All Forum Posts by: Chris John

Hey all

I apologize if I missed this.  I didn't notice anything pop up after a short search, but I'm sure there's something there if I dig for it more effectively.  Anyway, I'm trying to fill out the application for rent relief and am being told that I can't submit an application if my tenant will not fill out the application with me.  Essentially, my tenant took free rent for 8-10 months and recently did a runner.  They cut off communication with us months ago.  

Do I have any recourse?  Is this real?  California has decided that I have to house someone for free for an extended length of time and then I can only get reimbursed if the person that stole from me okays it?  

Please tell me I'm missing something!  I'd love any suggestions or a more informed explanation.

Thanks

@Marcus Auerbach

You've nailed my current strategy.  Borrow as much as I can at low, fixed rates and invest in properties with enough cash flow to keep the wheels on (and hopefully put a little in my pocket) for when things inevitably go wrong while aiming for debt retirement and appreciation.  I'm not rooting for inflation, but at least should have an emotional and financial hedge if it comes to stay. 

@Wayne Brooks

Ugh.  Bummer, but thanks for the response!

Hey all

Do commercial loans count against the ten?  For instance, if I had 8 residential loans and 3 commercial loans, would I be out of the "ten" or would I still have 2 left?

Thanks

@Joe Splitrock

Such a great point...

"In my experience once you reach financial freedom, your job becomes more
enjoyable because your attitude changes. I say and do what I believe,
having no fear of "sucking it up and dealing with it"."

@Bryan Danger

I plan on trying to grow my portfolio until I don't feel like trying to grow my portfolio anymore.  I guess it's always about money, but having said that, it really quit being about money a long time ago.  Now, it's just curiosity to see how much I can grow it, how many people I can start along the path with me, and especially how much I can get my kids interested in living a life of freedom where they're not beholden to "the man" (including me acting as "the man" - basically, I want them self-sufficient with their own portfolios and inheriting mine to be gravy and not a goal in itself).  Not sure if that answers it.

Anyway, congrats on your success and enjoy!

And another thing...!  haha.

I get tired of people saying that real estate investors don't pay taxes.  While it's true that our income tax is minimized as an incentive (made very clear during the podcast), I wish someone had mentioned that we pay A LOT in:

- Property Taxes

- Sales Taxes during renovations

- Income tax for property managers, real estate agents, handymen, etc. (in theory, they pay for these out of the fees that we're paying)

- Permit fees (form of a tax)

- Potentially estate/inheritance taxes for our heirs

I get everyone's point, but it's not exactly a free lunch...

I think Robert Kiyosaki is a Rorschach test.  Kind of like what Brandon Turner and David Greene were saying at the beginning of the podcast.  If you needed to hear what Kiyosaki says (like Brandon Turner and myself), then you know how it fundamentally changed the way you view money, real estate, and the world (Rich Dad, Poor Dad and "On the Road" with Robert Kiyosaki were fundamental for me).  If you didn't (like David Greene), then you don't quite get what some people appreciate him so much.

I'm only halfway through, but @Khaled El Dorry and @Eric Bilderback have nailed my impressions so far. 

I was just having a conversation earlier this week at work about how perverse our system is.  Us oldsters (I'm 47) were raised with our grandparents bragging about how they paid cash for everything, had no debt, etc.  It took me a LONG time to change my mindset on that way of thinking.  As a high school teacher, I can attest that most of my colleagues don't agree that it takes borrowing to get ahead.  They're "Team Dave Ramsey" all the way, paying off debt and buying mutual funds and can't understand why they're only treading water. 

Again, only halfway through the podcast, but there have been no predictions of crashes yet (other than a general agreement that ones coming eventually).  Just a very blunt assessment of what it takes to do to get ahead nowadays (borrow vs. save) and the dangers of the current anti-capitalist mindset taking hold in America. 

I, for one, appreciate this.  People like my coworkers and former students need to hear these types of opinions because they don't get them anywhere else as it's not something that "regular" people discuss during a "regular" day.  Obviously, imo.

@Ashish Acharya

@Chad Duncan

@Glenna Wood

@Scott Jensen

Wow.  Thank you all for the great responses!  I'll definitely have to schedule some time to really dive into this and talk to Dave Foster.  It sounds like there are going to be real issues if we get this wrong.  Thank you all again!