All Forum Posts by: Alexander Felice

If it's vacant, and it would make the tenant happier then find a way both parties to benefit. 

Yeah it would cost you more to redo 2 units, but you were going to have to redo her unit when she moved anyway. Just decide what makes sense for you financially and then find a situation where both parties win. If it's a good tenant and you think she will stay a while then I think accommodating this request could be very good for you long-term. 

For tenants?

I did lending for a long time and I've seen hundreds of thousands of credit reports and I will say that credit scores do matter. 

The report is definitely more important, and you have to take the client/applicant story into consideration as well. At the end of the day though, a guy with a 550 beacon deserves his score just as much as the guy with the 800. 

The credit score is just an algorithm to sum up whats in the report. I did say the report was more important, but the algorithms are pretty damn good. Most importantly, the middle ground reports are the ones you have to dig most into because the bad reports are easy to toss, and the good reports are easy to blindly accept. It's the 650 that has MOST stuff paid on time and some stuff they always forget to pay that are the most volatile in my experience. 

Ramsey gives your security.

Kiyosaki gives you wealth.

The reality is, if you're in debt than Ramsey is probably good to learn from to get out of it. His methods are too conservative to ever get rich off of though (imo). You have to take risk to get ahead, FACT.

Welcome! 

I lived in Prescott/Chino Valley for a while back in 07-09. Neat little town! 

I'm also a "car guy". 

My last was a brand new mk6 GTI which I LOVED but I knew I loved money more so I sold it and bought a BEATER truck for $1500. 

I've had the beater now for 4 years and while I miss having a new car, I will never get sick of putting that $600 a month into real estate rather than a car.

This one isn't too complicated. Your primary home isn't an investment, it's an expense. 

If you're going to max out on your primary and be cash poor for hopes of equity, then pass. Being trapped in a non-cash flow generating asset is not investing. You say you're buying at 60% ARV but one of the biggest mistakes beginners make is property valuation. This whole deal is speculative.

You may miss out on some equity, but if you're so over leveraged as you say you won't be able to borrow against that equity in the future anyway. 

Sounds like you're better off buying a duplex. That or buy a house below what you really want to live, so you can later fund your business. 

It's a $2286 debt service but only brings in 2000/month in rent.

No cash flow. 

i have a friend who got caught up in a some bad stuff, now he's a felon. He is an honorable, loyal, and trustworthy guy. He would be a fantastic tenant but I'm sure he runs into similar problems, and always will. 

7 years is a long time. If he had a BK it wouldn't even show after 7 years. 

If all else is good, I say it's a non-issue

between @Account Closed I don't which you should do!!!

I was going to agree with Sue, but Vic's story scared me way too much! 

1. I don't know the laws regarding this, but my guess would be you could still evict. The tenant is sure to give you a hassle about it

2. you want to give them a credit for rent, 

which is late

for a tub you had to replace because a hassle they caused

because you inconvenienced them?

no, no, so many times, no

3. I don't think or see why any of that would be an issue. 

What the underlying issue here is, they have you rattled. It's obvious in your post that you're scared of the ringer they may drag you through, which is fine, except you can't let it affect your decisions like this. You just have to accept that they are a PITA and move forward like you normally would. Giving them a rent credit and tip-toeing around issues like this will only make things worse for you and create more resentment. Decide to evict, get your house in order and move forward! 

I don't think it'll be that bad honestly. Keep us posted friend