All Forum Posts by: Judy Parker

1998 Ford Mustang with over 140,000 miles on it.  I bought it brand new back in 1998 and it's been extremely reliable for lugging around my rental property stuff, while still being "cool."  And I agree with the other posters above.  I don't want to be driving around in a flashy, expensive status symbol that will upset my tenants.

When it comes to elderly sellers (who don't want to get hit with Capital Gains Taxes), I've found that they prefer to hold the note.  It's a win-win for both Buyer and Seller.  The elderly Seller gets a monthly check for her living expenses and no capital gains tax.  The Buyer gets to avoid dealing with a bank for a mortgage.  I purchased a large commercial strip this way, and it worked out quite nicely.

I keep all my keys in four fishing tackle boxes, which I keep in my car so that I have access to the properties at all times.

No, I don't always enforce it. I've found that when tenants know they have to pay the first $125 towards repairs, they tend not to tell me there's a problem. Then, I find out about the problem when it has turned into a costly catastrophe. I'd prefer to deal with that plumbing leak when it's a tiny drip, rather than when the pipe explodes, or the leak is so bad I end up with a $600 water bill. So I encourage my tenants to call me when they see leaks, no matter how small. Hope that was helpful.

My experience has been that small, affordable units are super easy to lease.  I wish I had a building full of little one-bedroom units.

Question: Why is a wholesaler allowed to sell houses without a real estate license?

My trusted plumber, and my trusted contractor, both have keys to the main door of my mixed-use building.  Thus they can come and go without me needing to be there.  For all my other properties, I would just tell the tenants to let the repairperson in (no need to give out keys).

Keep the full-time job, for the regular paycheck and benefits.  That paycheck will enable you to have funds to invest in purchasing real estate.  You can still get your real estate license - it's good to have.  But don't quit that "day job."

Did any BP real estate investors take the next step and get into real estate development? Was it worthwhile?

Thank you, Anthony Uva.