All Forum Posts by: Jerel Ehlert

You can hire an attorney to be your agent or give someone a power of attorney to sign closing docs on your behalf.  Alternatively, the docs can be sent to you and as long as the correct ones are notarized (per local custom and accepted by the escrow office here), you can execute the documents locally yourself.

Happens all the time.  Most start by developing contacts in the markets they are interested in buying, then going from there.  Very difficult to do without ANY visit to the market from their country of origin, but not impossible with a trusted ground advisor.

HAHAHAHAHAHAHAHA.

I'm a Texan, born, raised.

Texas will not, cannot, secede from the USA.  IDGAF what secessionists think they have a right to do, it won't happen...ever.

First, the US military is fully integrated from every state.  Militarily, US Army from Ft. Hood would roll down I-35 to Austin and encamp TXNG and the Capitol, then Naval bases from FL would blockade the TX ports, and finally, the US air force bases in TX would ground anything that tried to lift off.

Economically, every Fortune 500 company headquartered in TX would "Texit", crippling the economy.  And then there's the aforementioned blockade.

Either JV with another PML to fund a loan or roll it into another couple of flips to grow your capital, then look to lend it out.

Otherwise, invest in a debt or equity fund with a professional HML (described above).

You don't need more cashflow.  

I would buy Class A property, putting down significant down payment so that the debt payment will moderately cashflow (not looking to replace income, but can weather downturns in the economy and not worry about debt service).  This allows even small appreciation rates to affect net worth.  You get to offset depreciation against current earned income.

Buy the properties outside of CA.

If you want to hedge against loss of, or replace, current income, almost every HML will offer mediocre returns in a debt fund (8.00-10.00%APR). If you set up your own lending fund and wanted another full time job, 20-35%APR is about average returns, depending on your asset class, geographic region, and skill. To replace $30K/mo, you would need about $2M and manage it yourself - a full time job.

You probably wouldn't believe how many "bad bills" get proposed and die in committee.  It's good to be aware of them, even testify before the committees overseeing them, but until it goes before the legislative body, it's all heartburn.

Happy to talk. 

Now that the property is sold, documentation could be a problem.  Whether repairs were made and the terms of the sale might affect collectability.  I also find that claims like "defiantly beyond wear and tear" are indicators that a problem might exist on that account.  Also, you need to look into the terms related to the dog (pet rent, non-refundable "deposit", etc.).

This is not to say that you might not have a valid claim, just pointing out all the weaknesses in the file.

Overall, report it to credit bureau and forget about it.  Uncollectible. 

To clarify, you will be assuming the 1st lien loan already in place, and the seller will carry back a 2nd lien loan, correct?

Note and deed of trust (assuming in Texas), with reference to 1st lien deed of trust.  Pretty straight forward. Myself or a fee attorney closing office could get it done in Texas.

For either a lender or private investor, since this is your "first full project," you should have a strong design professional or GC experienced with project management of this type. Use this to build up your portfolio of projects so that people will be comfortable with your ability to see projects to completion.