All Forum Posts by: Angela Henderson

I  would recommend that you keep your home and pay your mortgage. I was in a similar situation. I'm still underwater for 30k+ and was barely making it with 50K in cc debt. I entered a debt management plan over a year ago and my credit score is slowly improving and my cc debt is now down to 37k. It's hard but can be done with lifestyle changes. I also just purchased my 1st rental property (with cash) so all things are really possible. It will be tight, but there is light at the end of the tunnel and if you stick it out with the cc mess, like me, I'm sure you'll never use credit cards the same way. My credit score is now high enough to qualify for a mortgage so I'm hopeful that with 100%equity in property #1, that I can get financing for property #2. Good luck and make wise choice. 

please share the outcome! Unbelievable story. 

@Paul Timmins thanks Paul! Will look into these books as well. I'm pretty sure that author was on the email list. 

@David Semer thanks! We actually joined SJREIA during the summer. So far, I have made all of the monthly main meetings as well as several Subgroup meetings. It's been a great resource as well. 

Hi, I just want to say that BiggerPockets is truly the bomb!!!! Everyone is so helpful is sharing comments and advice. I have literally spent all of my holiday weekend listening to podcasts, reading posts, and following links to other sites. And the icing on the cake was an email that I received today from Allison "The 21 Best Real Estate Investing Articles, Ever?".  This email outlines what all investors should be reading. So, now I don't have to spend time weeding through what I should read on my own, but can just use this as a reference point based on what others with experience are saying is worth the effort!  Thanks so much for sharing the knowledge!!!! This site is awesome and is the best tool around!

@Al Williamson I will definitely check out that site. Thanks for providing that eviction scenario! 

@Leslie A. I like it... Simple enough! Thanks! 

@Andrew Davis   Thanks! Appreciate the quick response. With section 8, tenants are actually responsible for a small portion of the rent based on income. Given that I'm expecting small amounts, that's another reason why I want to really be bothered with mail and rent pick ups. Will look for those threads!

@Josh C. Thanks Josh! I haven't created an LLC yet, plan to for 2015 before we make our next purchase.

I'm new to real estate investing and just about have my property ready for rent. I will be renting Section 8 ( not that it should make a difference) but wanted to know methods used to collect rent outside of cash, checks, and money orders.  Does anyone set up banking accounts that tenants can used to make deposits? I want to avoid mail and I really don't have time for picking up rents.  Thoughts??

I'm putting together my first lease for a home that I will be renting. I'm planning to put in a washer and dryer but am second guessing myself as I have heard that if the machines breakdown that I have to get them repaired. Is it reasonable to put terms in the lease that state it's at my discretion if I will repair or replace the washer or dryer? I see these as ammenties that I shouldn't have to cover particularly if it appears that the appliances have been abused. Thoughts? Suggestions?