All Forum Posts by: Robert Blanchard

Thanks @Constance Kang for sharing your experience of a RDPD Seminar.   They tend to get people to attend their seminars that have no understanding of RE Investing and think that they have to "pay to play".  

Others have found value in some rather expensive upsell's and many people on BP have stated that they have spent a fair amount on programs. 

I have spent less than $250 but have learned more on BP than the 2 programs/ packets that I found online.  

Many investors do not put carpet in their rentals and if you screen correctly,  some renters will stay for years.   Your acquaintance that inherited their properties have not seen the power of equity and the increase in the value of the house. 

In the Denver area, many investors have seen double digit percent rise in their rental values, annually.

I would suggest you listen to some of the podcasts on this site and also attend meetings of the local REI Club.

Here is the page for the ones in FL:

https://www.biggerpockets.com/rei/florida-real-est...

Some investors like the challenge of flipping properties and others like the stability of ending up with many "doors" or rentals that provide a steady cash flow. 

Have you considered buying a multi unit property?  I do not know what a 12 - 16 unit building in your area runs, but those can be a great money maker if you buy one that needs some help and then go in and fix up units as the lease expires.  Then you can charge premium rents and increase the cash flow and the quality of the tenants in the building.

In Seattle, those "Apodments" are big right now. If you could get zoning approved to change a larger house into a multi, and put 6 of these Apodments into it, the cash flow might be as good as your current property.

Was the timeline to reno the 3 units over 90 days?   Is your rents slightly higher than others in the area? Are any of your renters, Military?

Is this your first triplex?

I would like to find a triplex or even a qaud but I do not have enough money to put down on one.  Plus, the prices the sellers are getting for them is insane compared to just 8 years ago.

Glad to hear that window decals do work.  I see some at Home Depot sometimes and wondered how many calls they got from them.  

Thanks for the heads up.  

Does Sears have a Credit Card that gets you an extra discount if you sign up for it like Home Depot does?  I ended up with 3 HD cards before they stopped letting me open up new accounts.  The Cashiers do not care if you already have an account as they get a bonus or credit for opening up new accounts. 

Also, Sears Outlet stores sometimes have some one of a kind and out of box units marked down.  Do not be afraid to ask for more off as sometimes if they need floor space they will mark things down even more. 

Congrats on your purchase!   

Remember to install some braided metal water lines for the Washing Machine as they are much better than the rubber ones and only a few bucks more.   Also, find out if it is the norm in your market to supply a Washer and Dryer.  If it is, you can make sure that the Washer and Dryer are installed correctly and in good shape. 

As many have stated on BP,  Ice makers in Fridges can be a problem as when they start leaking it is hard to see and detect before damage is done.  

As, other people have said, it is priorities.   Most Renters do not have long term goals.  If they did, they would realize that if they drove a paid off vehicle for 3-5 years, they could put the $300 not used for a payment and higher insurance costs (monthly) into a down payment fund and then use the $10-12K to purchase a house down the road.  

I do not understand why a basic budgeting class is not mandatory in High School.  Most of the younger generation want instant gratification.  I have heard it called the shiny object syndrome.  

Even the NFL makes their Rookies take one due to the amount of players that have gone bankrupt after their football career. 

My Father always drove older cars to his rentals but did have a Cadillac in the Garage that was paid for when he sold an 16 unit Apartment Building that he flipped. 

As Dave Ramsey likes to say “If you will live like no one else, later you can live like no one else.”  Later on, you will be able to have a newer nice car in the garage to drive AND a average paid off daily driver to get you to your rentals. 

Welcome to BP from Littleton.  How long have you been in Colorado?  I have been back since 1990 so I have seen 3 or 4 RE cycles in that time.  This one is more interesting due to the fact that 100K people moved into the state in 2015.  Tempted to look into new Construction but land is expensive within 25 miles of Denver,  it takes deep pockets or connections like the bigger developers have. 

I doubt this Tenant will go for the "Cash for Keys" option since they gave a forged Lease to the new Owner.  The Tenant probably realizes their rent will be going up or they will have to move and they just want to delay it.  Having an eviction on their record will just make it harder for them to rent somewhere else down the road.