All Forum Posts by: Brian Mcmenamin

@Donald White. I think Virginia and Texas allow virtual notary done over the internet. Even if you are making a cash offer you are still required to have notary there for closing. I believe Texas and Virginia are the only states that allow it, but I could be wrong.

@Adam Mittermeier I have used various different real estate agents. I always avoid signing an exclusive buyer agreement that goes past the date of closing. A lot of agents will try to get you to sign one. I am very upfront about it and let them know that I will work with them on this specific deal, but I am always looking at different agents. They may get upset, but its a business. You want to find the best agent out there to meet your goals.

@Matt Berklacy Could you share some of your numbers for your Raleigh rental? If you are willing to share. Thanks matt

@Bridget Smith-Osbourne Sorry you have to deal with it. I'd use that leave and earnings statement against him. Get in touch with his Commanding officer or Senior Enlisted Advisor to step in. His command should be listed on his earnings statement in case you don't know where to begin to get in touch with the Commanding Officer.

@Bridget Smith-Osbourne I would definitely recommend talking to the Commanding Officer. They will garnish wages if necessary. You could also throw and 3-day notice to pay or quit on top of that to let them know you are serious. When they applied for the lease did you get a copy of their Pay stub (Leave & Earning statement)?

@Matthew Irvine  I think if growth is minimal but cash flow is good you can still make a good investment. The problem comes when you are trying to expand in a market that how no future. If you pick a market that does not have any hope for an increase in population then you are limiting your market for potential renters. Once all houses have been rented, that's it. No room to expand your business. That's my two cents.

@Jamal Green I just got my HELOC done. I shopped around for rates. I always found that local banks give you a better deal on rates vice big institutional banks (Wells Fargo, Bank Of America, etc). It took mine awhile to close, but if you go to lending tree you can research banks in your area and see what the interest rates are. I'm sure there is a local credit union in Atlanta that has some decent rates with a first year locked in rate.

@Devryn Rikhoff Your mom planning on being in the house for awhile? You could refinance the loan pull out the equity like you discussed on a 15 yr fixed rate. You could also use a HELOC to invest in your mobile home park and then refinance the mobile home park. You just need to have title of the home in your name before you set up the HELOC.

@Jim Morris I'd sell it and take the money to a new market. You could definitely turn a sizable passive income package with $300K. Your other option would be to take a HELOC and use the money to buy a second property that has a better return to support your passive income. I would not hold my breath for appreciation. Cash coming in every month is key. That's just my take.

@Jason Dillard said it right. I would recommend offering to help him next time he is rehabbing or working on one of them. That would get you in the door to look at some of these. Get more to his story, and only offer to take them on if you think you could make the numbers work. Seller Financing is a great option because he gets paid and doesn't have to deal with the headaches.