6x6 , some possibilities
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6x6 , some possibilities (by Richard [MI]) Apr 30, 2021 3:03 PM
       6x6 , some possibilities (by Robert,OntarioCanada [ON]) Apr 30, 2021 5:50 PM
       6x6 , some possibilities (by 6x6 [TN]) Apr 30, 2021 10:32 PM
       6x6 , some possibilities (by Richard [MI]) Apr 30, 2021 11:03 PM
       6x6 , some possibilities (by Richard [MI]) Apr 30, 2021 11:03 PM
       6x6 , some possibilities (by 6x6 [TN]) Apr 30, 2021 11:13 PM
       6x6 , some possibilities (by Robert,OntarioCanada [ON]) May 1, 2021 3:27 PM
       6x6 , some possibilities (by 6x6 [TN]) May 3, 2021 8:27 PM
       6x6 , some possibilities (by Smokowna [MD]) May 4, 2021 6:59 AM

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6x6 , some possibilities (by Richard [MI]) Posted on: Apr 30, 2021 3:03 PM
Message:

6x6,

I liked your post on first investment thread. Well done.

Some possibilities for you to think about to grow your portfolio.

*I don't know your area, but IF you can find fixers or places in foreclosure that you can get cheap, you MIGHT think of selling your investment property and exchanging into a 2,3 or 4 plex . Live in one unit and rent the others out.

*Maybe sell the single you are in now as well and get yet another plex as well.

*Don't quit your job yet if you still are working.

*Do the repairs YOURSELF, as much as you can and know how to do. This will build your equity since you will be capturing both the wages you would pay someone else, plus the profits.

*When the units are fixed and full of paying tenants, either refinance and pull out money to put on more units OR sell them and move the money to other investments via 1031 exchanges (if the govt has not killed this yet) . Either way, keep the money moving and growing.

*I think you're smart about having a reserve for emergencies and repairs and then investing the rest. These days, I'd recommend increasing that reserve some because of the unknown reasons that might crop up.

* I'd also recommend keep an eye on what the govt is doing concerning rentals. Some of their rules in the last year especially make it hard on smaller landlords. These rules can be extended by them at any time and they can also make new rules we don't even know about yet. It's very uncertain times and many are just hanging on and hoping things will get better.

--24.180.xx.xx




6x6 , some possibilities (by Robert,OntarioCanada [ON]) Posted on: Apr 30, 2021 5:50 PM
Message:

The best option is to sell of single family houses then buy the largest rental building where everything is at one address where location is critical if in a larger urban area. Can live in one rental unit where can focus on reducing every single operation cost possible where rental unit one by one can be converted to individual heating and electricity as first option. A apartment building with separate utilities is easier to sell along with being worth a lot more as the operating costs are reduced. After a certain number of rental units you will find that two diametrically things can be done at the same time where the focus has to be in rental property. Shopping at a few different Habitat for Humanity restores is a good option where spending a lot less for appliances, building materials, power tools. Compressing dumpster garbage bin then only calling for pick up when 3/4 quarters full. Improving insulation, weather stripping will significantly reduce energy consumption. Well it is going in the deep end right away which is a double edge that goes up or down. --99.236.xxx.xxx




6x6 , some possibilities (by 6x6 [TN]) Posted on: Apr 30, 2021 10:32 PM
Message:

Thank you Richard I appreciate that.

Thank you Robert, Ontario.

I am not sure that my lack of patience and love of privacy would work well with me living in a multi family but I do agree that it would be more efficient.

I have learned and am still learning a whole lot from all of you and my mind and thought process keeps changing. I would have never dreamed of having this opportunity to learn so much from such smart people.

I take everything that you all say into consideration and try to analyze it to the best of my ability. I hated school when I was young but I really enjoy learning now that I have guidance from great teachers. --73.120.xx.xxx




6x6 , some possibilities (by Richard [MI]) Posted on: Apr 30, 2021 11:03 PM
Message:

6x6,

There's another alternative to plex's. It's one used by Jay De Cema, a good investor. (He may even have a book on this site that he offers,) He likes to buy places with several small units on one lot.

Around here, there are many small "resorts" around most lakes and in the forest areas. They will often have a main house with small cabins scattered on the grounds. Most of these were built long ago, often in the 1920's through the 1960's. You can often find older ones with several cabins.

Lately, one lake near here has started putting the little cabins that come on skids at their place and they rent them for $65-$100 a night. I'm talking about the ones made by the Amish. They need finishing on the inside, You buy the shell or you can even rent to own. They are on 6x6 skids. NOT the "tiny houses" that cost way more.

I'd bet you could get a unit and finish it and have it ready to rent for $6500. Now there are no toilets, showers, in these but if you had a septic tank to hook into you could add one if the lot perked and it was ok. If not, just have a central bathhouse, like a campground. Maybe you could put some of them on your existing lot or get a different place with an acre or two and put a few on that land. --24.180.xx.xx




6x6 , some possibilities (by Richard [MI]) Posted on: Apr 30, 2021 11:03 PM
Message:

6x6,

There's another alternative to plex's. It's one used by Jay De Cema, a good investor. (He may even have a book on this site that he offers,) He likes to buy places with several small units on one lot.

Around here, there are many small "resorts" around most lakes and in the forest areas. They will often have a main house with small cabins scattered on the grounds. Most of these were built long ago, often in the 1920's through the 1960's. You can often find older ones with several cabins.

Lately, one lake near here has started putting the little cabins that come on skids at their place and they rent them for $65-$100 a night. I'm talking about the ones made by the Amish. They need finishing on the inside, You buy the shell or you can even rent to own. They are on 6x6 skids. NOT the "tiny houses" that cost way more.

I'd bet you could get a unit and finish it and have it ready to rent for $6500. Now there are no toilets, showers, in these but if you had a septic tank to hook into you could add one if the lot perked and it was ok. If not, just have a central bathhouse, like a campground. Maybe you could put some of them on your existing lot or get a different place with an acre or two and put a few on that land. --24.180.xx.xx




6x6 , some possibilities (by 6x6 [TN]) Posted on: Apr 30, 2021 11:13 PM
Message:

Thank you Richard, I will keep that in mind. --73.120.xx.xxx




6x6 , some possibilities (by Robert,OntarioCanada [ON]) Posted on: May 1, 2021 3:27 PM
Message:

Living in a multi building you really get to see what is going on around you. One time had a nasty tenant where simply did not come to door as claimed was being harassed for rent. It went for a year where finally lifted ban sheriffs order where she never showed up for court once out the door. Why would anyone being harassed for rent when they were able to put a stay on sheriffs order. No rent end of tenancy end of story. After a while can move out then buy a modest house when equity is built up. It is never easy but the fastest way to become larger. --99.236.xxx.xxx




6x6 , some possibilities (by 6x6 [TN]) Posted on: May 3, 2021 8:27 PM
Message:

Thank you Robert --73.120.xx.xxx




6x6 , some possibilities (by Smokowna [MD]) Posted on: May 4, 2021 6:59 AM
Message:

I was feeling pretty good reading your post but then you wrote " ..to learn so much from such smart people".

that is when I realized I sat down at the wrong picnic table.

(Can I have those fries if you aren't going to finish them?)

--108.28.xx.xxx



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