All Forum Posts by: Kurt K.

If you have very little debt, why not just save up? Also, not sure why your credit score is so low considering your other information of a paid for house. Also, if you've flipped 2 homes why do you keep calling this your "first deal". How did you fund your other 2 flips?

Not leveraging your current home (soon to be vacation rental) will allow both better cash flow in the future and less financial strain when the house doesn't rent during the off-season.

I personally wouldn't leverage that place, but I'm a little more risk adverse than others.

 Just wanted to make sure. I'm not into tricking myself into thinking I made money when I didn't! But if you know that and are just trying to sensationalize, that's okay too. 

After all netting $181,000 is nothing to be ashamed of!

Also, for your "what now?" I'd pass on the lambo and vacation. Better to reinvest and do it again and again! Don't eat the golden goose, keep feeding it!

Very nice deal!

Perhaps I'm wrong, but wouldn't your "Net Cash" be $181,100 and not $291,000?

I got that number by $291,000 (cash) - $109,900 (cash invested) = $181,100?

For example, if you invested $109,900 then cashed out $109,900 that is netting $0 in cash, not $109,900 (still made equity "profits" of course).

In any case, even at $181,100 cash and $136,000 equity, Fantastic results!

Yup. Basically if a shelf breaks you may as well buy a new fridge.

Seller financed 6-unit MFH.... selected "Other"

If the person is doing a short sale the bank most approve the "loss" before the deal is allowed to close

Thank you very much Marcia this was the type of response I was hoping for.

Thanks to everyone else as well. I appreciate your input and if anyone else has any other ideas of what to say or how to handle it, feel free to reply as it is good to have an established resource for reference here on BP!

They've contacted me back, before I ever got back to them. She said there was a miscommunication between the two of them and they had enough for groceries.

Thanks everyone for your replies.

I wasn't going to accept giving them $50 back and they just "calling it good" they would have had to pay it next week. My gut reaction was the same as those above, that it isn't acceptable to pay a bill then ask for money back. I just wasn't sure how to say that politely to avoid stirring up animosity

Had a tenant pay in full for the month (with late fee)

Got a text and girl said her husband was only supposed to give me $50 less because they needed it for groceries this week.

What they paid me is what they owed for the month, should I give them $50 back and collect next week? These tenants are late every month, but pay rent and late fee. They are currently paid in full for December (as of today).

What would you do? What would you say back to them if you keep it?

I know it is rightfully mine, but I think I am rather "soft" haha

Paying off loans at 10% and (even 7.5%) is a very respectable return in it's own right. 

Beyond that, holding the properties free and clear should really increase your cash flow for future investments. Doing this will give you a stable "foundation" to add to property #3 that is already paid off.

From there forward you should be in great shape. 

Perhaps, I would pay off the 8k personal loan for starters. It would also be wise to pay off any car debt or credit card debt (if you have either) too. As those are "bad debts".