All Forum Posts by: Account Closed

@Kimberly Kesterke looks like you learned the lessons the hard way, don’t worry most of have learned the hard way too.  

The credibility you are talking about is just you implementing your systems and maybe a letter stating rent is due when it is due and that late fees will always apply going forward.  I assume you’ve fired him as a PM, if not please do so immediately. 

The don’t hire a tenant is my only policy. And When I took over my current Multi family property I had to make it clear with the current tenants that I would not allow them to perform any work on the property. Since the last owner had allowed them to do things such as roof repair, lawncare, painting, etc...  that’s just a lawsuit waiting to happen someone not insured climbing on the roof to do some repairs.  

Good luck moving forward.  Just learn from it and try not to repeat it.  Granted you have more experience then me so you are doing lots right keep it up.  

I used some random words that meant nothing LLC. It's for asset protection and to be anonymous. My tenants don't know me or need to know me and I need to protect my personal assets from sue happy individuals.

@Valerie Poynor congrats, I felt the first one was the hardest hurdle to get past.  Once you do it doesn’t feel like some huge feat to purchase an investment property.  

Care to share pictures?  Was it turn key or did you have to put in some repairs before renting it out. 

A VA loan should be able to roll the closing costs into the loan. the whole idea is zero dollars out of pocket.

 Wow never heard of that limitation. But it makes sense now that you said it falls under disability.  

It’s passive income so putting into your wife’s bucket is simply a tax strategy and not hard to do. A CPA would be able to guide you thru that process.  

Yes. Took me three phone calls and I had a loan lined up for my first property. You'd have to just call around to the local banks and see who wants to take it on. You'd be able to place it in your LLC from the get go.

As far as the whole income issue for a pension limiting your income outside the pension???? I’ve never heard of such a thing minus disability so care to expound some. 

You probably can find a bank that will do a fixed rate on a 25 year loan.  Just keep calling banks until they give you what you want. 

@Collin Vosburgh there’s a dozen or more ways to buy real estate.  Just because a name brand person says cash only no debt allowed, doesn’t make it right.  You can find another brand name that says to leverage to the max and still others that say to use other people’s money to invest.  

There’s no wrong way to invest as long as it works for YOU.  I use some of my money and mostly someone else’s money to invest.  I have zero need for the money today and as such can take on lower margin deals.  If I needed to live off the cash I would be unable to do some of the deals I currently am doing.  All my deals are self sustaining and so once it’s said and done I’ll be a multi millionaire salary wise from collecting checks. But today I’ll settle for my W2 paycheck to live my “lavish” lifestyle. 

 There’s banks that will do 20% down for a multi family with a 25 year 5/7/10 year fixed rate.  Just make some phone calls.  Get it under contract if that’s what you want.  It’s super low rates right now so act fast. 

Curious what everyone is doing when the current tenants are moving out, when do you start advertising the property for a new tenant?   Before they move out or do you wait until after?   I have a unit coming up that was just updated last year so I don’t expect anything needing repaired or fixed, just a fee cleaning and that’s it.  

Should I start advertising now or wait until they move out at the end of the month?   This is my first time I haven’t had to update the unit before getting it rented again.  Thanks