All Forum Posts by: Shaun Hunt

Thanks for the update. I read the engineer report and from what I could tell it is structurally sound. 

I had to have three engineer reports for three properties I purchased that had issues.

Sounds like a fun project. If I could dedicate more time and had a trusted contractor and a was of cash, I would love to do what you'll do to that place. 

See you soon.

if you do purchase the building, I would be thrilled to learn what is involved with such an undertaking. 

I am just a rookie investor. I can fix most rental type issues, but I can't do a gut of that magnitude.

I would be very interested in learning from you.

I do know a few contractors here in Cedar if you are interested in meeting them.

Next time you are in town, let's do dinner.

Jean, as much as I hate to say it, I would highly recommend you come and view the property yourself. Both Nick and I have been to this property. I was there during the last week of December.

As we opened the door of the named section, a stench hit the realtor and I as if we had run into a wall. To say the floor has settled a bit is an understatement!! I wish I took pictures.

There was a few inches of standing water that must have come from the sink of a drain pipe. You could tell what someone had for dinner. My guess is a huge pot of Ramen noodles, for they were scattered all around the pipes that had been leaking.

All of the carpet and tile had been removed. There are a few inches of gap from where the bottom plate of the framed wall used to be and where the floor is now. It looks like a hole for a wading pool.

The south wall of the four plex shows a significant bow, etc. etc.

I have five rentals in Cedar. Four of them have had settleing issues, but nothing like the fourplex.

I would have put money down on that place, that day, had I felt it would be worth it.

Fact is, someone is going to buy this place, with cash, it just won't be me.

Update:

Just ran a 5K Thanksgiving morning. It snowed the night before. Wind was blowing  at 22 mph. It was a little chilly.

I set a personal record. My time was 28:55ish. The last, a few weeks ago, 5K was 30:40. 

I listened to podcast 99 while running. :)  I have listened to podcasts 99-149 while exercising this past month.

I had to take a week off of running while spending time getting a home rent ready after tenants left.

I am now just below 200 lbs. I hope I am down another 10 while listening to the next 50 podcasts.

After listening to a podcast that centered on a guy focusingin on group homes, I called a local company that has 30 homes rented to kids that need to be in a home with supervisors. I will be showing him my properties as they become available and possibly buy another one that would be marketed exclusively to his company.

Bigger pockets rocks!

You might consider looking into a HELOC. I refinanced my own home for first two purchases. Then took out two different home equity loans to buy three more. I owe a half million dollars, but my debt to income ratio is about 20%. Go figure. Even if you don't use the money, you can let it sit in your account waiting for the best deal. Don't let it sit too long without using it. It may be taken back by the bank.

You can then pay down that HELOC a82nd use it again, repeating that cycle.

Congrats on family! It's worth more than a portfolio.

@Nasar Elarabi, thanks for the reply.  No kidding, I was bench pressing 135 pounds, :) and nearly dropped the bar on my throat after your said something that made me chuckle enough to lose all my strength.

Hey Steve, here is a link:

https://www.biggerpockets.com/renewsblog/category/podcast/

I'm losing it, I really am!

I started exercising a few weeks ago, after a long time of being sedentary.  

I started listening to Bigger Pockets Podcasts, to help the time go faster as I put on a few miles.  I have lost FIVE pounds in a few weeks.  I went from running a 5K in 53 minutes to running a 5K in about 36 minutes. Most people walk that fast, I hope to keep cutting that time down.

My goal is to run a half marathon, while listening to the Podcasts.  I will be running a benefit 5K this week to support a mom, dealing with cancer.  Guess what I will be listening to while running?

One problem I had this morning was being in the gym and laughing out loud while listening to Nasar in Podcast 116. Holy Cow, he is hilarious!

https://www.biggerpockets.com/renewsblog/2015/04/0...

Well, here is to losing it!  I hope to be well below 200 lbs in a few months from now. 

Cheers!

More info, thanks for your replies.   

I have an LLC under one name. i have a DBA under another. When the kids mow a lawn, the LLC writes a check to the DBA and the DBA pays the kids.

Why? What benefit does that create?

I have a DBA, I'm not sure why. :) I was advised to open a DBA in order to pay my kids for helping with the rental improvements, lawn care, property management, etc.

Do I need one? How does it help? What is the BIG IDEA of a DBA in my case.

I have five properties, we do 90% of management and repairs.

Thanks in advance!