All Forum Posts by: Nick Gann

More heavily involved, yes. Working on my license and going to look at what may become my 3rd rental property... today. Im all in. The goal being to help my wife replace herself in her own business, hire most aspects of my business out, and increase ownership in real estate to as much as possible. Interested, after all that is done, in creating spaces that the community doesnt yet have, even if all they do is break even. Too many chains of crap food, mediocre service and so on around. Seems to me it's possible to create cool, fun, cultural areas and support local business while doing it.

@John Teachout one of my favorite books is Meateater: Adventures from the life of an American Hunter. In it Rinella discusses being a young kid practicing his trapping and fur selling skills; he recalls that he once killed a few skunk but he hit one in the scent gland and when he tried to sell the fur to a buyer the buyer devalued the entire lot because of the scent. He reckons it was the first time he ever remembered wondering how a life could have negative value.

If a life could have a negative value, it serves to reason a property could as well.

@Lukas Zupan staryed my millionth business, but the only truly profitable of the bunch... still own it now. Wish I had focused on real estate although in some ways as a contractor it is real estate, but not as an investor.

More or less oblivious to the inner workings of an economy back then, boy have things changed.

Thank you for the input. With discovering it is in a flood zone and the owners daughter lives in one trailer... it may be best to pass indeed.

@Jerell Edmonds I'm a fan of just starting. In earlier years of my life the primary issue for me was all ideas but no traction. Starting will give you traction. You just need to start, whatever that means for you.

I bought 1 SFR and became addicted. All those video games I used to play have morphed into a property game.

You can make a great life with SFR. Or use it as a jump point for other avenues. Even if you go a different direction over time, you won't lose by starting there.

@Kris H. Correct. This is how folks get burned when they panic in a downturn. What's funny is US Bank was a huge contributor to this nonsense last time. Just recycling alllll the time.

@DAVE ROSA I enjoy options... more time for your money will give you options. If you can qualify for a 30, perhaps do that. You can throw 10x the money at the loan if you choose to but if something happens and you need that lower payment it is there.

My opinion is to use the 30 year and not pay more. Use the slow equity and extra cash for the next deal. If you can buy and rehab then you could have equity and cash flow buying one property while the refinanced money from the rehab buys another. The fancy word people like to use is velocity.

@John Desmet if you can handle things mentally the best option will always be to purchase an asset that pays the debt. Theres never a best option that includes trading direct labor and not gaining an asset.

The answer is Assets, always.

@Jake Thornton it's a bit of a pie in the sky situation but of course real estate wins. You havent even thought about the tax implicqtions of capital gains on stocks vs any gains on real estate... and then for his stock to have that value he has to actually sell it, youve been gaining the value all the while without having specifically sold the investmwnt.

@Nick Gann meant to add in there, you could do multiple 12k btu units and utilize the nearest 20amp circuit. This would save you running a 30amp for higher btu output... but this will definitely depend on access to breakers and where you have to put the unit and run electrical.