All Forum Posts by: Christian Bors

If you know someone at the bank you can always have them type of a proof of funds letter stating you have access to whatever amount. I did that for a friend on an REO and they didnt have a problem.

I write HELOCs all time, probably 8 a month. And that my friend is 100% illegal! You will be caught.

Haha I'm kidding. Like everyone else said, you have nothing to worry about. In fact, with my bank, one of the reasons for HELOC can be "future need" aka it can be used for anything. As long as it there are no requirements for closing of the heloc, aka paying off credit card debt or closing out some other loan, the HELOC funds can be used for anything. Also, just deposit the funds into your checking account (preferably a seperate one for business) and then write the check to whomever. Its easier to keep track of what your spending the funds on anyways.

Good luck!

Definitely have someone visit the property before you submit any offer. Where I invest, a lady was offering a house for $1. Needless to say it was in a horrible neighborhood and had a fire in it. In cases like this, I would rather put my money in a mutual fund then throw it away on a crappy property. I would keep looking. Good luck.

Great Question.

I plan to focus on getting a routine down. I want to wake up early in the morning before everyone else so I can have a more productive lifestyle.

Also, I really want to focus on being more active with biggerpockets. I already have a goal to read at least one article/blog a day however I want to particapate more in the forums. It is obvious that the more I spend on this site, the more success i'll have!

@Mike Cowper if the heloc is in your primary residence, it will still be available after you move out. Helocs are great tools for cheap cash. Unlike a cash refi, there are no closing costs. However like Melanie said, most helocs are variable rates with the option to lock in what you borrow. Helocs are great tools but just make sure if you intend to keep a balanced for a long time that you have a fixed rate. Also if you move into another primary residence you can acquire another heloc. You can keep doing this process, however it may be a better options on get blanket loan once you acquire enough properties 

@Aly W. I wish...

@Franklin Romine Thanks for the response. It seems like the consensus is that I should give everyone the same thing. Keep things simple. Hmmm, well now I know. I could still give Her a gift card and say it's for the holidays...

@Nicole A. So should I give tenant A a gift card to be fair? Also, thanks for the suggestions I will look into that.

@Jesse T. Thanks for the response. I totally agree with you, I need a payment system. I just bought my second property so I definitely don't want to deal with checks. I am looking into different systems as we speak.

@Nicole A. I think you are right. I should have just baked them cookies. This was my first investment so mistakes have been made.  Cookies would have been cheaper and I could have ate some myself! Also, I know I need a rent payment system. What do you use/recommend? And again, I agree that the tenant doesn't budget so I probably threw everything off for her. I need a system so If I'm not around the first of the month I still get paid.

@BOB MARTIN thanks for the response. I am concerned that they could talk to each other. I don't think they interact but it is certainly a possibility.  What would you recommend I do now? Should I give tenant A a gift card and suck it. Call it a tough lesson learned? What should I do?

@Elizabeth Colegrove you're right. This is a business and it should be ran as a business. My bank doesn't give me a Christmas gift because I pay the mortgage haha. Tough lesson learn. Lucky it's only a 25-50$ lesson :) what would you recommend I do now? Should I leave things as is or should I give tenant A a gift card so things can't get worse? 

So here's the situation.

I inherited this tenant, let call her tenant A, when I first purchased the property back in July. It’s a triplex, I live there myself and rent the other two units. This is my first property and it has been great (living for free)! Anyways, tenant A has been great. She hasn’t complained and if there has been a small issue, I resolved it very quickly. She has also paid rent on time every month except for December. So on the forums, I came across someone who said for Christmas they give their tenants a $25 gift card if the tenant has paid on time and there hasn’t been any problems. I love this idea. I figured with both my tenants, I would do that since they have been great tenants. I have not had any issues and they both have been paying on time. Anyways, I go on vacation the first week of December so I tell the tenants please hold the checks until I return. When I returned, tenant A asked if I could hold off until Dec. 12th . I returned on the 8th. I enforced the late fee, which she understood. She paid the fee and we moved on. Well, for Christmas I gave tenant B who has never been late a $25 gift card. Now, friends and family are saying I am being too tough on the tenant A. They think I should still give her a gift card. My argument is why I should reward someone for bad behavior? I really like this tenant but if I give her a gift the month she was late, what happens next year? Say if she is late a couple of months. She will still expect a gift card for Christmas.

What are your thoughts? What should I do?