All Forum Posts by: George Red

@Mitch Lickey are all of the meetups in person or some virtual... I'm out of state but still looking to connect with investors in the market and see what people are into. I was thinking of putting out a virtual connect forum but if something exists already no need to recreate the wheel.

@Warren Qi I recently closed on a vacant property and have chosen to use my realtor to help place tenants as opposed to Home River Group... my thought being that if they're slow to respond to me they may also be slow to respond to prospective tenants... learning as I go and so far the realtor has had the posting for about a week and a half in late fall/early winter and there are multiple applicants to sort through.

Sounds like a bad situation Brad... but the problems facing the contractor are exactly that... his problems. Through his behavior he's attempting to use your money to pay for his problems, it seems like you almost feel bad for piling on but I would consult an attorney and follow their recommendation. I would lean toward going the legal/court route as the person appears to be of low character and seems to be taking funds for for work they have no intention of completing. The dollar amount may make a difference too... if you paid him $1,500 that's very different than if you already paid him $25,000.

@Patrick Hancock curious how this went for you. I'm looking to do the same thing and not getting clear guidance from the mortgage holder as to process for "requesting" approval to move the property under an LLC so I can do things above board... thinking of just changing the policy but insurance said they would need to write a whole new policy as opposed to just moving it under the name of the LLC... which I would imagine will tip off the mortgage holder. Trying to do this above board but looking like I'll just have to make the move and hope they dont act on acceleration clause.

@Dustin Street do the people from the list you referenced do just larger jobs or do you have good contacts for just general "handyman" providers as well... definitely in the market for good handyman referrals if you have them.

@Sammy Lyon I'm in the same situation if you're open to sharing the contact... picked up some investment properties this calendar year and will need assistance come tax time.

I purchased a duplex in my name and then quit claimed it over to an LLC. Does this present any issues with me being able to claim the interest write off form the mortgage payments as the property is technically now owned by an LLC? The loan would still be under my name so I do not think it would present any issues... trying to think it through. Any insight is appreciated for items I should be looking out for, doing a quit claim transfer for the first time.

Thanks in advance

A few things that come top of mind for me.

In the gold rush, often the merchants and not the miners made money. The guru's here are the merchants selling a get rich scheme. The clickbait is comical and the photos of people in front of bling is off putting to me and I smell a merchant right away... nothing wrong with being a merchant but I'll keep my money thank you.

I'm newer to investing and buying my first duplex with a friend was a heck of an education... but at the end of the education I now have a property, a realtor, a financing contact and a (not so great) property management company partner. I would much rather take any thousands that may have gone toward expensive classes and learned while in the game. I call it the difference between watching someone else play a sport and thinking it looks easy... and getting in the game yourself and learning through real life experience.

I found loads of free content online and educated myself learning from others who have walked the path... the example of a $500 ticket to a seminar does not sound too extreme but that's about as far as I may go.

Final point... the Warren Buffet's of the world do not have YouTube channels. Here is a great quote from the movie Hustle and Flow.

"There are two types of people: those that talk the talk and those that walk the walk. People who walk the walk sometimes talk the talk but most times they don't talk at all, 'cause they walkin'. Now, people who talk the talk, when it comes time for them to walk the walk, you know what they do? They talk people like me into walkin' for them."

I'd been watching a few multi-family properties in the Scarritt Renaisance area and they all seemed to be priced "above the market" and had sat there a while... then today I got a notification via Trulia that 7 went to pending just today?!?! Someone vacuuming up multi in that area... they seemed overprices thus their time on market but they all seemingly just moved at once today? Anyone aware of big institutional buying in the are or investment fund activity there? Just curious... out of my grasp for much of them as I'm a smaller fish but found it interesting.

@Nathan Gesner Im in a similar situation and your post resonated… purchased with tenants in place and I think I need to rip the band aid off to get to market rent. I don’t feel great about it but welcome to being a landlord.