All Forum Posts by: James Miller

Defently looking at other investments. There is a pretty hot vacation destination an hours ferry ride away from me with condos in the 60k, range they should have no problem renting for 100+$ a night. And there are vacation rental management companies in place up there. It can be slow in the winter but locals are looking to move off there boats during the cold months so steady income is a possibility for the slow times of the year all be it at a lower rate, but as long it covers the mortgage it think it could work. The biggest problem ive had is none of the reltors will get back to me they must be to busy. I talked to one in person the last time i was up but missplaced his email and im currently in japan for about another month.

Thanks glad to be back. Learning a lot.

Jon, Thanks for the link. With the property management company im pretty hands off. I had one awkward moment when i was having a barbecue with my tenant, i know longer do that, and he was asking me a bunch of questions about the lease. But it wasn't to bad. I really only hear about the management company. There real sticklers on move out, i wish they were a little nicer to tenants. I rented from them for years when I was on active duty. They haven't been perfect but they are the biggest in town, they got me about 100 dollars a month more than other companies and they got my unit rerented faster. I was pretty surprised actually how fast they got it turned around. Its really easy to track things like that becuase my neighbor hood is full of the same duplexes. I was really glad to see a smaller model than mine list for sale for more than i bought mine for. Ill keep an eye on it though and see if it actually sales, its listed for more than it would cash flow for though.

Nick, Good luck keep us posted. I wonder if they would ever sell the whole marina?

I think I joined right around the time i got roped into the rich dad poor dad scheme about 5 years ago. Learned a ton of lessons from that one. After years of paying that debt off and increasing my income I finally purchased a very nice duplex. I qualified for a VA loan so i had no money down, the property was bank owned so the lender and sell covered all my closing costs. I occupy one side and use a property management company to rent out the other. I have had 2 tenants and both have no idea I am the owner. I like this set up and if you have any questions on it please feel free to ask. IMHO the most important rule of this type of investing is to only invest if the current cashflow makes sense. I saw the original sale price from 2005 and there was no way it would have cash flowed even at todays rental market, its a Navy town so it stays pretty consistent. Well I'm really looking forward to becoming an active member here.

One area im very interested in is I ran into a guy that owned a bunch of boat slips. He said this was the best way to produce cash flow. If any one has experiance in this please contact me. I have not met any one since this guy that has any info I and lost contact with him, he isn't a member as far as I know.

Skagit county realestate investing group. Free no charge to join found them on yahoo. Finally to a chance to go to the meeting it was amazing. We went out after for dinner and networked it was a great time.

Google a local realestate investing group. They cost 100 dollars a year to join and they are filled with experaianced investors wanting to help. You can also network to build a strong team. Wish i would have know that befor spending 17k on rich dad.

I am going to rich u next weekend. I will post afterwards.