All Forum Posts by: Colin Reid

I do target shooting competitions, pistol only and "three gun" with pistol, rifle, and shotgun. When I'm not doing that, it's anything on or near the water. I took up fishing over the last year, have a kayak/paddle board hybrid, and I'm seriously thinking about a boat for when COVID 20 hits, since they didn't close the boat ramps in my part of FL. I'm also working on becoming a Certificated Flight Instructor, which is sort of an extension of my W2. That's what I want to retire to.

@Sean McDonnell I cut the cord a few years back and have barely seen any news since. I'm a much happier person for it.

@Luyanda Koboka House Hacking involves renting part of your personal residence. You may rent to roommates, or in the case of a multi-family, rent the other unit or units. I just bought a duplex and I'm hacking it by living in one unit and renting the other. The other unit covers about 2/3 of my mortgage each month, and it's reducing my cost to live in that neighborhood substantially.

 It's either gone right after the election, or it's here forever. I'm honestly 50/50 on it.

I have a separate account for each property, not each unit. My duplex has one account. My Dad is a CPA and suggested I do it that way. Now that I'm learning a little bit about proper bookkeeping, I see how you could do it with just a business checking and savings, but I'll be consulting an attorney about how to structure my business going forward.

What's the logic behind this? I'm not saying I don't believe you, but I've never heard of these "cycles" and I'm interested in learning.

Welcome to BP! I'm also in St Pete, but new to the area in the last year or so. I've got one duplex in Grand Central I'm hacking.

I bought one property with asbestos siding. The inspector noted it, and several insurance companies didn't bat an eye. The inspector said I should just keep it painted, and it would be fine. I don't have any indoors, unless it's under the laminate the previous owner put in. 

I'm no asbestos expert, but I've done a bit of research and apparently asbestos is a wonder material. It keeps you cool in the heat, or warm when it's cold, it's very durable, it'll even out the tire pressures in your car and get you 15% more back on your taxes. It can do everything! The problem is that pesky carcinogen bit. I live in the unit right now, and I'm not worried, but if it's as good an insulator as I've heard, and I can safely keep it, I'm keeping it.

You've gotta count your rent in the analysis. So if your unit would also rent for $1100, is it a good deal? 

I'm doing the same thing right now. I figure I'm only paying about $600/mo to live in a great neighborhood, while my tenants are paying $1300 toward my mortgage. As soon as I move out, there will be another $1200-1300 coming in, and suddenly the property matches the analysis I did.

Accidental landlord. 

I bought my first home, then a few years later I got PCS orders. Another guy in my unit was doing property management with his wife as a side hustle and convinced me to let him rent it out. I still have it, still cashflowing. 

A few years later, the Air Force was making some big cuts and I was certain I was getting kicked out. I had to decide what I was going to do when I grew up, so started reading investing books. I didn't get kicked out (also didn't have to grow up!), but kept learning and investing. I'm up to 5 doors including my half of a duplex hack.

Totally doable, but maybe not adviseable. When they say "investing with no money" they don't mean you're broke. They mean you're using other peoples' money. My first house was zero down, because I used a VA loan, and I was active duty, so they knew I had a paycheck. Second was the same, but they wanted 5%. Both are now rentals.

Time, skill, and money, you gotta have at least two. You can do it with no money, but it'll take time and some skill. You can do it with no skill, but it'll cost a lot of time and money.