All Forum Posts by: Bradford Myatt

Yes, it is.  I figured the contract was worded in a way to protect the bank side of the agreement. 

I will be visiting Branson next month with family and was looking at checking out some investment opportunities. Was wondering what the current climate of the REI market is and what I would be in store for. Any information is appreciated.

Quick question about the wording of a foreclosure purchase agreement.  Most agreements state that closing must occur under the wording "on or about" a certain date.  I received a contract that stated closing must be "on" a certain date to which my attorney advised against.  Has anyone had this happen to them when trying to purchase a bank foreclosure?

I live near a casino and have seen the economic boom it provides. Yes, there is a stigma associated with casinos, but that doesn't change the economics of the area. The obvious jobs in hospitality, food service, dealers, management, etc. provide a sound wage to thousands and provide great opportunities for REI. If you get really adventurous I would AirBnB or look to short term rent a unit. Demand is a constant if you don't mind the daily efforts and turnover.

Totally based on your goals.  Forming a formal business entity may be wise if you plan on building a larger portfolio.  If you plan on having just one property it may not be necessary.  Just make sure you have a stable umbrella insurance policy, probably$1M. 

I would say if it a retirement-type community you wouldn't be attracting potential tenants with families anyways.  If the price is right and the cash flow is substantial I'm sure you could find a tenant.

Glad to see investing in NY is not the only place our margins are getting cut by high taxes.  Determining whether or not this strategy will work or not depends on your goals.  If you are looking for high cash flow this might be tough to accomplish with these numbers.

However, these numbers remind me of a house I have and the strategy I'm using.  My strategy focuses on quick debt paydown in order to refinance in a shorter time period.  The monthly cash flow isn't huge, but my goal for this property isn't huge income.  

Like so many other responses, so many of your questions can be answered by reviewing your goals. Clearly define what your goals are and you will have an easier time answering your own questions.

Hope this helps.  Good luck!

Capital expenses and fund for repairs.  Budget 10% each and accumulate a fund over time.  Don't confuse these expenses with any cash flow analysis. 

Hey All,

Quick question.  Where does the property owner liability fall on a tenant making improvements to a property?  Here is a situation:

Tenant informs property owner of a small fix that would improve the property.  Tenant says they can easily fix the issue.  If the property owner gives the go ahead and the tenant is injured in the process, is the property owner liable?  Is consent considered given if the tenant asked and the property owner obliged, or is the property owner in the clear since they didn't ask for the improvement made?

Just curious.

Hey Drew. Continue to save as much as possibly. I would read as many books as possible on a variety of REI topics, from the BRRRR strategy to flipping to wholesaling. You never know which aspect of investing might fit you until you read up. I would also sprinkle some money management titles in there from Robert Kiyosaki or Dave Ramsey. Also pick up the series on flipping, buy and hold, and investing from Gary Keller. Read some classics, as well, such as Think and Grow Rich by Napoleon Hill or The Richest Man in Babylon by George Clason.