All Forum Posts by: Todd Rasmussen

@Danushka Abeyasekera

Your agent/broker should have sent in your repair request yesterday. Do not sign a release the contingency unless you are planning on taking the property without the 50k credit. Call your broker now and find out if they sent your repair request and ask them to get on the phone with escrow because they sent you a release. Your agent/broker should straighten this out for you.

@Zachary Blomberg

If you are trying to trim down expenses combine shopping, discretionary, fast food, restaurants, and entertainment. These items are all discretionary and account for 18% of your budget. It looks like you are barely spending any money that's not necessary, but if you start to see the $900+ number those categories add up to it might help motivate you to trim down a bit. Doing great though, have me beat by quite a bit.

@Kenneth Burdick

I can only be friends if you promise to never spend investible income as disposable income ever again.

@David Felender

Welcome!

@Seth Botner

Most have been there. I sure have.

Get back to work and get your license done. Those are not mutually exclusive options. Even in a down housing market there are people buying and selling houses. Don't give up the w-2 gig until you and the market are stabilized for you to make a career move. Don't ditch a w-2 life until it is a liability.

@Akshay Bhaskaran

You are not accounting for the wear and tear that five years of tenants leaves on the property. Neither, the cost of selling, capital expenditures, repairs nor opportunity cost appear to have been figured into your analysis as well.

I would not buy something with negative cash flow that lasted longer than a year or so, and only then when I don't have any money in the deal. Even if you had a tolerance for it, this does not seem like a good allocation of resources.

@Jeremy Horton

One bank account. Stessa to track income/expenses and excel to track depreciation. When we break into multiple LLCs, we'll do bank account per LLC.

@William Bentley

What Henry said. If you make all the decisions regarding the property you are just going to get sued personally anyways. Worry about making it an asset and buy quality liability insurance.

@Rhett Ruehle

If you need life insurance, buy life insurance. If you can afford whole life, that is a great option. First and foremost you are buying life insurance to fill a need left by your passing so coverage amount is more important that policy type.

Am I happy for owning whole life policies? Yes.

It is dependent on your individual circumstances. However, I think if we went through the exercise of objectively analyzing the options, you'd find that buying a term policy and investing more directly into real estate would be the best if you had any success in investing.

@Steve Uekert

 This, except I vote for cash out refinance.