All Forum Posts by: Levi T.

 100% yup. It’s an abandonment or pay or quit issue process. If the father comes and takes it all without you opening the door for him, it’s abandonment.. send written notice of abandonment, and keep on keeping on. All other advice in here are just burning money.

Seen somewhere most flippers pull around 20k net when said and done, tho they likely think they do more on average. 

You should keep it as a side gig till you have some experience. Flipping follows demand, and it will dry up, even for the pros.

I’ve been around long enough to watch the flipping cycle come and go. When it’s good it’s good, when it’s not, flippers are looking for work to make ends meet.

A good flipper has a rental portfolio or other business backing their income.

100% yup. Seen this game played so many times I don’t even play it anymore. I swear it must be in some 101 real estate book somewhere. 

Offer what your willing to offer, and call it a day. They are almost always bluffing, if not let someone else lose their shirt.

Keep an eye on that as-is tax clause, you could be in position to be in heavy tax debt.

Ask yourself at what price point would you buy knowing no matter what the economy does, it’s a great deal. Once you figure that out, go find that deal, even if that means you will only buy deals for $1.

@Rahul Handa Unless your defrauding people of some serious cheddar, I would not worry about it. 

Tenants threaten to sue as much as weather men say it’s going to rain, vary few follow through with it.  If they do, just pay before court, or fight it.

Out of thousands of tenants, I’ve been sued maybe three times that I recall. Two where by free attorneys for deposits, I just paid the deposit and moved on as my attorney cost more per hour than the deposit they where complaining about... I had one tenant sue for deposit herself, but she sued me and not my management company for some reason, so I self represented and mopped the courtroom floor, counter sued, and won in less than 2 minutes of the judge hearing the case.

The overall amount for all cases combined was less than 3k, which is potatoes!

A commercial loans are the norm. 20 year with 5 year arm. Using residential loans for investment deals are like trying to use a steam engine to power the internet, you can do it, it just ain’t smart.

@Chase Cline 

Simple answer.. it goes back to the first mistake you made. You paid to much for the property. If you spent $1 to buy and make it market ready, you’d be winning by now. If you paid to much, you’d be losing. 

It is that simple, make sure your well below the cashflow line next time. 

There are winners and losers in real estate deals, always insure your the winner, by a landslide.

Live and learn, onto the next deal!

Your reporting it to the wrong people. You need to report it to the SEC or FBI 

See this https://www.saveandinvest.org/protect-your-money-report-fraud/reporting-investment-fraud

It’s an act of god vs negligence, case witnesses or experts finding it failed due to the landlords fault or failed to take action vs act of god.

Since there has already been a set defined timeline based on the tenant missing work, it’s just a matter of lost wages, medical bills, maybe lodging. 

What people in lawsuits really fear is emotional damage or continues suffering, those type of lawsuits have no caps, compared to something like missed work, or a broken arms, that already have  set pricing and value.

Insurance company likely will handle this case easily if a suite comes up, settle out of court with a small payout not even worth chasing.

That’s comical. I’d spend the money to drag him to court just to watch that train wreck unfold. You can’t generaly copyright your name.