All Forum Posts by: Peter Smith

I have a great connection with a fantastic construction team and I am thinking of buying a larger lot and building 4 or 5 small rentals with 2/1 bed/bath. My thought process is that I can create a group of homes that are really efficient and durable. Does anyone know somebody who has done this? Am I crazy? What are your thoughts?

@Jeff J. I think another thing you should consider is your own peace of mind. I like the idea of paying down debt because it limits risk and at the end of the day you own the building and can do what you want with it. I am a big believer in Dave Ramsey's way of thinking and I would recommend his books. So that is all to say I think if you worry about the building at night or the possibility of being under water on your mortgage scares you, I would pay it off. Consider all the effects including and beyond financial.

Hope this helps.

Thanks @Gerald Harris and @Franklin Romine . So it seems that both of you are fans of buy and hold. Do you prefer to buy rentals that are pretty close to ready to go or do you prefer rehabbing a cheaper home?

How have you chosen if you want to do a flip or rental? Do you typically decide before starting the project or after the house has been rehabbed? And is the type of rehabbing different depending on if it is a rental or a flip? My initial goal was to rehab and rent out, but I can see the allure of collecting the profit upon the sale. What are your thoughts?

Wow thanks @Amine E. for sharing. Makes me consider flipping a bit more.

@Aaron Mazzrillo I get what you are saying, but this isn't a permission thing. This is a get on the same page thing. This is our future you are talking about. I know on BP it is easy to forget that buy multiple homes with money not your own is potentially bringing on millions of dollars in debt. And at the end of the day I would rather be living an average life with my wife than be successful financially but have my wife go to sleep every night afraid or concerned that I will have taken us too far. I am not going to talk over every detail with her but I need to know that whatever direction we step toward is a step we take together as one. I guess what I am saying is in my perspective marital success far out weighs any financial success.

I hope that makes sense. I am not a child asking my dad for permission to do something, rather I am one half of a team that refuses to move unless we move together.

I appreciate the advice.

@Anna Shaver Thank you great advice.

@Greg F. Wow that sounds like it worked out though and I hope my wife is able to buy in the way yours has.