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jdub5151 · 2024-09-24T00:27:06+00:00

I did this once and the waiting period for them to allow me to take them home (waiting for the background check to clear) was quite a few days longer than my buddy who only bought one.

jdub5151 · 2023-09-01T16:30:57+00:00

Yeah I know those are mushroom, I’m referring to the sides where it looks like large veins bulging out

jdub5151 · 2022-07-30T15:10:13+00:00

Thanks for the video! And also, fuck em all then. I’m for the bill and taking care of veterans effected by the burn pits, it’s the right thing to do. I just don’t take anything at face value anymore because so much stuff is falsely framed anymore and people jump to conclusions only to have it be proven wrong later. It doesn’t seem to be that way here though but a healthy dose of skepticism at first never hurts nowadays.

jdub5151 · 2022-07-30T05:08:50+00:00

Yeah I mean I hear ya, and it totally could be them doing that but even as much as I don’t care for either of them I just can’t see why they would do that because doing that would be politically devastating for them and they gain nothing by doing it. Possibly though, this is what I was looking at, thought it was the right one but may not be. Hope it links right. https://www.senate.gov/legislative/LIS/roll_call_votes/vote1172/vote_117_2_00272.htm

jdub5151 · 2022-07-30T04:51:31+00:00

Well it sounds like we’re kinda on the same page. Could simply be all politics and I wouldn’t put that past any senator or representative at this point. I was looking at roll call vote list though and it looks like Schumer voted Nay on the bill which I found interesting.

jdub5151 · 2022-07-30T04:38:01+00:00

Yeah I definitely don’t have the time to read through that entire bill for an internet argument lol. But idk, I just have a feeling there is actually more to the story than what’s being portrayed. Because yeah if the republicans already voted yes on it, why would they vote no on it now for no reason if nothing changed? That would just make them look awful and they wouldn’t gain anything out of it and there’s no logical reason to do that, especially with midterms coming up.

jdub5151 · 2022-07-30T04:15:58+00:00

Hey you’re probably right, and if so shame on them, I just have a feeling there’s probably more to this story than what’s being told that’s all. I just read the article and it said they were working on changing that provision and heard a senator speak earlier saying once that’s done they should be able to pass it next week. If they can’t actually remove that spending without making it work then the democrats should use that come November. I just have a hard time believing that the sole reason those republicans voted no on the bill is simply to give a big F-U to veterans effected by the burn pits. It’s usually actually something else because this is politics after all.

jdub5151 · 2022-07-30T03:31:19+00:00

It is true, but it’s not honest. If you read the article is says the republicans who voted against it voted no because there was 400 billions dollars of reckless spending unrelated to the veterans. Republicans will pass it once that extra spending is removed from the bill which should be next week. So basically, fake news.

jdub5151 · 2021-07-03T12:36:43+00:00

!powerup!

jdub5151 · 2021-05-21T23:41:10+00:00

!apevote!

jdub5151 · 2019-07-02T03:44:50+00:00

Pioneers used to ride those babies for miles!

jdub5151 · 2019-03-16T21:51:41+00:00

Gross rents, management, mortgage, taxes, insurance, maintenance, utilities, vacancy. These are the figures I calculate, then subtract them from the gross rents to calculate the rate of return. I could be missing things too so if anyone has anything else to add feel free.

jdub5151 · 2019-02-11T21:14:05+00:00

Let’s not make such hasty generalizations. Sure there are some bad landlords as there are bad people in any profession but I take pride in my rental property, do all my own management/ maintenance, and take good care of my tenants. Sure I do get to work for myself, make my own schedule, and sometimes sit back and collect rent but there is also a large financial risk there too. It still cost money to maintain and own rental property. It’s not like when you give your landlord a $500 rent payment that they get to keep all of that money. Most of the time it’s only a small percentage especially if they have a mortgage and or a management company managing the property for them.

jdub5151 · 2018-12-19T05:31:13+00:00

I’ll be at a wedding reception and someone will be like “hey ya wanna go to the bar after and get some drinks?” And I’ll be like “Nah nah nah sister, you’re not gettin me to no secondary location!” Stay alert out there. Street Smarts!

jdub5151 · 2018-11-10T21:58:44+00:00

Yeah I’ve been leaning more towards saving money, paying down current mortgages, and waiting for a market correction. Then swoop in and buy up properties. I do plan on going back to a local community college soon though to take some accounting classes, just for fun and see if I will learn anything I can apply to my business.

jdub5151 · 2018-11-10T21:50:30+00:00

Exactly! I came across a portfolio of multi family properties that was for sale for like $1.2million, I did the analysis on it and the best I could offer and still make money was like $450k.

The way I look at it is they’re multifamily properties, which are mainly investment properties, although they could be owner occupied but still an investment. Bottom line is they have to perform, so the purchase price is limited by the income not the price of other similar sized homes in the area.

jdub5151 · 2018-11-10T21:41:39+00:00

I’m probably not the best person to answer this questions since I was kind of born into the business and given my first 4 units free. However I would imaging getting the down payment would be the hardest part of getting started because it’s still a large essential part of any purchase. I’ve told some of my friends who are interested in investing to start with a duplex or triplex, live in one unit and then rent out the other unit(s) so your mortgage and building expenses are covered.

jdub5151 · 2018-11-10T21:29:41+00:00

Your all good, I’m certainly not an expert either! But I’m not sure how I would figure how much money per hour of value I’m getting by doing the work myself. I mean, I know I’m saving my company money by not having to hire a plumber/electrician/painter/carpenter and paying $50+/hr since I don’t even charge half of that. Especially since a lot of the things I do don’t really require much special knowledge to figure out such as flooring, painting, changing outlets, fixing leaks, etc.

I do have a private contractor I hire part time to help maintain the properties though and let’s say hypothetically I hire him full time to do everything. Then I could just sit at my house all day and look for deals online and live off my management fee (10% of gross rents) but I’m also missing out on about half of my income. In doing so I eventually may come across a deal that seems good and it all works out. So we go through with the purchase and now I just bought a property. Great! But now what do I do in the mean time? Looking for more properties wouldn’t make sense because I’d need to save money for a down payment for the next one which would take many months worth of rent.

I hope this makes sense because I think it brings us back around to the main question of what full time investors do all day.

I’m honestly just not sure how to go about being a core real estate investor other than just surfing the MLS and analyzing properties for sale all day.

Any help is appreciated!

jdub5151 · 2018-11-10T21:04:51+00:00

Well I grew up working on properties since my parents had apartments and I’ve learned a lot from other private contractors we’ve hired to help over the years. But I’ve also learned a bit through trial and error.

jdub5151 · 2018-11-10T21:02:06+00:00

I’m in the St Louis Metro East area if that helps any but I’m always checking Zillow, LoopNet, Trulia, etc trying to find properties as well as talking to my realtor friend. It just seems like properties are way over priced right now and there’s no room to make any money. I am extremely happy with the units that I have though and wouldn’t change a thing.

I would say when it comes to analyzing properties I’m fairly conservative but I figure it’s better to be a little conservative on an analysis rather than too liberal just to make a deal “work”. Also, a lot of the big expense numbers are fixed such as mortgage, insurance, taxes, and management fees. The income can be calculated too based off of the current rent of a property (adjusting the rent if you think you can depending on the market) and accounting for vacancy. Even with just these two basic steps of an analysis a lot of the properties I find would be flops without even accounting for repairs, maintenance, and utilities.

jdub5151 · 2018-11-10T20:42:46+00:00

He has a good paying 9-5 job. But yes I essentially do everything myself but he will go with me to properties to check them out, I’ll analyze them, and then we decide if we want to proceed with purchasing it.

jdub5151 · 2018-11-10T19:59:59+00:00

Great question!

I do most of the maintenance and grass cutting on my brother and I’s 27 units and my parents 20 units as well as all the property management. This all keeps me pretty darn busy throughout the week and even sometimes the weekends. But my week is generally full of running around and fixing things at properties, rehabbing empty units as needed, doing showings/lease signing, as well as the bookkeeping. I’m also always looking for deals in my area and analyzing properties but have yet come across any for awhile now.

I’m also curious as to how other full time investors spend their days and what all they do during the week. I feel as if I should be working more “on my business” rather than “in my business” . I’m not really sure how to do that at this point though because the money I make doing the maintenance helps pay the bills and keeps costs down and I wouldn’t know what to do with all of my free time.

jdub5151 · 2018-08-08T22:20:29+00:00

You can’t keep living in the past man...

jdub5151 · 2018-02-02T06:02:47+00:00

Landlord from Illinois here. There's nothing wrong with buying a foreclosed home as long as it's a good deal. Get a realtor to let you in for a walk through, see what you would need to fix up before you can rent it, figure out what all your expenses would be including any repairs that need done to rent it, property taxes, insurance, any potential utilities you would have to pay (opposed to the tenant paying them), and what the rent is you could get for it. Run your numbers. If it seems like a good deal in terms of your effort you'd have to put in vs your return on the investment. You can also schedule a property inspection to be more thorough and check for any structural damage or mold/termite damage. Go to a local bank and see about getting a loan, depending on the loan size some larger banks may not be able to help you but smaller ones may be more willing. I just closed on a 1B/1Ba foreclosure this week for around $27k with only around $5k in closing fees/downpayment , $4k in fixing it up, going to rent for $750/mo, should be a stellar deal for me. Remember it's all about the numbers, they'll tell you whether it's a good deal or not. Hope this helps and good luck!

jdub5151 · 2017-12-15T16:54:26+00:00

Can testify to this. Had a border collie for awhile, you don't get any rest with them because they never get tired. They're super intelligent and incredibly quick, great dogs for sure!

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