All Forum Posts by: Blake Johnston

@Anna Buffkin thank you so much for your thorough answer! Unfortunately I didn’t check BP often so I’m just seeing it now, but it’s certainly helpful! I’m finally moving forward with purchasing a small duplex with a fair amount of cash reserves and excessive credit card lines thanks to travel hacking (I don’t intend to use them, but it’s nice to have them there). I can live without the cash flow from the property so I intend to throw the entire proceeds from the property into a separate account until I get a good handle on all of this.

I hope 2019 is a good year for you and your business so far!

@Tristan Hickman that’s great to hear it worked so well for you. I had imagined I’d just use soap and water, but I’m sure something stronger than basic soap will help significantly. I’ll check into the ZEP solution. Thank you!

Thank you @Joe Abughazaleh I’m new to the rental game so it’s helpful to know what surfaces are better than others as far as rentals go. I’ll look into the ozone machine as well. Thanks for the tip!

@Brian Van Pelt thank you for the advice!

I’m working on purchasing a duplex which has a 1 bedroom unit that has a noticeable cigarette smoke odor to it. My property manager let me know that in order to convert that to a non-smoking unit I would want to go through and update most, if not all, of the surfaces (new carpet, paint, etc.)

The odor is not overbearing but certainly something that will need to be dealt with.

Are there tips/tricks to try to remove the odor or is it really best to start from scratch? The current carpet is fairly new and durable so I’d prefer to save it if I could.

Thank you everyone!

So I'm about ready to begin looking for a first investment property but I need to know how much I should have up front to get the deal done and maybe have a starter safety net for any up front expenses. I am planning to buy a 2-3 unit property for around 100k that is rentable as-is with rents totaling between 1-1.5k/Month. I will need to put 25% down for the loan and will need to show 6 months worth of expenses in additional funds but beyond that should I also have $X set aside for the first year's expenses? I will have the 25% to put down but the 6 months expenses is in a retirement account I can touch but would prefer not to. I plan to hire a property manager from the start too. Thank you so much for your help!!

Great choice for a book to gift. If you follow the BP podcast or their social media they usually promote book sales every so often. Usually around holidays. I'm not sure if it will still beat Amazon prices, but I think I've seen it around 20% off.

Following those wants will lead you right back to a paycheck to paycheck life. You're on the right track with figuring out 'why' you want to be financially responsible and free. You just need that 'why' to be strong enough to keep you from buying things you don't really need and probably won't want in a month or two. If you want to retire early then is that extra gadget worth delaying your retirement for? It's fine to treat yourself, but make sure you at least consider the consequences of delaying your end goals. I would check out a few books on personal finance to keep yourself in the right mindset and on track for your goals. The bigger pockets book Set For Life by Scott Trench is great no matter where you're at on your journey. I Will Teach You To Be Rich and Total Money Makeover are also good personal finance starter books. Best of luck!

As long as they're a reputable company that price looks about right for that work BUT doing both interior and exterior waterproofing is typically overkill. I would definitely get 1-2 more quotes and ask if they'd recommend interior or exterior for your area and foundation type.

@Andy Schornack great advice and thank you for the report. I'm currently living in Duluth as well and looking to take the plunge into investing in the next few years so all of that information is very helpful!