All Forum Posts by: Kris Haskins
Kris Haskins has started 61 posts and replied 406 times.
Post: IRS Tax Bill: after all these years
- Investor
- hampton, va
- Posts 428
- Votes 249
now if it were $5000 or 50,000 dollars I think I would call my dogs out to try to beat that one
Post: IRS Tax Bill: after all these years
- Investor
- hampton, va
- Posts 428
- Votes 249
hey bro I think I would just pay that one and forget about it. seems to be a lot of time and energy to deal with that problem and would be faster to ink A check and keep doing deals
Post: This is what happens when pipes freeze :Video:
- Investor
- hampton, va
- Posts 428
- Votes 249
Hey BP, i hope all of you are staying warm, it's 15 Degrees here in VA and i wanted to share a video I made recently. I went into a house to look at buying it and I heard a river sound as I was walking up to the door. When we opened the door, all I saw as a lake in the living rm. Enjoy this short lesson and don't forget to turn water off at vacant houses... click the link for the video below
If this info helps you in any way, pls vote for this post..
Post: Business Card Layout
- Investor
- hampton, va
- Posts 428
- Votes 249
is there any way to put some benefits that you offer on the card somewhere?
Post: ideas on taking rents in my self directed roth ira
- Investor
- hampton, va
- Posts 428
- Votes 249
Hey bp, so I hv properties that I have partnered with my sdira to purchase. I own a % undivided interest and my ira owns a % in the ownership of the house. So when my tenants pay rent
a portion of the rents come to me and a portion must be paid to the ira. So far ive been requesting the tenants bring in 2 blank money orders and I use a premade stamp with my ira info on the stamp and we just stamp the money orders when they bring them in. We then mail the according payment to the ira custodian. Anybody have other creative ways to collect rent payments and get them into the ira other than hiring a property manager? o
Post: Partnering with Seasoned Investor as Mentor and Becoming his Property Manager?
- Investor
- hampton, va
- Posts 428
- Votes 249
Originally posted by @Eric O'Brian:
I have been getting into real estate the past few months, started out posting yellow signs every weekend for 6 months, and have also been sending out yellow letters for the past 6 months, around 1000 / month.
I've gotten really close to closing on a triplex at a great price, however it ended up falling through.
I'm 27, currently work full time as a mechanical engineer, however I would like to quit my job and devote my time to going back to school and medical issues with my shoulder (rehab takes a few hours a day), while working part time.
I was planning on helping a seasoned investor I know with his property management. He said he would pay me $1500 / mo to manage 15 properties, and said since they are well maintained they will not require much attention. He said about 5 hours a week or so of work is needed, more when a property needs a new tenant.
Is this possible? I've heard horror stories about property management- this seems too good to be true.
Also, what should I watch out for when partnering with my real estate investor acquaintance? We were going to both invest $50k and split 50/50 on the profits on that triplex, which would have brought us both about $300-$400 / mo profit after costs.
I want to trust him, but I also want to safeguard against anything going wrong.
My goals are to simply buy property, both Multi-Family Units and SFR's, and create a passive income stream to help me with my goals of going back to school and creating something bigger with my life.
Any advice is greatly appreciated!
Thank you,
Eric
hey eric, have u thought about doing a joint venture agreement? I hv done several flips with other investors where we spell out all the duties and responsibilities of each member. I dont mind email one over if u like. we draw it up and we then record it at the courthouse and then the property cant transfer w out both parties signature,. If this info helps u in any way pls vote on this pist. Good luck
Post: Seattle condo owner listing it with special assessment?
- Investor
- hampton, va
- Posts 428
- Votes 249
wow, I hv been there..... I had an hoa tell me they have the option of
1. doing the needed repairs and spreading the special assessment out over several years and raise the monthly hoa only a few hundred for each owner hence paying for the repairs over time, or
2, doing the repairs and charging a 1 time payment for all owners which will be a very high payment which will pay for the needed repair in full.
Either way u will never know when an hoa could deem a needed repair and give u a notice to pay, esp in a building.... if this info helps you in any way pls vote for this post. Good luck...
Post: trustee sale
- Investor
- hampton, va
- Posts 428
- Votes 249
I so wish I knew and understood bankruptcy years ago, ive seen people stop a 4closure the same day if the trustee sale.. all u need is the case number, its an unbelievably powerful tool. The good thing is u don't even need an attorney, but do get some sound legal advice.. the numbers mentioned at the 1st post dont seem to be a deal. But if u postpone the 4clsr, and get the loan mod or shortsale, could be a smoking deal. Use your gut and research all of us old guy's info before u make a real mess. Giod luck and if you found any info helpful here pls vote for this post......
Post: Will Private Lenders lend to 1st timers ?
- Investor
- hampton, va
- Posts 428
- Votes 249
hey Francisco, im very glad to c ur at least aware of private lenders as I didnt know about them till I was 6 yrs in. So, ur post is a bit concerning...... in my years of raising hundreds of thousands of dollars to do deals, I think the profit to a PL is 2ndary. I mean if we are talking about a true private Lender then it will be a person that has very little knowledge of real estate. My lenders 1st want to know they're safe. By safe I mean the person borrowing has intimate knowledge of rei and a track record.
Since u dont hv experience, I always ask my borrowers "why don't u hv any money to invest in you" meaning why would u want a 3rd party to put up all the money and u out up nothing? To get some "air under ur wings" try plugging into a coach or mentor. I offer a full private lending presentation for my coaching clients that contains a pictures of before and after of over a dozen houses we've done. A newbie can then show a prospective lender the pics and say "this is what I WILL do" without claiming to have actually done it. The newbie can also show they are plugged into another investment co That has 10 years expiexpience. most PLs simply dont really care abiut the profit and moew care about the return of investment as opposed to return on investment. If u can show people the value u bring as opposed to seemingly asking for $, then they will invest w u. If this info helps you in any way please vote for this post... good luck and always keep in mind, as bad as u need the funding, there
are people out there looking for vehicles to sink their money in to.....
Post: Mobile Homes
- Investor
- hampton, va
- Posts 428
- Votes 249
great biz from what one of ky late mentors used to teach. ive never had luck w mobile homes but this man has. Check out "deals on wheels" by lonnie scruggs. This book spells it all out. He made millions in mobile homes. I found the mobile biz challanging as the park manager or current owner would always hv an issue with me making money on their turf. Let us know how it goes and if this info helps in any way pls vote on this post. ?..