All Forum Posts by: Jeff Sprunger

if you can afford to pay the $800 a month for your portion of the rent, I would do that. 

following the Rule of 72, your money should double in approximately 8-10 years at a conservative 7-8% rate.  if you take $75K/800 you get 93 months (7.8 years).  it would take you over 7.8 years to recoup the money ($800 a month x 12 months x 7.8 years = $75K.)

So, you could spend the $75K now, and have no money in 8 years (of course you would be living for free) or you could invest the money (stocks, index mutual funds, etc...) and you might have $120-$150K, in that same time frame.  of course, this is all hypothetical...

if you spent the money now and invested the $800 you saved each month, you would, most likely,  not have $120K+ in 7 years!!!

OR- maybe you should pay the $800 for your portion of the rent and set aside the $75K (or a portion of it) for the inevitable repairs that are coming!!! (and they are coming)

agreed. the commanding officer can't pay any bills.  take some responsibility by not maintaining tighter control on this property.  you never should have allowed late payments.  anyway...they are gone. rehab it, get it rented.  you will spend more money and create a lot of headaches by pursuing them to pay costs...

open a home depot/lowes (insert store name here) account and go with your contractor when he buys stuff.  charge it to the account.  that way you aren't giving him money (which he could steal), you know he is actually buying stuff for your project and can finance it through the store.

I guess I just have a little more integrity than some.  I know you are young, so hopefully your integrity will increase as you mature.  but, hey...good luck!!! (this post is perfect timing, I have an 18 year old heading off to college this fall.  I'll share this with him...thank you)

"dirty" is not a protected class. 

evict!

call the police. they are trespassing. on 2nd thought...couple of buddies and baseball bats...the cops won't do anything.

have you signed any type of agreement with your current employer? you should speak with her about your situation. I find it very hard to believe that you haven't closed any properties. I've bought, rehabbed and sold properties quicker than that, and that's with me doing all of my own rehab work. I'd have a real heart to heart with your employer. you don't owe her anything.

the deposit should cover the damages.  itemize everything.  take pictures.  get receipts.

as far as charging her for staying past terms of the agreement, sure, you could: 

1 months rent/ 30 days/ 24 hours per day * the 1 hour she went over the agreed upon time.  pursue in court.  it can't come out of the security deposit.

oh, and...good luck with that!

pink

I would avoid advice from people on here you don't know and stick with your friend in Florida who is already doing what you want to do, at least, if he's successful. bigger pockets is a great place to learn, keep reading. talk with your CPA about investments and paying taxes. and then go talk to a different one to have something to Guage it off of. I gotta ask, what are your goals? if I was a $1M earner and could save $150k a year, I'd work for ten years, saving everything I could...retire!