All Forum Posts by: Wil Reichard

You've got a nice spreadsheet and details in the numbers going for you. This looks great.

Are you putting money away for vacancy rate?

Also, Cap Ex? (for a new roof or water heater or other big expenses)

Love the idea about taking the first 12 months of cash flow and putting it into a reserve.

Pros If you don't know all of the processes of selling, it helps the process move quicker and it's a little safer.

Cons you loose your 3ish% percent from the fee

Was getting my kitchen remodeled. We were going to do concrete and had a contractor come to give us a quote

And YES I KNOW, we should have checked him out before trying to use him. He estimated $2800 for the job and 50% down.

We gave him 2k to round numbers and asked for a sample before he started.

Sample looked NOTHING like the pictures he showed us. The concrete was bubbly and rough. It looked nasty. He told us he'd make another sample. The 2nd sample looked the same. We ended up going with another guy. When we asked for the down payment back he wrote a $600 check and said the rest of the money went to his costs...

$1400 for gas and a 6x6 inch block of concrete?!?! is he serious??

We took him to small claims court and won. Problem was he didn't even show up. He has a lien on his name but the judge said this isn't the first time he's done this. He said we will most likely not see that money again. Anyone experienced this before and pulled a fast one to get the money back?

P.S. the check wasn't even good. No funds available

I love the idea. I would suggest reading Lonnie Scruggs (I think that's the right name), his book called deals on wheels. He has a few great book on mobile home investing that really helped me understand the niches of MH's. Check it out! That should be your guide to almost everything in that area. Best of luck to you

@Alissa Rodman , from what my agent tells me, yes. During the fall/winter, everyone has their kids in school and during the colder seasons no one wants to move living spaces in the colder months. In summer, kids are out of school and there are always more houses for sale in the summer because of this. Good time to look/sell.

What a good read. Thanks for sharing with us. The footsteps that your parents leave behind make a huge impact on spending. I read, and re read Robert Kiyosaki's books. It's all about changing the mindset. Thanks for sharing

Sounds like some nice cashflow. Way to negotiate that deal and make it worth while

Are you investing just for the equity or are you shooting for any cashflow? Not all markets are the same, but it sounds like it doesn't leave too much room for cashflow after you consider the vacancy and expected repairs and Cap Ex.

Great idea to rent the rooms out to have extra cash to start saving for your next property!

Its all how you look at it. A higher credit score most likely means they are more financially intelligent. Where as, a lower score could mean they don't know how to handle their money very well. Credit Cards might stay near maxed. So a lower score, to answer your question, would mean more risk.

Man, awesome question! I'm glad someone asked, cause I've been soul searching the same answer. Anything in sales. If you can learn to sell, you'll have a great start ahead of others. Selling is so important. I'm doing sales as my side hustle to working full time at a bank. Working on commission can greatly help. Good luck to you