All Forum Posts by: Linval T.

Welcome to the BP community. We look forward to your contributions as you look to ours.

Good luck and best wishes as you prepare to take action.

Yes, absolutely you should change them, as per the consensus of all who chimed in with solid reasons to support their replacement.

Aesthetically, it looks much nicer too, coupled with the fact that it's a tax deductible expense that you can write off as well for upkeep.

It's not a lot of money from a cost perspective, but, these little fixes accumulate and make an impact with regards to deductions at tax time.

@Rollan Dizon - I am lol reading your comments. Interestingly enough I have had people comment on my car and they ask why don't I drive a BMW.

 Actually, my car is a Toyota Camry which was bought new and it works fine with me as the sole driver.

My response is that I am not worried about cars, as long as it takes me from A to B safely. 

Cars all accomplish the same thing....take you to your destination, whether it costs $100 or $200K.

My focus is on Real Estate as I see where my money goes and it generates cash flow!

So, you are on the right track, focus on real estate. I don't envy those folks spending hundreds of dollars on leased or purchased vehicles to use as a fashion statement.

@Jason Pritchard - congratulations on you taking action and transforming it into $$$$

This gives you more knowledge to utilize in the upcoming projects and determination to

to excel.

My choice is a yearly lease. I only give month to month is if there are doubts about the existing tenant.

Either way if they are not paying rent whether month to month or via a lease, you will need to invoke eviction to get them out.

Actually, I found the below link on BP that will definitely get you started as well.

http://www.biggerpockets.com/renewsblog/2008/02/09/managing-tenants-part-three-written-criteria-for-tenant-selection/

Great question and good comments of your own.

Frankly, I love stocks and have done well in the market, but, I love RE because it derives wealth creation methods as follows:

1. Cash on cash return

2. Appreciation (generated by inflation, demand for properties and forced via rent increases)

3. Principal reduction which fuels appreciation

4. Tax reduction benefits.

No other investment vehicle that I am aware of, has the power of Real Estate.

@Kelly - Below, is the link to a helpful guide found on BP.

http://www.biggerpockets.com/renewsblog/2013/01/27/tenant-screening/

Oh no, please don't do that as it will cause more problem than you are trying to solve.

That would not be legal and the tenant seems to be quite savvy and will most likely take you to court.

You need to pursue the eviction process to get her out.

Good luck

Congrats and please keep us updated with your next steps to full ownership.

What is it, single or multi and do you care to share basic details?

Also, is there anything specific info you want to share with us about the foreclosure process?