All Forum Posts by: Eric James

Obvious first question is: what happens when the tenant stops making those monthly payments?  Does their policy lapse and become invalid?

Also, a $10-20 /month payment would take years to equal a security deposit, much less make profit for Rhino.

Follow the lead of big time investors. Have huge multi million construction projects along the coastline stopped? If so, then you'd be wise to follow their lead. If they haven't stopped, then follow suit.

I self managed without any software until recently, as I'm about to exceed 30 units. I'm trying out Buildium. 

Ive found the experience of self managing to be quite valuable. Getting to know first hand the issues and problems with management.

I'm following this thread because I'm doing something a bit similar. Buying vacant lots and building small apartment complexes. Am curious about getting financing for the vertical build up as a means of accelerating.

Didn't you have a financing addendum stipulating your offer (and earnest money) are conditional on being approved for a mortgage with 5% down? Those addendums are to save your earnest money in the case you don't get approved.

Need to be precise with your words. You found empty alcohol bottles on site. That is different than "contractors were found drinking on the job". 

You need to learn how contracts work before trying to wholesale.

No way I would sell unless you think the value would go down. I'd cash out refi an amount that would still have positive cash flow and use the proceeds to invest. Would NOT try long distance BRRR. I'd BRRR somewhere I can be highly present.

 There is so much evidence that any increase in unemployment leads to increased foreclosures that this isn't even debatable. And apart from foreclosures there are other reasons such as needing to sell a home to relocate for a job. Every one of those house sales will be into a high interest rate environment.  That doesn't mean the world would end, but it would affect the real estate market. 

I'm aware of the official unemployment rate. Just as I'm aware that for the past 13 months the official number of "new jobs" has beaten the projected estimates....only later to be revised down below the estimates (which gets little publicity). So Id say governments portrayal of the state of the economy should be taken with a grain of salt.