All Forum Posts by: David Steinbok

I've noticed with a few lenders, they dont treat a refinance with the same urgency as a nee mortgage. If your lender is really busy with you may have to wait. But your right, 3 months is way too long. I'd give them a call and ask what's up. 

Net population growth 

employment

social services, hospitals

avg income

avg property prices

avg rental prices

I would suggest to buy 1 at a time. Start with the cousins. Once you qualify, close, and rent you show an income and in a year you can refinance. Then use that money to buy the second. And repeat until you have all 4. Just agree with your aunt on a price now. Dont merge titles or you will have issues later if you ever wan t to sell

If total rent is greater than mortgage payment + insurance + property tax + 200$ buffer and you still have cash flow,  then it's a good deal for your first one. Too many people get caught up in analysis paralysis and never take action. Keep it simple. 

which ever portfolio is the easiest to run while sitting on the beach in Costa Rica. That is the portfolio that you want to build. Use your imagination. 

Do you have a list for the residential distressed foreclosure property's. I'd be interested in that

I always go with the most durable and cheapest building materials I can find. Be it tiles, laminate wood floors, toilets or light fixtures. And I buy in bulk. Every apt uses the same stuff. That way when a tenent breaks something, it's very easy to replace or fix. I also generally buy product that us easy to sourse for replacement parts, so when there is an issue I can just head to home depot and get a part to fix quickly.

Yes

so the first tenant didn't pay rent for 6 months. The judge kept giving him extensions to pay. Like you need to pay rent for next 3 months. But then he didnt. So once he was out I charged him 6 months rent. And 6 months utilities.  Then 800 to fix front door that he broke. And 800 for a garbage bin to throw out all the stuff he left behind. Plus I painted the whole house and it cost me 2000$. So because the ltb gave eviction notice and I had pictures of all the damage I won. And he now pays 150mth for next 10 years. 

This new tenent didnt pay2 months  and judge ordered to pay for next 12 months. They missed first payment. Judge evicted but they filed an appeal. They didnt pay while they waited for next court date, so when we went to appeal, judge just laughed at them and evicted. But now they owe 3 months rent. And when we go to small claims i will add that and utility and garbage bin . They left almost all their big furniture. And i have to paint the whole house. So add 2000$. 

These are only 2 bad tenents I've ever had. And they started out great, but life circumstances got in the way. First guy got divorced and started drinking and decided not to pay rent. Second lady got a new boyfriend and he moved his kids in, and they decided that partying was more important than paying rent. 

it is supposed to go to new owner. It's technically the tenents money and is only being held in trust by the landlord. So if there is a new landlord then the security deposits just get moved to new owner to hold on to. You cant expect a tenent to come up with 2 months rent just because someone bought their apt. They have a hard enough time as it is just paying rent.