All Forum Posts by: John Hamilton

Has anyone got the spreadsheet? Seems to me she got lots of people on her list.

@Dale Williams Should you report Citibank for this action? This does sound criminal. I bet if we went around advertising a property we didn't own, we would get fined, maybe imprisoned, and black-balled.

Anyone can help letting us know who to report this type of activity?

It's never a good thing to tell your boss or co-workers, let alone the CEO, of any outside interest involving your income from outside sources, especially REI.

Poker players, musicians, etc. As long as the subject of anything that detracts from your "work hours", it is seen as bad. Companies, especially corporations, pay "good money" to workers to do what? Do company-related work. Am I guilty of breaking this commandment? Yes. However, I try to keep it limited and on the DL. 

Once I start becoming a real landlord, I think I'll be able to make it without working. Although my pay I'll miss greatly, hopefully, I'll be making a comfortable living being a landlord. It won't be easy and will most likely work more hours, but it will be work to further my cause doing something I like to do.

I agree that HML, for the most part, have outrageous costs associated with their loans.

I have never taken one and don't know of anyone that has, except for a post I just read minutes before reading this one. It cost him $12K in loan costs, but he made $5K. So, in his case, no matter the %, he still made out with $5K. 

If you know your costs upfront (points, % rate, terms, etc - and you should know what these mean before you sign on the dotted line) and work that into your calculations, you will KNOW how much profit you should be getting when it's said and done. 

Not every HML will just hand you money if you have no skin in the game. I heard some will roll all upfront costs into the loan. Some won't. So, it's best by having a few thousand dollars on hand, for example a SFH under $150K, might be needed to get that HML. Know what they cover and what that will cost you, if different terms than the original loan.

So, if you have a great deal, it might be the way to go for some folks who have little or no money, no private lenders, and no conventional means. 

With private lenders, I would assume getting an account open with the amount you are requesting, setup with you and them on the account, might give you a leg-up in satisfying payment when needed. I'm sure trust is established, but even then, PL might require more controls. Inform them whenever anything changes (got a house I want to deal with, got a signed contract for PP, got contractors to help fix roof, etc). Communication and documentation goes a long way in trust. If you are transparent and project yourself as trustworthy, you will be It's all about perceptions. And that is how so many scammers get away with the stuff they do. They know how to schmooze to get at your treasure.

At least for the first deal, it might make sense. By the second deal, you might have enough attraction to get a real lender to help you with a lower cost loan.

I have bought memberships at certain sites and contacted and been contacted from their "private lenders". All who responded, but one were scammers. Others didn't even respond to phone or email. The one that wasn't a scammer didn't like my tone at first and that blew it for me there. Not saying that he was legit, but it was strongly worded.

In order to let these scammers know I will not be paying up front for anything unless through my bank or escrow account. Most decline. Of course the easy ones to spot demand moneygram or western union. 

Don't ever fall for these:

ANYTHING from Africa, Western Union/Money Gram, no phone # picture business address or license business names, phony IDs (one is on BP, but he is a TOTAL SCAMMER (aren't you William Frederick Jr), american names but can't speak a lick of english or have heavy accents usually from Asia, tell you no money upfront excpet for certain amount until you pay and then there is more upfront costs they didn't know about, and it goes on and on.

I'd say to protect your personal and private information (like your SSN and bank accounts), the loaner is taking all the risks up front. Especially if there is a required fee. After the loan is done, then yes, the bigger risk taker is the lender. If one truly has no money, I don't see how anyone would lend to that person, even if it had 15 points, 25% rate, 9000 credit score, great pay with nothing down. There are 100% rehab loans out there that you can easily get once you own the house and have enough equity to make this a good deal.

Just beware that you will give a big number of unknown people your information to not even get a loan, legit or not. Work out your situation, requirements and "not going to happen" right up front. Let them know that. Don't budge no matter how many times they call you and criticize you for being a fool for not taking this loan. Believe me, I've heard it all.

@Account Closed   I know there are some patients that do get prescription from their doctor for certain ailments (glaucoma). Other than that, I think it's just a medical card issued, by the "doctor" to the holder to legally obtain marijuana for medical use. There is no prescription, although there may be a reason stated on the application (stress, depression, etc).

I agree that with Obamish in office, we are looking at making marijuana recreational use legal in all 57, uh 58, states.

I, as an owner, have the right to protect my investment. Smoke of any kind can damage a home. Pot is not as harmful as nicotine in many aspects, but the smoke does linger and is potent, much more than nicotine. Right now, there are no laws on the books that I know of. I would say as long as it's not a discriminatory clause or reason, I could demand no smoking. Is banning smoking discriminating? I don't think so as most, if not all, establishments in CA and other states ban smoking in their facility.

Even with medical use, it's still against Fed law, which supersedes State law. FBI/DEA can legally raid and impound your property.

"NO Smoking" clause in leases doesn't discriminate, unless you specifically mention Medical Marijuana use. State that violating this clause is grounds for eviction and forfeiting of ALL security desposits.

The type of people that will visit this place will most likely be pot smokers, too. Drug deals, minors, and that type of activity can, and most likely will occur. 

If you don't care about smoking, that's a different situation. to got further, if you are a pot smoker, most likely will not have an issue.

Move on to the next tenant. Huge downside for little gain.

I would just ask them why they want to pay up-front. It could be a personal reason and legit. However, due diligence is the protocol, no matter if tenant pays up front or month-to-month.

You can't spend that money just yet, unless it is a full 12 month lease. If you do use that money, and there is no lease, and they decide to leave before the 12 months are up, you have to give that money back. Maybe put a stipulation that they're agreeing to pay for 12 months and no refunds if they decide to leave early. Maybe put that in a lease.

Don't offer a discount unless THEY ask.

Someday, I may look at buying one of your deals, lol.