All Forum Posts by: JD Martin

I consider REITs closer to a form of bond investing. In theory, you own a limited piece of the trust, which is essentially the corporation, whose business is operating real estate for profit. As you are almost always a limited partner, you have essentially no control in the trust once you've invested your money. With stock investing, in theory one could obtain enough stock to take control of the company whereas in a REIT the controlling "stock" is pretty much always defined and held by the general partners. As a limited partner you are essentially a miniature bank, loaning money to the principal owners, for a defined rate of return, kind of like purchasing US Treasury notes. However, not only can the REIT default, leaving the LPs without value, they can also incur capital calls and other financial requirements that will force you to pay to play, ie to maintain your investment without dilution or wipeout.

 I'm not sure that's entirely fair 😜 I think what Jay has advocated against more than anything is the newbie with no job, no money and no experience that wants to parachute into Detroit and walk away Scrooge McDuck. When you have houses being advertised for a dollar it encourages that kind of thing.

 I don't disagree with any of that. The bigger problem is that Americans at the bottom want to start at at-the-top wages and do half the work. Before I retired we struggled to give away public sector jobs that could only be held by US citizens (state law), at more than livable entry level wages ($20+) with outstanding benefits. When I did get someone hired, we were lucky if the guy made it 3 months before just not showing up any more. The last guy I hired - the best of the lot, since half of them either had criminal records or couldn't pass a drug test - burned through an entire year's worth of leave and sick time in less than 3 months, then after being told he didn't have any more time off left called in sick Thursday and Friday w/o pay and quit on Monday. And it was like this for about the last 10 years before I retired, or close to it. Bad enough that the guys we did have on crews preferred to work short handed and get some OT than be constantly saddled with slackers and bums that didn't know anything and barely worked when they were there. 

I don't think we can change this until we release the cradle-to-grave cushion underneath most of these people. Humans are naturally lazy, and a large percentage will default to the least amount of effort require to avoid starving on the street. Maybe if this were more of a distinct possibility in this country there would be an improved work ethic. I see opportunities everywhere I look, more than I could ever possibly take advantage of myself, and I'm often sharing them with people I know. Almost no one ever takes advantage of any of them, looks into anything or takes action of any kind. Hell, I counsel my tenants (the ones that want to listen) on the wiseness of owning property instead of being a lifelong tenant. Virtually none of them are interested. 

I'm a huge proponent of "Made in America" - I was boycotting foreign made crap way before it was popular (hell, I even wrote a song about it). I went out of my way to spend extra money on tools and parts and cars and equipment that was made here, because I believe that you are the strongest as a community if you try your best to act in concentric circles when it comes to buying decisions - local, then regional, then state, then federal, then foreign friends and allies. I also support the idea of having a healthy manufacturing base just in the idea of general national defense, besides providing jobs. But I also believe that we have had it too good for too long in this country and too many people want to live like kings, be paid like kings, and work like kings. We aren't hungry any more and anyone who comes here from somewhere else sees it and knows it. The very idea that we need tariffs from other high standard countries like Canada and Japan demonstrates this perfectly. 

They should check with the court before going any further. It depends on your jurisdiction but your courts may not allow an appointed executor to assign their powers to someone else without permission as that is akin to just having the other person appointed, even with limited/revocable POA. It depends on the situation but in general courts look to an executor that is unbiased and has no finance stake in the outcome and that could be affected with a transfer of power.

 🤣 No doubt James; Mr. Bilderback has a personal grudge with me which is why such claims are made. He wants to complain about the very guys he hired working like hell, saving all their money and then going back to Mexico to live large. Why hire them at all then? The worst kept secret in the world is that immigrants work 10x harder than any of our entitled citizens want to work. You think the roofers and lawn care guys around me hire Mexicans because they like them? 😂 I live where people would love to see everyone from Central and South America deported - except when they need to have some labor work done. 

Well, if you're not both on board with how you're going to deal with the house you're in trouble. I'm guessing you want to keep the home as a rental or fix & flip, your brother/sister/cousin wants to sell tomorrow and get their share of the loot. 

You've got to fix that part first before you can proceed. If you are equal inheritors, only a court can force one side or the other to sell. 

@Will Gaston is going to be your go-to source for student rentals. We rent in a university town but prices have gone high enough that we don't get as many students as in the past. I look for graduate students, married students, roommates coming in together as friends/siblings with parent co-signing. Almost always a co-signer for students unless they are graduate or married. I can't remember the last time we had an undergrad without a co-signer, if ever. 

If you have a mortgage that says you will occupy the home as a primary residence you may be required to refinance and/or sell if you move. It depends on the kind of mortgage you have and the language in your documents. Yes, there is a good chance your lender will discover you are renting the house out when you get rental insurance. 

Just review your mortgage documents and see what they say. Some loan products will require you to refinance or sell if you don't occupy as a primary any longer. 

 Yes and yes but it will probably require written documentation and the second one unlikely without the court's permission.