All Forum Posts by: Levi T.

@Justin K.

You can break it down quickly to get a clear path. First you’ve already sent written demands, and he has chose to walk. Court is the only option, but before you do that educate the vendor on what that means, but go big.

Explain to him how your going to take him to court, he will owe you tens of thousand in legal fees, court cost, plus money owed, you will put a lean on his assets and freeze all his accounts, and vanish all his income, including any IRS returns.

To him it looks like he gets short term pain or long term pain, short term is to complete the job as agreed, long term is getting whipping around the legal system.

Spell it out to him, add it up into dollar amounts so he understand the cost vs him finishing what he agreed.

You said your month-to-month now, and your lease terms don’t apply. This is not true, the law normally enforced the last signed lease as the rules of the month-to-month or verbal agreement once a lease has expired.

As @Russell Brazil and Jay said, move! Give them 30-day notice, then move. Most states require a full 30 calendar days, so if you gave notice today, January 18th, your move out date would be Feb 28th.

Best of luck!

I own around 100 townhouses, love’m. Cashflow is baller, works like apartments, but you can buy them by the unit. I also own a few apartments, bought a bunch in the recession and sold most of them when I found how much I loved townhouses. I hired my own full time PM, Accountant, and Handyman, merged that with cash for homes operation we now run with a sales team, and story writes itself. We buy a few every month. I spend all my time professionally racing mountain bikes. ✌️

 That’s smart. Nicely done!

No, seen or unseen is not the problem of a recession, or depression. It is an economic failer of our financial systems in the modern world. You have 26% chance per year of having a 100 year catastrophic event. It’s like a house or cards, it all works well till they all start falling. No one can stand on their own, they can only stand all together. We are all just one card in a stack of cards when a failer happens.

Typed with Siri while cycling. Sorry for any typos

This idea that your going to recession proof your portfolio/life/bank account is foolish. 

You may reseasion proof your investments in the short term, but your not going to protect yourself from everyone else’s bad choices. 

When spending stops, jobs go bye-bye, and rents stop being paid no matter your market or tenant class you have. If you think otherwise, take some sounds life advice from @Jay Hinrichs posted in other threads about his recession experience even when your doing it right.

I cashed my chips January 2008 in a profound stroke of luck, walked away with millions in cash, and still did not totally escape it. Those who had the cash just keep buying time, years and years of time. Banks of all sizes where running, not lending.. everyone was running for their lives.. Can you afford 3-6 years, or more, of losing money month after month? No? Yeah... that’s what it can really look like when all hell breaks lose!

Anything with real estate is not easy. 

Personally I feel wholeselling is more of a byproduct from flipping or deal making. 

I’m a landlord. I’m a cash for home buyer. I’m a flipper, and because of all that, I’m a wholeseller at times.

If you already have the volume from flipping, investing, or whatever, then it’s not to hard to off load to others you know in the business if your cash is tapped out, or your overbooked with remodels or whatever gots your time. It’s a simple way of moving product and making a little money vs no money.

If that’s not your jam, and your just wholeselling, it’s a side hustle with a steep learning curve.

I’d personally rather work a deal and find a cash partner, than wholeselling.

 lol that’s funny.. we’ve picked up and remodeled a bunch of hardened properties like that.  I like’m, normally they look so ugly you can snap them up for cheap, buy a couple blocks of those, light rehab with flooring and paint, and boom instantly double your money.

As a landlord, I spent six figures on the management company this year. 

The cost included managers, techs, office space, equipment, fleet services, vehicles, legal cost, insurance, software, and advertising.

I own the management company and maintenance company. We pay extremely well at 20% above market, 100% health paid by us, and fully funded retirement accounts by us. Everyone is salary, and we have a little over 30 paid days off per year.

Management cost ran 4.7% of gross rents this year. 

Maintenance cost  4.1%

For those not running their own operation, you need to hire a owner operated PM company vs a PM shop, this can help keep the fees low.

There are plenty of real estate agents that will happly side hustle for 1 months rent to get a unit rented, and include management with that fee. Did that for years before rolling up my own firms. Quality is all the same.

There is a softening happening. When we crossed 5% interest rates, that killed a lot of deals. To many houses have been priced at much lowers rates, and now you can see them slipping large margins as sellers try to find the market bottom, I think the winter slowdown also helped compound some of this, but this is also why you see the fed started to flench with their rate hikes.