All Forum Posts by: Ed S.

These can be a good opportunity, but., but --- (always a caveat) --- LOL. Find a good R/E attorney and they can walk you through the legal maze. I have seen some of these deals work out nicely. Some is the key word. A Credit card company may settle for cents on the dollar. They are not in the R/E business, and DON'T want to be (as the other creditors) Take time and investigate.

You stated this is your first time, I would strongly suggest legal counsel. This will be learning experience, no matter if goes smoothly. Protect your "assets" the first time. Hit a base hit your first time at bat.

I would suggest you try to find other local investors in your area, and ask them who they recommend as a bank. My banker owns rentals, so he is a natural fit for me (and other investors as well). Good luck. P.S. I would suggest to other first time investors to ask around for a good banker. Set up an appointment, and get to know them first.

Great thread to read! I love this site to gain onsite and knowledge. Maybe it was in your comments, if you have debt you have a carrying costs, along with R/E taxes, insurance. I'm a cash guy. Option one: 3% down FHA Option two: 100 % down cash Great problem to have. Short sale sucks!

I would ask other investors in your area who they use.

Every CPA has a line they go to.  I want my CPA to walk up to it, but NEVER cross it.

Get a different CPA!

Step up to the line -- LOL! 

John T I fully agree with your comments. If the old lending days return (No doc, Low doc, Stated income), then bubble time. That will not happen for years to come, the Fed's will remember the melt down for a few years -- LOL! It's about demographics really --- supply and demand. Here in the Midwest, the younger generation are moving to Kansas City, Des Moines, St. Louis, Columbia, etc. Small towns in the Midwest slowly shrinking. A rapid rate rise could slow down prices, but a gradual increase will not shock the market.

Jim Y Good points Jim!

Good question on the deposit.

I have $1,600 toward the $4,000 carpet replacement. 

Its not the money as much -- If I don't chase her, will the next Bigger Pockets member get taken as well?  

People need to be held accountable and the reason for the request of a good R/E attorney -- LOL! 

If you don't repay your car loan -- repo!

If you don't repay your aircraft loan -- Repo!  (Now that is a challenge -- and NO its not like on TV)

I do not care for long posts -- so I will try to keep this short!!

My good paying (Section 8) tenant moved out (gave 30 day notice), and had the carpets cleaned (per the lease requirement) by my approved carpet cleaning company.  

She sends in her son afterwards (he's like under 15) to spot clean the carpet (I BET YOU CAN SEE WHERE THIS IS GOING -- LOL!)   YEP -- he grabs the wrong bottle (it contained bleach) and spot cleans several rooms of the house (5 bedroom home), and totally ruins all the carpet in a 2,800 sq ft home.  

My good paying, clean credit tenant is trying to hide under a rug (somewhere).

I need to hire a landlord's attorney in Vegas that is  "fair and reasonable" (what ever that means) so I can learn how to chase these tenants down in court.   This is the second time I have been taken to the cleaners -- (yes pun intended).  

So I'm wanting to hire an attorney this time, learn the procedure --  and chase them through the courts on my own next time -- I'm wanting to get a judgement on record.

Thanks in advance. 

Lots of great comments. I been involved with HUD for a number of years as a landlord. If you have B or C properties you will do ok as an landlord. If you have higher end properties, not so good. Section 8 tenants tend to be rougher on their living quarters. They pay little toward the rent -- very little skin in the game (in my opinion). I compare it to a rental car ---- "I don't own it" --- LOL! The HUD employees are great to work with, just overworked in my opinion. Be sure credit and background checks are completed no matter HUD or not. Be sure you have proof utilities have been changed into their names before keys past over. Credit checks will help you be a better manager, you learn fast when you lose money. Good luck!