All Forum Posts by: Account Closed

@Alex Johnson 

Yes, I would agree with @Jon Holdman , lenders likely will not consider AirBnB income as it's more speculative than income coming from a long-term lease agreement. 

@Jerry Kisasonak 

I went to law school, but I am not an attorney, so this isn't to be taken as LEGAL ADVICE.

Based on what you've told us, that attorney has a right to keep your "hand money".  The deal didn't close.  If it doesn't mention it then it's going to have to be resolved between the parties or in court.  Court costs are going to be significantly higher, so I'd take the $600 for learning the lesson of ensuring your contracts address this contingency going forward.

@Steve Vaughan 

I don't believe there's a tough part. It just takes work and accurate information to make good decisions.  No, I look at mostly micro economic factors... there is no "national market".  Each market is unique and there are many variables impacting them that you must understand, so of which you've sited above.

@Rey Perez 

FYI: If the investor is in Nigeria, it is lilkely a scam.  There is an extremely large % of the population here that are seeking to scam westerners.

@Albert Bui 

Yes, whenever the markets dictate that a move is necessary.  I'm constantly evaluating two or three other markets outside of the one I'm currently investing in.  But, your question depends on your particular investment strategy.  If you follow real estate cycles, the cycle should dictate your movement (moving capital from markets reaching a peak to those in expansion phase).

Lindahl says, and I concur, an essential component of building wealth requires the attentive movement of capital from one market to another. 

Yes, @John Pruner  as @Karen Margrave  mentioned, TRUST but VERIFY.

I would hire an attorney asap to get you out of this mess.  It will be an expensive lesson, but cut your losses and move on.  Remember this pain, if and when you decide to partner again. 

@Mark Malevskis 

@Jon Holdman 

Yes, it's human nature, especially of those who are financially responsible to not pay until you're required to.  So you better believe when I owe a bank $$$, I use my FULL grace period.  It is unreasonable for you to expect your tenants to do anything differently.  So if you'd like them to, I would suggest proving an incentive (ex. "good tenant discount").

@Mark Malevskis 

I would suggest honoring your lease agreement, but you might send a "courtesy email" notifying them that the rent was due on the 1st and late fees will be charged if not received by the 3rd. 

@Mark Malevskis 

Going forward, I would revise the lease to state that rents must actually be "RECIEVED" on or BEFORE the 1st of the month.  Also, include that the definition of RECIEVED is that they are actually posted to your bank account.  That way tenants can't claim it takes their bank 3 days to process, so they're off the hook.

The other thing you can do, which I did for a while was provide a "good tenant discount" in your lease agreement.  When you advertise the listing, include in the listing and your lease agreement that "rent includes a $20 good tenant discount" if all rents are paid ON or BEFORE the 1st of each month.

@Blake Yarbrough 

As @Jon Holdman mentioned above, you have GOT to bring something to a partnership.  Is it possible to get zero money deals done, but you'll have to bring either (1) the DEAL or (2) the experience/property management to the table.  Otherwise, you'll likely never get the deal done.  Unfortunately, nobody will give you something for nothing...

That said, I would suggest working on creating the value you can trade for the other piece of the deal (either money or the REALLY good deal).