thought I'd post a little update in case anyone was interested. After a very rough week last week, looks have the winds have turned in my favor. As it turns out I have no structural issues after all. Some broken joists were just that (turns out the whole neighborhood was built from very knotty native pine, and everyone has the same issue). Unfortunately I ripped half a wall and ceiling and some of the basement walls to find this out the hard way. Nonethelss my budget is a little over, but I have peace of mind I'm turning out a solid finished product someday soon. I ended up working 18 hour days all weekend but I'm back on track, I'm getting closer to finish, and I finally get a few days off so the hardwood guys can do their thing. It was about time, cause I was running ragged and maybe I can even clean my own house now which has been severely neglected for the past few weeks. And I finally got a whole nights sleep. Also, looks like my squatter hasn't returned for a few nights after I changed all the locks and alerted the cops to be checking the place out. Hey and Home Depot made a $300 mistake in my favor yesterday! I'm feeling good right now - wish me luck for a speedy finish!

Ok - when I think "conventional", or "conforming" I see lots of money down, verified income, good debt to income ratios, one fixed single loan. Aren't most loans non-conforming nowadays, anyway? Or is my view of conforming way off?

So much for my "cosmetic" rehab. On top of yesterdays issues (cracked joists, leaky roof), after last nights downpour, today we can add leaking basement and flooded yard with serious drainage issues to the mix. Also it seems no venting for the plumbing was ever installed, and of course more cracked joists are surfacing all the time. Rough week. Conveniently at the same time my tenants haven't paid me since Jan and are into it for about $3500, and I'm in my first eviction which is getting uglier all the time btw. But wait - there's more - I've also just lost my cushy corporate 70k/year job and have just a few weeks of salary left before I face life with zero income.
Entertaining suff - eh?
Let's just say I don't sleep so well lately. I got a hot date with Remy Martin in a few to drown my sorrows for the night. Next week I probably face a bud light budget..lol.
But you know what? At the end of the day, I know it's kinda rough for me right now, but somehow I am also absolutely 100% positive that I will come out on top at the end of this whole mess.
So stay tuned...I WILL be spinning a happy ending to this horror story-

You can't run credit , and you won't be able to collect should there be damages. This won't be worth the headache, IMHO.