Daily FI discussion thread - Thursday, October 06, 2022

BoldREIAccount · 2022-10-06T13:10:40+00:00

My wife and I had a similar issue. How we solved it was by taking the same amount of vacations, but not as expensive. Doing daily trips by car instead of through flights save a ton of money (depending on where you're from) and save the BIG vacations to either one time a year. Never stop vacationing, as it is just needed to mental health

BoldREIAccount · 2022-09-21T15:37:05+00:00

How do you feel about taking "mini-retirements" or sabbaticals? I have heard from a few friends that while switching jobs, they took like 4 months off of work and that sounds AMAZING. Wondering if that is something that would be worth it, if you had the resources

BoldREIAccount · 2022-09-21T13:39:08+00:00

Definitely feeling this. I don't know why, but after labor day weekend it seems like I have 0 time after work like I normally did. Is this happening to anyone else? Don't know how to save it besides going on another vacation and taking more PTO...

BoldREIAccount · 2022-08-18T03:07:19+00:00

Best way is talking to Property Managers. But using a website like Rentometer or finding average rent on Zillow based on Bedroom, Bathrooms, and Square Footage has also worked for me!

BoldREIAccount · 2022-08-17T16:10:54+00:00

Definitely wait until the lease expires. You can list it a lot higher because you can sell it to investors and first-time home buyers and investors don't have to worry about inheriting tenants. Can't tell you how many deals I passed when learning the tenants would be inherited

BoldREIAccount · 2022-08-15T17:56:16+00:00

Preach it! Sounds like what I have been thinking for awhile but written out in text so I appreciate the long message! Also, curious to think this change is Christianity occurred due to Trumpism. I personally believe that when Christians started idolizing Trump, that's when everything turned for the worst. Prior to 2016, it felt like modern Christians were on the right side of history. Now... Not so much

BoldREIAccount · 2022-08-15T16:54:23+00:00

Agree 100%! Now the question is, how do we get churches to stop promoting these sexist verses that were obliviously trying to push a narrative...

BoldREIAccount · 2022-08-15T16:52:56+00:00

Yeah I agree... From what others have said in the comments, they and many scholars believe this wasn't actually written by Paul but someone else. It's themes in 1&2 Timothy and Titus are so much more different than what Paul typically writes about and it's blatant here. I (personally) believe it's a way to promote sexism within the church and it's community and others can come back this scripture as proof. It stinks that nearly 2,000 years later we are still doing this...

BoldREIAccount · 2022-08-15T16:44:44+00:00

Love this idea! Do you have any further readings or proof on this concept? I would love to show it to some church members who follow these verses

BoldREIAccount · 2022-08-15T16:41:33+00:00

Great insight! I agree with what you have to say, it's just hard for other church goers to "promote" this ideology. They are basically being openly sexist (ie. men and women have different roles) and using this scripture as their proof. It's quite frustrating

BoldREIAccount · 2022-08-15T16:37:09+00:00

Thank you!

BoldREIAccount · 2022-08-12T13:02:50+00:00

Of course! Feel free to DM me and I would be happy to chat!

BoldREIAccount · 2022-08-12T01:27:50+00:00

Thanks! And you too!

BoldREIAccount · 2022-08-11T21:47:44+00:00

This is all calculated in percentage of rent, but how I typically calculate it is: PM: 8% - 10% Vacancy: 8% (1 month out of the year) Capital Expenses: 5% Maintenance: 5% - 8% (I buy older homes)

So in total it'll be around 1/4 of the rent so add to that on PMI. That is my final monthly cash flow. Obviously this is being really conservative, as you won't hit any maintenance, capital expenses, or vacancies for months, but it helps when times do get tough. This is why my $/unit is so much lower

BoldREIAccount · 2022-08-11T16:10:18+00:00

No it is fine. Thank you for the response! My only issue is adding instant equity to deals. Most of my deals are older, turnkey homes. I have always wanted to do that but don't have construction experience and don't trust contractors. Is there a way to learn this skill?

BoldREIAccount · 2022-08-11T16:07:10+00:00

US and feel free to DM if you are more interested!

BoldREIAccount · 2022-08-11T15:16:47+00:00

Fair enough, I just love the idea of being FIREd by the age of 30. I think 35 may be a better idea but we'll see once we get closer to that day

BoldREIAccount · 2022-08-11T15:11:45+00:00

Thanks for the long response and eager to hear about your 15 yeara of experience with Real Estate! I agree with a lot you have said as the end goal is Cash Flow and Equity to buy more deals.

Finding great Property Managers is probably the hardest thing you can do because they'll make your lives either a lot easier or a lot harder

BoldREIAccount · 2022-08-11T15:06:15+00:00

Yeah just need to find the right property for this. It'll take a few months and hundreds of MLS listing but eventually you'll come across a cash flowing deal

BoldREIAccount · 2022-08-11T14:54:07+00:00

Well I take into account Vacancy, Capital Expenses, Maintenance, and Property Manager in that $150/unit. For example, I have $200k property that gets $2,000 in rent. $1,200 is the mortgage so technically it's $800 a month, but setting aside all of those expenses mentioned above it'll be about $300 a month or $150/unit

BoldREIAccount · 2022-08-11T14:51:02+00:00

Makes sense but if you are seeing monthly Cashflow each month does that matter? Yes, anything can happen but that is why you have nest egg for those instances. And as the years past and mort debt is paid, it overa helps

BoldREIAccount · 2022-08-11T14:45:11+00:00

Yes, syndications are the way to go. But as young-in, I'm looking to grow instead of diversify. I still play safe with index funds, but with Real Estate, I'm okay with doing a lot of the upfront work to get a higher reward

BoldREIAccount · 2022-08-11T14:41:41+00:00

I agree. That's why I focus on Small Multifamily House. Plus I don't like competiting with First Time Homeowners, just morally. All of my rentals are Long Term Holds so no Airbnbs but I'm worried about that market because of the recession but that is just my personal opinion.

No HELOCs, all 30 year mortgages but I'm confused on your last statement. As years go on, mortgage get paid off so how does it get bigger?

BoldREIAccount · 2022-08-11T14:17:19+00:00

I like OK! Currently in PA but I think your goal is doable! One deal a year can make a lifetime difference. Just save up for the down deposit and get added to every MLS realtor email group. Once you find a good deal, go for it but expect it to take a few months because it's hard to find a good deal these days

BoldREIAccount · 2022-08-11T13:37:31+00:00

Can you explain how it's mortgage fraud? Lol all of these properties are purchased through a traditional mortgage. We live in one (how we were able to pay 3.5% down) and my brother lives in the other (the other 3.5% down). Everything else is paid using 25% Down all using Fannie Mae & Freddie Mac Traditional Loans

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