All Forum Posts by: Guy M.

BP brothers and sisters,  I quit the last job I will ever have today to focus on RE investing.  In 2003, while working in corporate America someone suggested Rich Dad Poor Dad to me. Eleven years and 28 properties later I'm finished with the rat race; I'm 50.  I wanted to share this with the BP community because none of my working friends want to hear it.   

Hello guys , 

I have a huge problem ( i mean huge) . Long story short ( Very long story ) i brought a home in Cleveland for 13K 2 family my first property . When i brought the home it was full with people living up and down stairs Rented both generating $1100 in rent combined . Soon as  the property is purchased both tenants leave . Wow ! now i come to Cleveland to see what's going on come to the home there gone and now i have to paint the upper stairs and put in new carpet . The problem i had was i didn't have the funds at the time to do the repairs . I knew a contractor before i bought the home that i mean at a reo property . So i tell him what had happen and then he tells me that he would help me do the repairs and i'll pay him one i get it rented . I thought it was a good idea at the time . So tell him i'll get a tenant just do the repairs . I leave to go back to new york were i work and live . i left the keys to the home with him (i know i know ) . he calls me 2 weeks later and tells me to speak with my tenant . I'm shocked!!!!!!!!!!! she yells at me over the phone about repairs and i never meet this woman a day in my life .  She pays the contractor $1100.00 first months rent and deposit . He moves the woman in to the first floor unit with out telling me . she puts him back on the phone i say why did you do that . he tells me well i gotta get paid . He told me before that it would only cost $400 dollars to do the work But over the phone he tells me that it cost $1300 i tell him that's not what we agreed upon . He stops answering my calls i go to cleveland and all he did was paint 2 rooms and remove clothes from the attic . Fast forward now the woman says she wants to stay and pay rent . i said ok ( bad idea ) The woman has been in the home 3 months and only paid me $100 dollars . Now i'm trying to figure out who to get her out i don't have a lease with her and she won't leave . i really bad she's using up so much water it's unreal . 

Hello BP!!

I am new to real estate investing and I was told BP was the 1st stop I should make if I want to build a network and learn from others.  I am currently a banker and I have worked in finance for 5 years.  My goal is to be able to use my resources in finance to realize my ambition to create unlimited cash flow through real estate investing.  I'm tired of seeing customers come in with $100's of thousands in their accounts while I can barely keep a few hundred in mine! :'(  I know real estate is the corner stone of wealth and I would like to begin building mine while I help other like minded individuals do the same.  My focus right now is in up and coming areas in philadelphia.  Anyone have some tips?

Hey all,

I have listed a property in Katy, TX. It's been on the market for about one month. I believe the price is good according to CMA.

It is a two story, with all bedrooms upstairs, some people say they need at least one bedroom down. It is in a good condition, 2006, 4 bedrooms, 2 and half bath.

Making it short, I don't know what is wrong. Please advise how could I find the problems on my side. The rent was 1350 and we changed it to 1300. But it didn't solve the problem.

So what else should I do.

Hello everyone, 

I received a call from a motivated seller for a property he wants to sell in the southside of Chicago. He said he would take 5,000 for a 4bd/2BA property (which I just found out is a 2BD/1BA). He said roofing and siding was done and he started some work in the basement.

Then he sends me an e-mail with his requirements: 

 1. Deposit $100, non refundable. 2. Closing to be via quit claim deed, by me and at the time of giving all the documents ( within 2 weeks ), $5000 to be given in the Chase bank, via Cashiers check.

He said the building has no violations. Has anyone done a closing via Quit claim deed? I'm not familiar with the term.. but this is what I read from Wikipedia and sounds very sketchy.. 

"offers the grantee no warranty as to the status of the property title; the grantee is entitled only to whatever interest the grantor actually possesses at the time the transfer occurs.[2] This means that the grantor does not guarantee that he or she actually owns any interest in the property at the time of the transfer,[3] or if he or she does own an interest, that the title is free and clear" 

Any thoughts?  

I am curious what the community thinks about negotiating deals over the phone versus an in person visit.  I typically deal with vacant houses that have been inherited so when I go see the property I typically do not see the seller there.  In our expansion plans for next year I trying to decide if I should hire 1 or 2 experienced sales professionals who are used to handling sale transactions over the phone, building rapport etc.... Or should I focus on 1 to 2 experienced sales people who are used to getting face to face appointments and closing the purchase agreement in person?  The phone seems more efficient but in person seems more effective.  It also seems like over the phone sales people would be less expensive than in person sale professionals.

I tried to buy a 4 plex using my VA benefit earlier this year. They want you to have at least a 620 credit score and they (and by they I mean the lenders) also told me I would need at least 3k in "seasoned" money extra after closing. Plus they wanted some kind of documentation that I had "landlord" experience.