All Forum Posts by: James Vega

vinyl plank flooring looks better than laminate will last forever and is about the same cost if not cheaper depending on your selection. After our last tenants decided to steal all the wall to wall carpeting in the house... yep... we came back in with VPF throughout the entire house. Looks great with no issues it has a 25 year warrantee and the piece of mind that goes with it!  Good luck with your decision... stay away from laminate! 

Gulf Coast Property Management-

http://www.gcpmco.com/

I have been with Don Huntley and his crew for well over 7 years.  He is very responsive and has a good crew that takes care of the tenant as well as the landlord.

If you are a former military member USAA offers umbrella policies of $1M, $2M, and $3M.  But regardless of who you go through, expect that the company issuing the umbrella will require you to have all of your policies under them (e.g. I have my renter's, auto, and fire policies all with USAA) this was a hard requirement to have them issue the umbrella.  I would expect all other companies to do the same.

I vote for the Vinyl Tile Planks that look like wood. I redid my SFR throughout--1800sqft. Kitchen, bath, living room, everything has it. I put it in after the tenant stole the wall to wall carpet. I think it looks and feels better than laminate, has a 25 year warrantee and is virtually indestructible and you don't have the same concerns over the water issues laminate and wood floors have. I highly recommend looking at it as an option. Like you I plan on holding on to this property indefinitely and was tired of the carpet issue. I plan on putting into my other SFR when the carpets are due for replacement.

Good Luck!

Jamie

thanks Denise.  This had been very informative! 

Demise can you also describe the alternative when the owner doesn't ever pay the taxes and what happens.  

Is your refi going to be a personal loan or commercial loan through an LLC?

The next lovely surprise to all of this is that once you do have rental income established on your tax returns (most banks want to see 2 years of rental income) they then only consider 75% of that income to offset your debt to income ratio. Developing that small bank/credit union portfolio lender relationship may allow for better results. 

Good luck! 

@Daniel Mohnkern I see your point in wanting to be financially free from the concerns of a career and as such using REI to provide the passive income necessary to accomplish that goal, either for ourselves and hopefully our children.

What I think being financially free also implies is not just freedom FROM having to need a career and doing something we don't enjoy but pays us (hopefully) well, but also the ability to HAVE freedom to pursue whatever career you want. 

How many of the most rewarding or interesting careers out there do not pay enough to lead to financial freedom, but still require a college degree and level of higher knowledge? I'm thinking teaching, archeology, marine biology, etc. I would love to truly tell my 4 kids that that can go and do anything they want and be anything they want and go to any college they want to pursue those dreams based upon the wealth I have generated through REI (or other investments).

If done properly isn't that the definition of wealth and financial freedom.  Doing what you want, and how you want, without concern for financial implications. 

I don't think any of Vanderbilt's great grandkids are having to worry about what type of job/college they are interested in.

I have 529's set up for all of my kids, but am thinking more about seeing if there are ways to shift them out of the 529 into REI without paying a penalty. Unfortunately I do not think I will be able to.

I'll take a bottle please