All Forum Posts by: Cyrus Uible

Reminds me of my lot speculation days in SW florida about 5-7 years ago. I was stupid back then, but thought I was brilliant because flipping lot was so easy. Sounds like you're actually researching and exploiting a needed niche. Well done.

I would just ask them to sign for another year. If they don't agree I would tell them that they would be free to find another tenant to take over the lease, but then it's on them to do and not you.

Getting a good education is a great first step. As far as how to spend your money? I'd a little of it in books/seminars/etc when you're getting started.

Here's a very basic totally stripped down one that you can build from. I've used it myself.

http://explosive-cash-flow.com/LOI.doc

I have to admit that I couldn't take the risk involved in flipping houses. Did it for a couple years, but eventually moved to long term rentals. I miss the big check paydays, but the long term growth is quite satisfying.

That's a great idea and there is probably strong demand. I just saw a property owner where I live convert a 6 bedroom property into a "rehab house." He's making some serious cash flow, though he had to do some political work with the neighborhood association. Seems to have gotten it all through.

Some great advice here. I wish I had listened to some of it when I first got started investing. I lost a lot of money (for me) "practicing" real estate. Thankfully I didn't give up.

LLC is a good option for protecting assets, but your CPA friend would know more about tax implications.

Want to maximize cash flow? There's tons you can do, but market rents and good tenant screening is a good start. Creating competition doesn't hurt either.

I would bet they will. As the U.S. goes into recession they're going to be under a lot of pressure to do something and that's their only tool. It's just a guess but I would expect to see a full point drop over the next year.

I would probably agree with the suggestion to sell the property. Even when it is paid off completely you will probably only be cash flowing $750/month (high estimate) after expenses which works out to about a 3.75% annual return on your money given that you will have invested $240K in the deal. (225K + interest + taxes)

Unless this house is in a prime location and you plan on keeping it for 20 years, then the long term gains may meet your investment goals.

Just curious, can you buy property in Quatar?

Hi Richard, when that happens, I just say that it depends. Bad credit because of not paying rent/car payment/utility bills can be a sign not to rent. However, I've had tenants that had terrible credit because of medical bills and divorce where they were very good tenants and paid on time every month.

I just ask them WHY is their credit so bad. Most important to me is do they make enough income to pay the rent. Hope that helps.