All Forum Posts by: Daniel Stewart

I do it for my children.

Although, they have no idea that I even own rentals. I don't discuss it with them. Although, I do discuss frugality, personal economics, and how a hard day's work can be rewarding. As far as they know, I'm just an Instrument Technician at a paper mill (which I enjoy keeping my time occupied with).

When they are older, I'll let them in on the secret. But, only after I feel that they are mature enough to take part in the legacy I am trying to build for them.

So, even though I do this for them.....They will never know the "spoiled life".

So I guess you could say I do it out of love. Corny, but true.

As for my personal wants. I have some, too. I don't want a fancy car, although I do enjoy hotrodding (build them myself....and then sell them for a profit.....but drive an 8 year-old Neon as a daily, great on gas, cheap to work on). I don't want a fancy house. We live in a working class neighborhood. I do like to take a "nice" vacation, once a year. Typically, we drive and go see family. I have never taken out a loan for a vacation (no credit cards for that matter either......credit is a horrible device and a crutch of the impatient).

I guess you could say that I do what I do for financial security. Both for me, my wife, and my children.

In all honesty....

Depends on your state laws and how the state sees it.

If your state has laws outlining what they consider brokering, simply announcing "I'm a principle" and throwing out a bunch of contracts doesn't equal a "get out of jail free" card.

The best advice in answering this question is talk to a legal advisor in your state concerning the matter. A couple of hundred dollars to get some knowledge in the matter is a lot cheaper than thousands in fines and/or jail time because one took the advice of "armchair lawyers".

EDIT: By the way....John T. Reed. Smart man.......always liked reading his articles. I recommend him.

Bart is correct. Per the NEC:

210.7 and 406.3: (I'll put it in layman's)
When replacing a non-grounded receptacle (2-prong) where there is no ground available, you must use another non-grounded receptacle (2-prong) or use a GFCI receptacle and label it with the words "No Equipment Ground" and it must also be labeled "GFCI Protected". You can use regular 3-prong receptacles and replace the breaker with a GFCI, as long as the receptacles have the markings required above. The fourth option is to use one GFCI receptacle and use it as a feed-through to the other non-GFCI 3-prong receptacles, once again, having the markings above.

Furthermore, simply connecting the ground prong to the housing of the receptacle is unacceptable unless there is a ground path back.

An acceptable ground path is an actual ground wire, a metallic conduit, or the cable armor if any of the three exist.

It should be noted that this is what the National Electric Code allows, HUD or other local authorities may have different rules.

Hope this helps!

Some of the silver-spoon fed comments made in this thread about the tenants are truly sad......

you know who you are...

That is all.

Unfortunately, the courts have a history of holding landlords liable for pool related deaths and injuries.

Due to this, many insurance companies will not cover a rental unit with a pool or charge enormous premiums to do so.

Given these facts, the majority of landlords avoid properties with pools like the plague.

I will never purchase a property with a pool, myself, as there is not enough extra ROI from the rents to justify the added risk.

There are plenty of properties available that command decent rents that purchasing one with a pool is not necessary.

I suggest you walk away from this deal as a rental investment. If you want this property for your personal use, then fine.

Branding works. For any business.

Want proof?

>>>>"We buy ugly H*****"<<<<

Even people not in RE know them. And who do you think they are going to call when they need to sell their junk house in a hurry?

Trademarks work too....

Just ask "Ug".....

Sounds like you haven't put together a good enough exit strategy to convince them that they'll minimize losses in the event the business is unsuccessful.

Do you have an exit strategy???

Liquidation of assets?? etc..

The Bible - You'll be suprised how much financial advice is actually in it and how the Lord wants to bless you. (Jabez anyone?)

The Millionaire Next Door - Helps reinforce the fact that anyone can become wealthy by showing that most wealthy people are everyday schmoes like us.

Total Money Makeover - Dave shows you the stupidity of debt and how to overcome it. Can't get rich if you never have excess cash, can you?

Rich Dad, Poor Dad - A fictional account of how changing one's mindset can affect their live's. Just don't attempt to use it for "technical" advice as you can go to jail for trying to purchase a commerical property through a 1031 exchange. Good for "inspiration and motivation", ONLY.

The Wealthy Barber - Another good example of "get rich slow and smart".

Well, just about 20 seconds of searching the web and found this regarding how birddogging is clearly illegal in the state of Washington as they consider a birddogger to be a broker and must be licensed.

RCW 18.85.010:
(1) "Real estate broker," or "broker," means a person, while acting for another for commissions or other compensation or the promise thereof, or a licensee under this chapter while acting in his or her own behalf, who:
(e) Engages, directs, or assists in procuring prospects or in negotiating or closing any transaction which results or is calculated to result in any of these acts;

then there are exceptions to this rule (although none apply to birddoggers):
RCW 18.85.110

So, according to the state of Washington, accepting ANY (commission or flat fee or chickens or cattle or sex, whatever) fee makes you a broker.......

as I stated before, one should check the laws regarding it in their state first.

Exactly.

Interestingly though, take note of McAllen. Although ranked number 9 in probability of foreclosure, they estimate that home prices in this city will still continue to rise 2.6% this year.