All Forum Posts by: Bill Goodland

@Chris Noles you have 23 months left on a mortgage that has a 146k balance? And you want to rent out of a place you currently have a 12+% interest loan on? I would get rid of that highest loan before you do anything else. By the sounds of it, you may be over rehabbing for a rental and while it may work if all you had was the mortgage, at this point I would probably sell, reduce your DTI and use cash to househack and start over in a stronger financial position

@Blake Valdez which is more in demand from renters? Which has more inventory? Which do you expect to appreciate more? Which on average looks like it has been price to rent ratios and would the expenses such as landscaping or HOA fees make either significantly different? These are the questions you need to ask yourself before asking others which you should buy

@Timothy J. Cudjoe everyday I’m looking for a deal feels like I’m treasure hunting, I love it

@Dustin Espinoza ive no issue renting out units without central air. The $400 AC units that vent out the window are actually supposed to be really good

@Jacquelin Featchurs lawyers over complicate things so you will pay them more time to figure it out for you. Unless you're worth a couple million already, if you're just buying a property with your spouse I wouldn't even bother with an LLC yet

@Marian Smith I agree. Currently self managing because it’s worth my time at the moment to self manage but in the future, I likely will not be once I have more doors and more value to my time. The one thing where I disagree is that my rents are actually at the top of what I can charge. A PM would likely want to get it rented easily. I had an agent that knows my building well tell me that I could rent a unit for $1200 that I then later rented for $1350 during a pandemic. It’s an older building, and I did some minor improvements, but I bumped rents from $800 whereas a PM would’ve likely just stuck it on the market for $1200. It also probably helps that there are very few affordable units in the school district my property is in as it is mostly owner occupied houses and new construction apartments that while nicer on the inside, go for $1600. Not sure about you, but I’ve terrible jobs marketing available units for some PM companies so if I saw a good one willing to be aggressive with rents and adjust accordingly I might go for it

@Michinori Kaneko just because it's ideal to have the deal cash flow doesn't mean a BRRRR doesn't work in expensive markets. Do you think the REITs that buy NYC real estate that buy under performing assets and reposition them after value add go through all that trouble to lose money? Absolutely not, they just realize that if you see the big picture, like creating massive amounts of equity, that there are more ways to make money other than cash flow. Even a negative cash flow deal can have a great IRR. Probably not for the investor looking to quickly build a portfolio and replace their day job income, but to say it doesn't work in expensive markets is simply not true

@Scott Trench also @Travis Cannon if there’s any book you should be buying to read, it’s this guys Set For Life

@Travis Cannon my other recommendation is while BP is great and offers amazing value on their books, if all you have to invest is $1500 and you’re spending $80 on books before you’ve listened to every free podcast or webinar you have, then you need to re-evaluate your spending habits. It’s way easier to cut expenses when starting out than it is to get spectacular returns

@Travis Cannon if $1500 is all you have I would recommend listening to some Gary V. You can probably get a lot better returns with that little of funds by buying and flipping things on Craigslist and Facebook marketplace whether it be appliances, sneakers or cars. Way easier to double your money that way with some hustle than make $1500 go very far in RE. Once you have 10-20k saved up then I would get into a househack depending on your market and never stop learning