All Forum Posts by: Christine Mulkins

@David Delahanty get it in writing from the tenant otherwise, just throwing it away without his/her consent could be a real problem for you. 

@Todd Dexheimer very well said! 

@Kendall Brutus right on!! Keep on hunting for a good seller-financing deal! I'm sure you'll find something soon with continued persistence and the right attitude :)

Any of the "Rich Dad Poor Dad" books by Robert Kiyosaki. 

You'll want to check your local laws but I'm pretty sure you can't just throw away abandoned personal property left by the tenant. It's a really tricky deal. I'd consult with an attorney or be sure you clearly understand local laws regarding how to handle personal items left by the tenant. 

If the numbers make sense and you feel at least mostly ready to move forward, then it's the right time. It's always a little scary making a huge investment in real estate, even I do and I've been buying real estate for 13 years.  But if you are really motivated to build your wealth, real estate investing is the way to go!

One last thought...If you go with the listing agent to make an offer on a place and they ask you to sign a buyer's agent agreement, be sure you specify that the agreement is just for that specific property and not for any and all properties (for a period of time), unless you're wanting to hire that agent to represent you for any property you may wish to purchase. 

Don't ever give up on finding a seller financing deal. My husband and I have purchased 3 buildings (all from the same guy) with seller financing. It was an off market deal. We reached out to him and kept the discussion going until the time was right for him. The beauty about seller financing is you work out the details with the seller for what works best for everyone involved based on a number of factors such as: whether they owe anything on the property, what monthly cash amount they want, for how long, etc. It's not always about a % return necessarily. Some sellers just want out of their rental property for various reasons but they don't want to get hit with a huge capital gains tax, so seller financing is the best option for them. My philosophy is that you never know without asking. 

Call some of the local property management companies and see if they have a person who could do this. Do you know any contractors in the area such as a plumber, landscaper, electrician, anyone you've worked with who you could ask to do this?  You'll want to have an idea of what you'd pay them first but I'd start with asking people you know and have a working relationship with and then call property management companies. If all else fails, try posting an ad on Craigslist. Just some ideas... best of luck! 

Cash flow and ROI (annual cash flow/total cash invested).