Not a landlord but I had an infestation when a nearby house was demolished.
It's awful and creepy and gross. I'm so sorry.
This is what i used:
Advion roach bait gel everywhere.(keep away from pets - just put it in weird places pets dont go/cant' get to)Tip: Put dots on top of painters tape bc its hard to get off the walls$40(i have a ref # below, just search on amazon if you hate crap like that)https://www.amazon.com/advion-Plungers-Cockroach-Insecticide-Australian/dp/B00730QW70/ref=sr_1_3?crid=GONLARZ3FFB8&keywords=advion+roach+bait+gel&qid=1564993523&s=lawn-garden&sprefix=advion+roach%2Clawngarden%2C129&sr=1-3
You can also spray the whole house with insect growth regulator (IGR) which stops insects who touch it from reproducing. Try to only use in the house bc outside bugs we need. Its generally $15 on amazon
Hope that helps!
I have my TV over the fire place. It's the only logical place it could be mounted in my house. I bought one of these mounts:
I love it. It works very well and was easy to install.
To expand. Get one of these WiFi power strips plug it in, and connect it. Then you can turn it off at night, turn it back on in the morning, and sleep like a baby in between.
Congratulations! This is an exciting endeavor.
Learn about CAP rates and other jargon so you can communicate real estate investment like a pro. Consider this book HOLD by Gary Keller for full blown training.
My advice is to ask the lender for your limitations. How much down payment are you investing? You will need $$ leftover for repairs.
How much debt to income ratio will they lender accept for you. It's going to vary between 2, 3, 4 units.
Learn how much appliances, materials, labor, etc cost for remodeling and repairs.
Figure out your comfort level of buying into appreciation-heavy or cash-flow heavy neighborhoods. They are very different. Everybody says they want the middle, but that's elusive and weird.
> Contracting Your Home
Is it this one? https://smile.amazon.com/Complete-Guide-Contracting-Step-Step/dp/1440346011/ref=sr_1_1?dchild=1&keywords=Contracting+Your+Home&qid=1619975821&sr=8-1
Remember the definition of a "totaled" car: if it'll cost more to repair than it would sell for, it's totaled. Given how much competent electricians charge (you obviously aren't going to hire a cheapo crap "handy-man" like the sellers predictably did), and what used ovens go for on craigslist, I'm guessing you have a "totaled" oven.
I wouldn't throw good money after bad by repairing it, nor would I waste my time with small claims court over something so small.
I'd go buy a new oven that will last 10+ years and that will make whoever does most of the cooking in the house happy (let's be real - that range was on it's last leg anyways, this purchase was in the pipeline regardless), chalk it up to a learning experience, and move on dot com. That's just me.
$500 gets you a basic setup that's probably better than what you have even if it weren't a fire hazard, $2k gets you a dead sexy giant one with a bunch of features that most people will never use.
Lurkers: something will always break within a month or two of you taking ownership, plan accordingly. This is true even if it's new construction and you paid your inspector $2000 because she has 7 stars on yelp.
As a temporary solution, go on Amazon and buy anti vibration pads and slip them under the machine's four legs. Also move the machine a feet away from the wall you share if you can. This should help as a temporary solution.
Diversitech MP4-E E.V.A. Anti-Vibration Pad, 4" x 4" x 7/8" Pack of 4 https://www.amazon.com/dp/B00BVEMLR4/ref=cm_sw_r_cp_api_i_QaodCbQRN5J3B
Bigger pockets has a good podcast on remote rentals by David Greene:
They recommended his book here:
I'm investigating this as well because I live in a very high CoL area. There's not a ton of meat in the podcast, but the general statement from him was that if you have a good team, it doesn't really matter where you buy because you're not the one that's supposed to be doing the work and going to the house anyway.
Francis Ching has a whole series of very easy to understand books on architecture. Some of his books are pre-requisites for aspiring architects
Check out: https://www.amazon.com/Building-Construction-Illustrated-Francis-Ching/dp/1118458346
Look at your local library if you'd rather not purchase it.
> how the heck are people affording these beautiful houses with granite counter tops crown molding etc with comparable income to mine?
They aren't. Have you seen the number of foreclosures? Please read <em>The Millionaire Next Door</em>. Also, you might check out Dave Ramsey.
I absolutely promise you in all areas there are a significant number of people living paycheck to paycheck. One way I know this is that I have had the opportunity to buy distressed property in almost all price ranges in my city. The largest (I passed) was 9500 SF on 3 acres in one of the most desirable villages here. 50 cents on the dollar...
I'll also promise you this. If you take the trade off and buy something a little less nice but in your range you will be WAY happier than if you get something a bit nicer but have to stress about money all the time.
Whether it sounds cold or not is debatable, but more problematic is it is unrealistic towards 63% percent of the population source
If you're able to exclusively rent to the other 37%, even less if you assume that a large portion of which are presumably not in the rental market, then you are quite lucky.
None of that negates that you're running a business and shit ain't free though, and part of that is taking emotion out of the equation as much as possible.
here's a link with some photo's
and google earth view,
looks like a dump, doesnt look like they've maintained it at all. A complete eye sore to the newly developed area. If they had any actual proof of ownership they would be able to sell the land for a lot of money. Low lifes squattin for 120 years.
> Imagine taking a job offer but only if you can see the contracts and salaries of the other employees to make sure you are being paid fairly. That would never happen.
It happens more often than you think. Also, its against the law for your employer to prevent you from getting compensation information from co-workers once you're hired. Information asymmetry and all that jazz.
At the risk of being chided on this sub, I wrote a book about exactly this subject & helping people protect themselves from unscrupulous agents. I will put a link here in this post, but if you like, you can PM me your email address (and preferred e-reader) & I will send you the book for free with no strings attached. It's really important to find a good agent & unfortunately, most people learn that too late & the hard way. The book I'm referencing: Amazon
Mods, if this is out of line, let me know & I'll remove the link.
Yep. OP might want to check out this book https://www.amazon.com/Adult-Children-Emotionally-Immature-Parents-ebook/dp/B00TZE87S4
No, he would not have to pay a gift tax. The 14k per person per year limit only means the giver has to fill out forms to apply it to their lifetime exemption.
You do not pay income tax on gifts you receive.
edit: please read https://www.fool.com/retirement/2016/12/18/gift-tax-in-2017-will-you-owe-tax-on-holiday-prese.aspx
I live in Seattle as well. It's an economic powerhouse with Microsoft, Amazon, Zillow, Redfin, Starbucks, Nordstrom, Costco, and thousands of other successful companies in the area. The inventory in Seattle is very limited, lots of young people have stock grants that are being used for down payments, and many companies (Twitter, Facebook, Google, SpaceX), are expanding here since the Bay Area's housing problems are out of control:
With no state income tax, Seattle still looks like a relative bargain for many people....so it's hard for me to see any sort of major price decline.
I can't speak to legal requirements, but I recently setup a domain and email for the LLC I'm working on. I used NameCheap.com and it was, in fact, very cheap. (I do not work for them, just passing along info.)
As has been said, you can replace the internal parts of the locks for a fraction of the cost. Or at my house I hired a locksmith for $150 to do it for me (4-doors, 4-locking door knobs and 4-deadbolts so 8-locks total and about 1.5hrs of their time).
Also I do highly recommend getting a smart door lock on your front door, mine came with wireless FOB's and I programmed my RFID Debit Card to unlock it, or can use a code. Easiest way to insure you never lock yourself out and can go on walks without carrying keys.
I'm with you. I've used this kit from amazon for $8 to change all the locks on a house myself quite easily. They're really not as complex to change as you think.
We sold our house a few months ago with a toddler and a baby. The advice from our realtor was that there should be no evidence of kids or pets in the main living space. We bought a bunch of plastic storage tubs with lids and put all the toys in the house (aside from some things in their bedrooms) into the bins. Only one or two bins were allowed to come out per day, and any toys that were out before a showing got tossed into a bin and the bins were stacked in a closet. It's actually turned into a "Montessori rotation" situation long-term, which has been really nice for continued clutter and child toy interest.
Not going to lie, it was a huge pain, and thankfully our house had multiple offers after only 5 days on the market so we didn't have to deal with it for long. I hope your house sells quickly!
Have you ever heard of "The Millionaire Next Door". There are lots of successful people who aren't out there flaunting their wealth in everyone's faces. They just live quiet, comfortable lives and sleep well at night knowing they aren't living paycheck to paycheck.
I'd be wary of anyone who goes out of their way to tell you how successful they are.
I am also confused at your question, but before I tackle your question - lets just look at a normal scenario. Lets say you see a house for 150,000 that you want to buy, here are the scenarios and what you will end up paying:
30 Yrs > 0% down > 5% interest > $289,888 Total paid 30 yrs.
30 Yrs > 20% down > 5% interest > $231,906 Total paid 30 yrs.
15 Yrs > 0% down > 5% interest > $213,513 Total paid 30 yrs.
15 Yrs > 20% down > 5% interest > $170,811 Total paid 30 yrs.
This is a standard loan with no property taxes or PMI. The numbers would be much higher with those figures.
Now to your question - are you asking if scenario one is a rip off - where one pays 0% down (or close to 0%) and gets into a house then ends up paying 2x what the house is worth over 30 years - then yes its a rip-off in my opinion. BUT people do this every day in America. In fact this is one of the most popular lending scenarios in the US right now. You can clearly see the LESS you rely on financing the better you make out of the situation. You should check out "Your Total Money Makeover - Dave Ramsey" he talks about buying a home and when and how one should go about it.
>Would TEM analysis cover if asbestos fibers had been airborne, then settled elsewhere and could be re-disturbed?
There would have to be bulk samples of the vermiculite then air and surface samples of the duct and other areas of concern to provide a full scope investigation.
You are well positioned for a significant closing credit or to have a lot of work done to push the deal through. If the seller won't be reasonable, walk away. I have personally been involved in dozens of real estate transactions where the buyer always paid less or ended up with a home clear of asbestos. I have also seen many buyers get caught with a home filled with asbestos (and called me after the purchase) so good on you for your due diligence!
If you are looking to learn more about asbestos in real estate transactions please read my ebook it's free for Amazon Kindle Unlimited members or a low cost educational guide for non-members.
Former tenant of IH , im 55 years old and never had a issue with getting my deposits back till this rental with them all I can say is if you can avoid them do so . Im so gld we bought a house and don't have to deal with renting any more. They have so so so many fee's its crazy. Read some reviews dont just look at their average score https://www.trustpilot.com/review/invitationhomes.com
The starter home situation in the US isn't getting any better but instead of getting mad put that energy into cutting back on how much you spend each month and/or retraining to a different career that will raise your household income, allowing you to save for a down-payment faster.
Until recently I have been strongly recommending a short sale in your situation to many people, but actually they changed the Fannie/Freddie underwriting guidelines this last August and it is even LONGER to wait to get one of these mortgages.
Soooo.... you are exactly in my situation I was in about 2.5 years ago. I was losing money, renting out a cash draining property that I had bought in 2006. I decided to get rid of it the only way I could afford, and it was a Short Sale.
It wrecked my credit (not that big of a deal, its back in 720 range after 2.5 years) More importantly, it keeps me from buying with Fanny/Freddie loans for a while now. I wish I held onto it a little longer for it to go right side up. But I had no idea how log that would have taken. Just 2.5 years, I would have sold it for a conventional sale although losing a lot more money in the process. I came out ahead cash savings wise still, rather than waiting, but I am losing out on real estate purchases now for another 1.5 years to go.
For this reason I don't recommend short sales to people, UNLESS they are for sure not going to need to buy a house anytime soon. Then if that is not true, its really a good option.
Alternatively, I REAALLLY like that rent to own option. People will tend to pay more to own a house than to rent one, even in the HOPES that they will end up owning it, so it might be a much better option than trying to increase the rent.
Reference on the guidelines of short sales:
$500 * 12 months of negative cash flow is -$6K a year. This isn't even counting repairs, insurance and vacancy in that. Even if your tenant has been good, sometimes things happen you really can't expect. How long do you think before it goes right side up ?
No, actually, you can't. I mean, unless you lie and have a good excuse to not rent to them other than something protected by the FHA.
And then they could still sue you if they suspect you did not rent to them due to something covered under FHA.
I mean...you're a landlord and you don't know how FHA works?
BiggerPockets just had a podcast with an investor in Detroit making this work very well for herself.
TLDR: Yes it's possible, no you need more information than any video can present in 9 minutes, think about whether it's a good idea for you.
I'm not going to sit through a video that probably only has 2 paragraphs of actual information. I will say that yes, it is possible to pay off a mortgage in that kind of time frame. If you want something with a little more detail on how to get there, you might consider spending $12.99 on a book. Heck, it turns out that Amazon will autocomplete "pay off mortgage in 5 years" and you can have a book that just deals with that for about $5.
The next logical question: is it desirable? Assuming that your mortgage is affordable and you aren't buried under a mountain of debt, is there a reason not to have a monthly mortgage payment? Sure, the mortgage interest deduction is probably not a factor anymore. But why not use the leverage of that money in your bank/brokerage account? And what about the piece of mind knowing that the escrow account associated with your mortgage is taking care of the property taxes without you having to save or even think about it? I'm not saying not to pay off the mortgage, I'm saying examine your reasons for doing so and the potential pros/cons before you get rolling.
Your game plan should start with building some savings for your next down payment. Check out an app called Qapital to help with a savings plan. I also like the book "The Millionaire Next Door" for inspiration on being thrifty. Also, check out a podcast called "Optimal Finance Daily". It has great tips on saving and being wise with your money too. The biggest hurdle to turning your existing property into a rental, will be having enough money to move out of it.
The second part of your plan should be focused on learning how to be a landlord. I like BiggerPockets for material on how to screen tenants, how to find tenants, and how to draft up a lease. Use Zillow or Trulia to see average rent in your area. Use those same sites to market your rental. I sometimes run a local Facebook campaign to drive more views if I want to rent quickly.
I feel like in this day and age, there's so much info and inspiration out there, you can get started if you just focus and answer/solve one question at a time. If there are mistakes along the way, chalk it up to learnings and consider it the price of "tuition". As long as you learn from your mistakes, and don't let them stop you, you will do well.
I found this list, http://voices.yahoo.com/top-10-books-designed-first-time-home-buyers-2677678.html?cat=54
I've read Millionaire Teacher, Only Investing Guide You'll Ever Need, Total Money Makeover so looking for something in this ballpark too.
No prob. For general wealth building mindset, I recommend reading The Richest Man in Babylon. For more real estate specific knowledge, I recommend checking out "Equity Happens" by The Real Estate Guys. Gives you some great rental property strategies whether you are trying to buy or lend.
Its in palermo Hollywood area. I am on the go but I can get you the address and specs when I get home. Here are some pics I took for airbnb a while back
It can be in pesos, as long as I can easily do a wire transfer to the US..
'First time home purchase' as in 'I'm buying a house to live in myself, not primarily as an investment property. Homestead = Lower Property Taxes.
I assume you are talking about something like this?
I would love to hear more, but I'm guessing there are many complications from building code to shipping to import tax that might make a plan like this a lot less attractive.
Use a mortgage amortization schedule in excel to calculate how much interest and principal you would pay over the next 5/10/15 years at each rate. This will really break down the numbers.
How realistic is it that you would sell/refi over the next 15 years? Assume rates will go up. Check out the 30 year bond to get an idea of what rates are doing.. ticker symbol TYX. I would assume it will keep increasing.
Good v bad listing agent (or even worse, none) is going to be +\- 10% to final sales price.
Focus on the signal, not the noise. 0.5% this way or that is signal.
I have it on pretty good authority that this dude takes home five figures per month on essentially what shitty listing agents have done.
Ha! I will never do stainless again. I'm leaning towards using black stainless (http://www.consumerreports.org/content/dam/cro/news_articles/home_garden/CR-Home-II-Black-Stainless-LG-10-15.jpg) in my next project, whether that's here or not is TBD!
Hey wow! I used the same original model and developed it to include KPIs and other more detailed information. Also a couple of bug fixes (from the original; your version may not be buggy). Next step is to include NPV/DCF calcs but I haven't done that yet.
The license thing isn't really abnormal (At least here and as far as I know everywhere). Unless you are working for a corporation where you for some reason need a RE license for your job duties (very very rare) you are paying for your own license like 99+% of the time.
Just make sure you understand what you are signing up for. They have 0 skin in the game here. This is all you. They don't give a fuck if you are good, bad, lazy, or a hard worker. All they are offering you is probably some training, to hold your license, provide you with some leads etc and in return they are taking a percentage of what you bring in. You are not being hired for anything. You are at 0 cost to them, agreeing to give them a percent of what you earn, in return for their support and services. Read that to yourself about 5 times and make sure you get that.
A much more typical "job" doing what they describe would be salary + commissions and would not need a RE license. See http://www.indeed.com/jobs?q=leasing+agent&l=Austin%2C+TX for equivalents to what you are talking about.
I'm not saying don't do it, I have a license myself and work 100% commission. People like to market 100% commission stuff to college kids as 'jobs' though and play numbers. I don't want you to be 1 of 100 people that actually make money here when you have to dish out cash to get started. Frankly their 'job' sounds pretty similar to cutco to me. But its not my market so who knows. If this was in my market, I'd tell you its a scam and to stay away
Your 'loan level pricing adjustments' are unique to your exact situation, and do not change. Those 'adjustments' are added or subtracted to the 'base pricing' for each interest rate. Your adjustments stay the same, but what they are applied to changes every day.
Take a look at the 10 year t-note over 3 months.
The up-and-down tracks very closely with interest rate pricing. If that goes up, then either your rate goes up OR the price paid for the same rate goes up. If that goes down, then either your rate goes down OR the lender starts paying you to accept the same rate.
Not from IRS, but relevant…
"On your side of the deal, you must include the interest income on your tax return (no surprise). On your daughter’s side of the deal, she can deduct the interest as home mortgage interest as long as you secure the loan with her home (a relatively simple legal procedure). Otherwise, your daughter generally cannot deduct the interest."
It's totally a thing to live in that rent controlled San Francisco apartment while buying investment properties in other Greater Bay Area towns (<2 hour drive) that lack rent control.
Every year you give the finger to your landlord when your rent stays basically flat, and then you turn around and give the finger to all your tenants in the form of a notice of rent increase.
$400k is $1.6m of small multifamily real estate in the Greater Bay Area. Over a dozen doors paying you rent. Check out /r/realestateinvesting and biggerpockets.com and this podcast episode (disclaimer: I'm not the host or guest but I know them both).
Have you used IFTTT? Since you know the keywords they are using on Craigslist, you can setup an alert straight to your phone every time they post to craigslist. This should allow you to report them quickly before they get too much attention.
I think this is a link to the recipe for iphone, they also have an android version or you can make it send you an email instead.
One thing to keep in mind is the winds are predominantly out of the south in this area, so pollution will most likely be blowing north, away from the house. Check out Windy.com
Source: I live half a mile from that listing.
Yes- you locked June 2013 or later, it's about the same. 3.25% on a 15 year is about what it is at the moment for a 740+ with 20% down. If you watch the 10 year T-note, it trends to the mortgage interest rates. Look at it over the past 14 months and you can see the jump last summer. Recently it's gotten better.
and /u/aardy, here is an article about Redfin and Zillow having a dick measuring contest with the estimate, it does touch upon the point that redfin estimates takes into account list price. http://www.geekwire.com/2017/redfin-takes-shot-across-bow-cross-town-rival-zillow-claims-accurate-home-value-feature/#disqus_thread
Tax note: interest generated from a person loan is taxed at the same federal tax rate as her earned income. And you may have to issue her a 1099-INT for the interest you paid her.
Additionally if she chooses to charge you less interest than the market rate (she collects less than market rate interest on a loan greater than $10,000) she might have to pay tax on the foregone interest and may owe gift tax. "If your reason for making the personal loan is mainly to help someone out, the Internal Revenue Service treats it as a gift loan. When the interest rate charged on a gift loan is less than the market interest rate – meaning banks and other financial institutions would charge higher rates of interest on the same loan – the below-market interest loan rules apply, and the IRS will require you to include “foregone interest” on your return."
As this isn't constructed as a mortgage loan, but a personal loan you may not be able to deduct the interest payments on your tax return.
If either of you decided you won't pay interest (to avoid the aforementioned situation) and she gifts you the home, in name and title, that could be considered an estate gift with its own host of tax implications. https://www.schwab.com/resource-center/insights/content/the-estate-tax-and-lifetime-gifting
You might want to consult a tax preparer, too.
And finally in this situation you're on time payments will not be reported to the credit agencies so you could be losing out on building your credit (if you need it).
Keep in contact with your landlord. He will know when the property is actually getting foreclosed on. Alternatively you can check on it yourself through public records.
Once it is foreclosed on, the new owner (bank or 3rd party) will have to provide you at least 90 day notice of eviction per federal law. Plus you have to start paying rent again.
Link to law (PDF)
Big commercial firms in the area are Jones Lang LaSalle, CBRE, Collier's, Cushman Wakefield, Welsh Companies, Frauenshuh, just to name a few.
That's the latest edition, I am still using the 2013 edition. It's basic, but it does full reporting, schedule E, tenant info, lease info. I don't know anything about appfolio, it may be better, but for me I was already used to using Quicken for my personal finances so it was easier to just upgrade to this edition.
This rings true. As a personal anecdote, my street was mostly constructed in the late 50s with a few more houses added in the early 60s. The end has two older farm houses. The majority of the houses are on their first or second owners. Of 20 houses 6 are still the original owners! Most of the second owners are starting to have kids now and the older neighbors are excited to see kids running up and down the hill again. All of the houses were very well built and those that I know of are well maintained. The various subdivisions around built within the last 20 years have a different feel to them. Most seem good, a few do not. The newest have either large lots and cost much more or tiny lots and still cost more. One of the newest has some known issues while another nearby is, as of now, well regarded. See what you can find out first. If you or someone you know is already nearby, Nextdoor.com might be a way to find some info as neighbors ask for help or give suggestions.
Depends on what you will do with the money if you sell. Frex, you may be going to a location with a higher cost of living, so will need to sell the house to buy another one.
Also depends on your ability to hold down a second job, as a landlord. If you're moving *hours* away, consider a property manager. Find recommendations through Yelp, and ask for them through NextDoor.com which has neighborhood specific forums so you can find a property manager. Nolo Press has a First Time Landlord book, and I'm sure there're various websites to help with the questions to a property manager.
This is a good source at teaching new investors getting acquainted. It’s effective and direct. Book 2 of Real Estate Knowledge Series
They make these carpet grips for such slippery stairs. I suggest you invest a few bucks in them. My mom had a house guest fall on her steps and she had to pay out Dr. bill for a sprang ankle. Lucky it wasn't more serious or slipped from higher step. They're easy to install and maintain and can find them in any style to look great in the house.
If she’s forgotten her screwdriver before, she’d probably forget a Swiss Army knife or other tool. Maybe you can get her something to attach to her keychain so she can’t forget it.
Sunco Lighting 4 Pack 5/6 Inch LED Recessed Downlight, Baffle Trim, Dimmable, 13W=75W, 2700K Soft White, 965 LM, Damp Rated, Simple Retrofit Installation - UL + Energy Star https://www.amazon.com/dp/B01N685Y0X/ref=cm_sw_r_cp_api_glt_fabc_D5HWHR070REKBE3QAMT8
Man, I should get one of those Amazon pays me if people take this link things.
A Million Bucks by 30: How to Overcome a Crap Job, Stingy Parents, and a Useless Degree to Become a Millionaire Before (or After) Turning Thirty -- Alan Corey
Wherein Alan Corey explains his real estate success starting from this very path.
I’m a lady so my experience is different, but my Teva boots have taken quite a beating and they’re holding up nicely! They’re not “shiny dressy”, but they can be dressed up to business formal. Amazon link for curiosity of what they have for men.
> but mounts are kinda pricey 100$USD+
you can find them for half that easily.
Here’s a book. Educate yourself as much as possible BEFORE talking to a lawyer, why? You don’t want to waste a lawyers time with stupid questions, the same with realtors.
Here you are.
That is a great goal and I wish you the best fortune.
I read a book recently by Stephen Covey called the " The 7 Habits of Highly Effective People" and in this book he shares stories that can relate to what you just mentioned. Thinking ahead, looking at your life's end and working backwards to start building to that lifestyle. Incredibly smart.
If you don't have time to read the book, watch this animated video on Youtube.
Believe it or not Realtors have a great many resources available to them that aren't available to the public. One of the resources is being able to screen rental applicants. I have access to receive the final report within 15 minutes. Making sure the person(s) you rent to are qualified is always a good thing.
Having a Realtor or other experts on your side can help you achieve your goal in the long race to retirement on rental income.
Best of luck!
After just finishing Gary Keller's popular book, The Millionaire Real Estate Investor, I would highly recommend it to anyone interested in the topic. The book was specific and to the point while regularly repeating the most important steps of creating a real estate business. His books are not only extremely informative, but inspirational and motivational as well! There is even additional material that comes with the purchase of the book in the form of image figures and excel spreadsheets (when purchased through audible).
The book I'm listening to now is a great companion to the previously mentioned book. If you enjoy the scientific research based books, The Millionaire Next Door by Thomas J. Stanley and William D. Danko is a great one! They compile 20 years of research on the "wealthy". More than 1000 people with 1 million in net worth or more were surveyed revealing fundamental habits of people who have accumulated wealth in one generation. This book also speaks about "high earners" (Doctors, lawyers, pro athletes) who squander their income in our super-consumer society as well as those who spend inherited wealth away lavishly.
I've gained great insight on how to reach my financial goals from both books!
I have no book recommendations for specific skills but do recommend two books which take a broader look at things: Think and Grow Rich, Napoleon Hill, and Ben Frankin's Autobiography (the version with Poor Richard's Almanac.)
My own real estate work has me doing statistics on the local market. I measure supply and demand city-wide, then measure supply and demand for specific properties. The results help me and my clients make better buy/sell decisions. That's nice, isn't it?
I also like to use the "1% Rule" i.e., will the income property return 1% of its capital value every month? If not, why? And, are there reasons to violate the rule? That sort of thing.
Ahh! Carnegie! The book that changed my life almost twenty years ago and my personal book of all time: How to Win Friends and Influence People. Highly suggest it to anyone, anywhere regardless of what they do for a living.
Typically the two books I recommend for any new investor are: How to Win Friends and Influence People and The Richest Man in Babylon.
There have been a few people who have posted good books or resources over time.
I've noticed that most people should really work on their financial knowledge first.
For people who are interested in investing, I like to suggest two books to get started.
The Richest Man in Babylon by George S. Clason - Good way of looking at finances.
How I turned $1000 into a Million Dollars in Real Estate by William Nickerson - Written in the 50's. Shows that what investors do today has been around for a looooooooong time.
Neither of those books are going to necessarily show "how to" but they are good building blocks.
Find a local investment club and soak up as much knowledge as you can. Figure out who the real investors are, not the "coaches".
I read a lot of the ones by Robert Allen- theyre a bit old, but theyre what got me started and super-pumped! Also maybe Think and Grow Rich is a classic, much more general though, not specific to RE investing.
Make sure you apply fundamental startup principles like scaling your way up profitably and learning as you go, rather than risking it all on a big kill.
I'd suggest reading The Lean Startup by Eric Ries and grab yourself some books in advertising, particularly any you can find about billboards and real world placements before you piss a bunch of money down the toilet.
I started out at 18 as a Realtor, working under a top agent as a mentor. Over the next three years, I learned a LOT about the real estate market. I also began assisting investors in buying rental/investment properties so I could learn the market I eventually wanted to invest in. I saved every penny I made. I was the EPITOME of cheap. I never spent money unless I ABSOLUTELY had to. The savings eventually paid off: in early 2012, I bought my first home cash. It was a foreclosed property in San Bernardino County. I remodeled it extensively and found a tenant. I loved the stability of receiving a monthly rent check and not 'working' for a paycheck every month. Shortly after, I went partners with a friend to by another property cash. Then we bought another.
During this time, I had to borrow $2000 from family to stay afloat for a few months - I spent every single dime I had towards the properties and remodeling. My bank account was just a few dollars shy of $0 while I was trying to find tenants, dealing with unexpected repairs, etc. What I couldn't afford - but absolutely needed - I put on a 0% interest credit card. A year later, I earn roughly $3,000 per month as passive income from the rental properties that are completely paid off. The properties have significantly appreciated in value since then, as I expected they would. My tenant/landlording experience hasn't always been smooth sailing, but in the end, it's been profitable. My goal is to build up to $10,000 per month in passive rental income in the next three years. Everything I make, I save and plan to invest right back into more rental properties.
As far as books - I've read Tony Robbins, Robert Kiyosaki, Andrew Carnegie, Napoleon Hill, Donald Trump, to name a few. - and such titles including Think and Grow Rich, Rich Dad Poor Dad, How to Win Friends and Influence People, 4 hour Workweek,The Secret, The Compound Effect, to name a few.
First, if you don't have a lot of money to spend on the transactions (read, no down payment), then what's the value of "downsizing" from a $230K mortgage to a roughly $200K mortgage?
Second, if you make $145K, have a mortgage of $230K and don't have much in savings, you might want to check out Dave Ramsey's <em>Total Money Makeover</em>. Spend a couple months eating some beans and rice and you'll have a down payment in no time.
Also, depending on rental rates, you could rent the existing place.
BTW, I still stand by my question - if you make $145K dropping your mortgage $30K (and spending money to do it) is essentially meaningless.
Had a recent transaction on a $1M+ property with a similar issue because the moron buyer's agent gave the lender the wrong paperwork (home inspection results instead of the simple credit addendum). As u/aardy says, it's a rookie or poorly trained agent mistake.
Had my regular contractor install this kind of product.
Even though anyone w/a drill and screwdriver should be able to install the handrails, probably best to have a receipt for installation from a licensed contractor - lender probably won't like any DIY or unlicensed handyman solution. You may also have to have the inspector give you an updated report.
Recommend you ask your agent to pay for their mistake - pay for the railings, the labor to install the railings, and the $2k credit if you end up losing that.
Sucks that you have to come here for answers, your agent and their broker have failed you.
Story on it. I said before that the Dodd-Frank Act will do a lot of harm wrt seller contracts. The positive is that it also gets rid of teaser rates in loans, which I have always thought were the time bomb. People tend to not look to the future much.
Biggest problem I see is that it makes lending to the self employed much more of a subjective decision by the underwriter, and that is likely where people will find they are turned down for no real good reason.
I recognize the utility of a HOA for multi-unit dwellings with common areas, like condos and town houses. For SFH neighborhoods, I think they're a dirty way for the city to abdicate its responsibility for keeping up public infrastructure.
I live in a SFH suburb with no HOA. There's a small city park, and the city maintains the roads and sidewalks (they plow, but we shovel; it's typical), water and sewer systems. There are ordinances about yard upkeep, junk piles, derelict cars, and shabby buildings, and there's enforcement. It works fine, there's no dramatic HOA politics, and the neighborhood is incredibly diverse. It started as a cookie cutter suburb in the 60s, but without a rigid HOA, things diversified in all directions since then. Remodels, additions, conversions, landscape themes. You can still identify the four basic floor plans the builders used, but you have to look pretty carefully.
I like it. It suits me. And to be honest, I am the kind of neighbor that people in HOAs do not want, and I would not want to be neighbors with someone who had that much of an opinion about his neighbor anyway.
Yep. In fact, David Lereah, the former chief "economist" of the NAR, published a book in 2006 entitled "Why the real estate book will not bust and how you can profit from it."
I don't, but I'd suggest getting on AirBnB (https://www.airbnb.com/s/Bali--Indonesia/homes?place_id=ChIJoQ8Q6NNB0S0RkOYkS7EPkSQ&refinement_paths%5B%5D=%2Fhomes&allow_override%5B%5D=&s_tag=aW9Ol4n7) and contacting hosts that rent their home and asking them whatever question(s) you were hoping to ask here.
Unless it's strangely long replacing the venting shouldn't be too hard or too expensive, either fortunately. Upon recommendation of the person who repaired my dryer, I took mine apart for a good cleaning a few weekends ago and basically only had to worry about unscrewing the clamp (which can be re-used) on one end and replacing the foil dryer vent tape on the other. Well, and reaching in for the most stubborn lint that the cleaning brush couldn't grab onto, ew.
If a deep clean hadn't worked I could've replaced it all together with this inexpensive kit and the only tricky seeming part is getting one end through the hole for it in the laundry room floor.
When in doubt, watch youtube videos to see if it's something you might be able to do on your own, or not (I noped out of trying to fix the dryer's broken belt after watching someone take my model apart in a video). There's a wealth of minor repair how-to instructional videos that will save you a fortune.
I know it seems bleak, but believe me, it could always be worse. https://weather.com/news/news/2019-12-04-bosnia-migrant-camp-winter-photos
Sit down, have a warm beverage, and prepare to take notes. Take a deep breath and start thinking about what you can do, not what has happened. What can you sell? Can your wife work? Rent a room? Temp work? Do you have skills other than selling? Does your wife? Have you talked to your wife about the situation? Does she have suggestions? You are not in this alone, so don't take on the burden alone.
You already lost the negotiation by raising your initial offer before they even made a counter offer. Withdraw the offer, you've already shown how bad you want the house and that you weren't serious with an offer. If you are going to lowball, you have to be convincing when you bluff and willing to walk away. You've done neither.
Maybe. Just maybe, if you withdraw the offer they may panic and come back with a slightly lower price offer to get you back in the game at which point you can go back and forth and try again, but unlikely. It doesn't sound like you and your realtor did a good job of setting them.
Read this classic about how to negotiate
$2K for a new motor is Bonkers territory.
300-400 for install would be correct, plus the cost of one of these motors. Should be $800 TOPS.
They're trying to sell you a new system.
Indoor blower motor
Outdoor condenser motor
Anything above 50 V/m is considered harmful longterm. You can purchase a tri-field EMF meter like this one to verify. Certain places in your house will have higher and lower levels (wifi, power outlets, circuit breakers…). You can get emf blocking house paint which will significantly reduce this, though you will not get cell signal inside or wifi outside when using that paint.
Additionally, there are emf protective hoodies/beanies.
I mostly forgot all the details in this, and it was written nearly a decade ago, but What To Expect When No One’s Expecting goes further in depth on this.
I think there’s a Ted talk with Johnathan Last that basically summarizes the book
Buy this, spray, never see a bug again— you’re welcome
No problem! I got these:
I moved across the country too. You may feel a sort of identity crisis. I really enjoyed this book, which talks about how to love where you live, which you can apply to your new city: https://www.amazon.com/This-Where-You-Belong-Wherever/dp/014312966X
>This might be right. In addition to the financial stress, we found out that the nearest freeway is noisy as hell at night
At the risk of sounding flippant, buy some earplugs on Amazon.
Personally, I like these: https://www.amazon.com/Macks-Ultra-Soft-Foam-Earplugs/dp/B0051U7W32/
There's screws on the side and then a door in the center to check for circuit breakers in an emergency.
Inspectors need to see the entire panel and how everything is connected so they must unscrew the panel.
One house I saw when hunting had made a tiny half bath where the sink was part of the toilet using something like this: https://www.amazon.com/Twice-toilet-tanks-measuring-15-25/dp/B01EXPTOJA
It was too much density for me, and it's expensive enough to go look for the pdf, but you might find it interesting.
The former chief economist of the NAR, David Lereah, infamously wrote a book in December of 2007.
>An invaluable book . . . Today’s real estate markets are booming and Lereah makes a convincing case for why the real estate expansion will continue into the next decade. This book should prove to be a truly practical guide for any household looking to create wealth in real estate. —DEWEY DAANE, FORMER GOVERNOR OF THE FEDERAL RESERVE BOARD OF GOVERNORS
Thanks. You too. Working on my mortise and tenon kit now. Won't circle back to refine the dovetails for a while. Eventually hoping to skill up to where I can make myself a timber frame house with a sawmill, some logs and a lot of patient sweat.
Is this in your budget? https://www.amazon.com/Bristol-Novelty-Smiffys-Blow-Up-Female/dp/B0030MJ3QM/ref=mp_s_a_1_4?keywords=blow-up+dolls&qid=1654733711&sr=8-4
One or more of these in the place might encourage your landlord to follow the law.
I have two projectors on either side of the living room mounted up high (so you dont walk in from or get blinded). The house came prewired for security, and I didnt need to mount a horn or motion detector in either location. So I used the low voltage wire two power both of these and the smart plug is in the low voltage cabinet. I still have to repaint these things white so they blend in more.
Thank you so much for your answer, that gives more context. I too try to keep things sanitary for my little one! Do you use a favorite carpet cleaner? Currently I found this one based on Reddit opinions: https://www.amazon.com/Bissell-ProHeat-Revolution-Full-Size-1986/dp/B06VSJ9D1H/ref=mp_s_a_1_3?keywords=bissell+proheat+2x+revolution+pet+pro+carpet+cleaner&qid=1654187865&sr=8-3
First, I am so sorry you're dealing with this. I dealt with something similar, and sadly in some of these situations we only truly get peace after the person in question is dead. I have that now and I hope you get that true peace one day as well.
The book that myself and my mom were using to help us navigate this was How to Be Invisible. The author goes into property, renting versus buying, LLCs, etc. Might be useful, in coordination with a lawyer. We used his advice to get me a car registered in such a way that it couldn't be traced back to me, as I prepared to move into a sublet halfway across the country. Close friends were definitely encouraging a name change, but I hadn't gotten that far yet. I was young at the time and I think in some ways that made it easier because I didn't have deep roots anywhere, and didn't need much income or have an established career.
You may already be using a similar resource so forgive me if this is repetitive. You'll obviously be thinking about this very broadly, and you want to think out the many parameters beforehand as much as possible, because so much will have been invested in keeping your home's location private. You don't want it all thrown away by a new friend posting something stupid to social media, or forgetfully ordering a pizza to your new home and connecting the phone number to the address, for instance. The book helped me think like my stalker, which was important. He had found my previous address by pretending we were still together and needed to "verify" that Walgreens had my correct address on file. There are so many incompetent, well meaning people who will give up your private information to a predator, so we do everything we can to make that nearly impossible. Best of luck, seriously. None of us deserve to live like this.
>Meanwhile, Yun says home prices "appear in no danger of any meaningful decline" given an ongoing housing shortage and swift selling, with listed homes generally seeing a contract signed within one month.
I can't be the only one who remembers that last NAR Chief Economist, and his famous book published in 2007.
To each their own I guess. Current apartment has a farmhouse sink and I hate it. I like to soak a lot of what I clean in hot soapy water before scrubbing, so I had to get a plastic bucket with a drain, otherwise I’d use an obscene amount of water to soak a few things in a giant sink. The other half of the sink is taken up by a dish drying basket since I can’t just set stuff in the other half of the sink anymore. Oh, and the sink itself doesn’t drain well, so gunk sticks to the bottom and it needs to be scrubbed out with cleaner and a brush every couple of days. Never again.
You too, glad to be of help!
This might be going out on a limb but from some of the other stuff you've posted, this book might help you navigate some of those issues:
My wife and I have struggled with healthy boundaries and parents/family members and this book had some very good practical advice.
Hope you can get settled and enjoy some peace and security soon!
I think learning to code on youtube is hard vs something like cloud .. try this book its great.
Python Crash Course: A Hands-On, Project-Based Introduction to Programming https://www.amazon.com/dp/1593276036/ref=cm_sw_r_apan_i_0ZGNGFK5VK1FNHZE875D?_encoding=UTF8&psc=1