All Forum Posts by: James Barnes

My tenant is consistently late as well. They make 170k a year (Own Daycares), I cant wrap my head around it. Maybe I'm playing with fire but they always pay, it is just consistently late,  but for right now I'm OK with making an extra $60-$100 every month in cash flow. Some people will say to evict and that WILL be the case if it ever makes it past the month that its due in.

Its not ideal and not how I would like my business to run in the future but right now I look at it as extra cash flow lol.

My Rent is Due on the 1st with a grace period until the 4th. If its a day past the 4th it's an automatic $20 fee and $5 a day after that.

@Mark Parzych I'm sure I'm resurrecting an old thread lol. But this thread and blog is priceless. Thanks for documenting your Journey!

@Frank Geiger That's what I thought. No way I wasnt clicking that title 😂.

@Mikael Winkler "The people getting wiped out in the "wave" are the ones who caught the wave with no idea how to surf!"...preach it! Love this saying!

I don't see where its a big deal. Make an Amendment, have your Agent send it over for signatures. It's in the Sellers best interest to sign or else they'll waste more time putting it back on the market, dealing with another contract, negotiations, etc. etc. Tell the Seller that whatever FHA flags on the Appraisal/Inspection you'll pay for the repairs to make the deal happen. Agents get annoyed over anything and everything anyhow so roll with whatever suits you best. I agree about FHA looking less "attractive" than Conv. If your offer was competing and you won out because your offer was Conv then yes, as the Listing Agent/Seller I would be pretty annoyed but would also try to make it work, unless they have a back-up Conv offer...then I'd kick you to the curb LMAO.

To advise your clients to immediately terminate the deal is Blasphemy in IMO (Unless you have a strong backup offer). Yes the red flags are there but you have a willing and able buyer right in front of you...and you'd cancel the deal immediately after hearing of this? To each their own I suppose. I would try to work it out if it were my client. I do see your side but I would react differently.

This is amazing information. Thanks for being so forthcoming with the info. I'm applying for a HELOC tomorrow, I've made up my mind!

Can you tell us how you found the deal and how you analyzed it? Did you run comps on it? What type of neighborhood/location did you buy in?

Awesome. And yeah, How did you do it!? I love a good ol' fashion success story. Start from the beginning :) lol I have all the time in the world!

I'm in the same boat. My current house is worth 370k and on paper I only owe 125K on it. I've been seriously contemplating on the HELOC. Just afraid to pull the trigger!

Did you decide on anything?

Leah, what did you end up doing? Did you decide to wholesale as a REA???

So I’ve read a lot on here about folks inquiring on LLC’s for their rental property’s to obtain asset protection. The main problem I see associated with this and the main reason people seem to shy away from it it the horrendous “DUE ON SALE” clause. I’m hacking away at my REA class and I come up on Land Trusts. Apparently you can put your Real Estate/Investments in a Land Trust and then assign them to an LLC without raising red flags. I’ve learned that banks cannot trigger the clause due to it being in a Land Trust. Certainly I can’t be the first to stumble upon this and link the connection with BP? Has anyone done this? Input? Pros,Cons?