All Forum Posts by: Jeffrey Armstrong

I just joined BP about a week ago.  It has already proven to be invaluable.

My wife and I have been investing in rentals on and off since 1999. I used renting properties to achieve my goals in life for moving and buying. More of a means to and end than anything. I have always admired my uncle who when he retired had 4 properties paid off that provided him a solid cash flow for retirement. I would love to retire and buy a new car every year (cash) because I can :-) I now have a duplex and a SFH. I prefer the buy and hold right now because I have equity, just not time. So I need things to be a bit more hands off. I have a property in Janesville and Edgerton WI. I'm looking to add another property in Janesviile right now. This site has already saved me from a mistake and I find it invaluable.

I'm also interested in other areas such as Milwaukee, Indiana, and Ohio.  I am also a pilot so It's not difficult for me to get my boots on the ground in more distant areas.

I'm here so that I can learn and hopefully help others from making the same mistakes as I have.  I'd like to meet some wholesalers and maybe a partner or two.

I plan on going to the meeting for the Chicago group next week and hope to see some of you there.

Jeff

I would suggest evaluating your house as a rental first.  My wife and I did this last year, we had rentals and we figured why not!  The problem is our rentals are designed as rentals and the house was designed as our house.  There are features that you would put in your house that you wouldn't even dream of having in a rental.  Because of this our house makes a horrible rental.  It takes more money to keep the landscaping up, fencing, shed, hepa filter, etc.  Renters are not going to give a hoot about the property and it needs to be nearly maintenance free.  If I would have known what I know now I would have just cut my losses and took the proceeds to buy a rental.  In the long run I would have been better off.

If it is the hardwood you don't need to buy anything fancy, you can just use talcum powder. I know it sounds goofy but it works. Just make sure you have a good filter in your vacuum when you clean it up after you work it in.