All Forum Posts by: Michael Rogers

Sounds like you did what you were supposed to do. In that case, you have no contractual obligation to buy if they accept. I'd keep looking for other properties.

I do see your point about being frustrated dealing with people that aren't responding timely to your offers. Unfortunately, there's not a whole lot that can be done to get them to formally respond.

For future reference I'd always put an expiration on your offer. Give them 24 hours to 48 hours to respond. That way they can't shop your offer around. Eleven days to respond to a simple real estate offer is a long time.

I don't know if you have thought about it or not, but you might like an all in one printer, scanner, copier and fax.

I've got an HP Office Jet 6310. So far I'm pretty happy with it.

I've never thought about using online services for print jobs, but it sounds like everyone here has had good success with it.

I'll have to try them on my business card or brochure order. I checked out their website and that's cool that they let you buy smaller quantities of cards (100, 250, etc). Most places won't let you get less than 500 cards.

Thanks for the info!

Chattanooga. Good school. I went to University of Tennessee at Chattanooga for my undergraduate.

Wow, those are some interesting points on wikipedia about the fraud surrounding members of the show. I hadn't heard that, but it doesn't surprise me. Good link.

I love what Wheatie said about paying off your debts and being able to live on a fraction of the income you have now. It seems like the natural tendency for people is to increase consumption as our incomes increase. Bigger houses, nicer cars, memberships, more clothes, nicer things, etc.

If we avoided these increases in consumption, I think we could all live happier lives. Someone once told me that consumer debt makes you a slave to your job. I think this is so true. If I go out and charge $5k on my credit card for a gadget, I have just committed to working at my job for X number of weeks to pay for that gadget. There is a lot to be said for living below your means.

I just picked up "Every Landlord's Guide to Finding Great Tenants." It's by Nolo and they have a whole line of books that focus on the legal side of renting. They include lots of the basic rental forms in a word processor format that you can modify to your liking. It was definitely worth $20 bucks.

I am also looking forward to reading the new biography about Warren Buffett. It comes out at the end of the month and it is the first authorized biography about him. I've already preordered my copy.

1.) I think it's a good thing to have if you can do it cost effectively. I mainly use my website to refer potential renters to additional information/pictures of my apartments. I also keep a copy of my "Application Form" on it, so applicants can download on their own.

2. I did my website with iWeb. It's a super easy program to use if you have a Mac.

LLC's are wonderful vehicles to separate yourself from legal liability. However, you do have to pay fees for the limited liability. In Tennessee, you have to file an annual return and a Franchise & Excise Tax return. This will run you $500 on up depending on the asset base of the property and income your business earns. Not to mention you will have to get an attorney to form your LLC together and an accountant to file the annual reports each year.

I say all this, because I've seen several people with little net worth create complex, expensive vehicles to shield them from liability. They may only have one duplex that has poor cash flow, but they have a hot, fancy series of LLCs set up around it. Kind of reminds me of the kid with an awesome stereo system in his old Ford Pinto.

Generally a standard umbrella insurance policy can protect you from a large amount of liability ($500,000 to $1 million). Each person has to decide the risk/reward of how they want to structure their investments. The more liability protection you get, the more you pay for it. In the beginning, be careful not to get too caught up in getting the perfect entity setup that you lose focus on buying great cash flowing properties at wonderful prices.