All Forum Posts by: Robert G.

Just recently finished the course myself. It is a ton of information to try to digest in one week. Unless you have a strong background in some of the content, I wouldn't recommend it. You're going to end up spending several weeks teaching yourself the material.

I did the course online. Basically, I wanted the flexibility of being able to do more or less depending on my work schedule. In the end, I think the online course is much more thorough. The course is designed as a "63 hour" course, so that is how long you will be in class (theoretically). The online course I did requires you to cover all the material twice and has all types of quizzes to make certain that you are understanding the material. Completing the course A to Z took well over the designed 63 hours. It was time consuming, and that was a drag, but I think it covered much more material (and in more detail) than any 63-hour in class course can possibly cover.

That said, I know learning via online (self-taught, essentially) courses is not for everyone. You need to figure out what works best for you.

Passion for the law? Just the fact that you posted this thread, Steve, indicates to me that you don't have a passion for it (which is totally fine).

You need to consider the totality of the circumstances. Given the law school you attend, and your connections (whatever they may be), what are the odds you can get a well-paying job (six figures, lets say) after graduation? Given your declining interest in the subject matter, what are the odds you can stick with it and perform at that job long enough to pay off your debt and be financially rewarded (lets say, finish 5 years)?

The conventional wisdom is going to say to keep on chugging and get that piece of paper. Personally, I'd move on and seek other opportunities.

As a little background, I did go to law school (a top 10 school at that). I did borrow significantly. And I did get that well paying gig. And it still all sucked. I quit and moved on to a different career in less than 2 years, and I still have a nice chunk of debt hanging over my head (I like to think about it as a beautiful Mercedes that I've never had the pleasure of seeing but get the honor of paying for, monthly).

A legal education is worthwhile. But you can educate yourself cheaply at a library, or by taking cheap classes at a local community college. A law degree? Only really useful if you plan to practice law. And it sounds to me like you already know that is a bad fit for you.

Quick pass.

Cap rate is about 8% (and that is buying at 170k, as you mentioned).

4 units means you should be looking for a minimum cash flow of $400, and you stated this deal offers only $200.

You'd have to get the property for about $145,000 to make it worth pursuing, IMO.

9.69 cap rate

14.1 COC

Seems just shy of a great deal to me.

Definitely check out the property to get a better idea of its condition, but I'd go in planning to shave at least 15-20k off that purchase price.

Step 1 - Save $$ and educate yourself.

BP is a good start. Expand your education to books and podcasts (as to which....do a simple search on the forums, there are many threads discussing this). If feasible, maybe take the time to get your RE license (the perks, plus the education itself, are worth the costs, imo).

Natalie. I wouldn't worry about it too much, in that case. Find a local agent (or market it here some). Based on the size and general location, you should at the very least be able to recoup the 120k you have into it. You might even be able to make a little profit on the flip.

All depends on the specific property and condition, of course.....but with your low purchase price, I think it'll all work out okay.

I'd be happy to chime in, but I do need more information.

As for any liability from the shoddy work of the contractor, my guess would be that you are out of luck, Natalie. You hired an unlicensed workman and trusted him (from afar) to do quality work. Apparently he didn't apply for the necessary permits, which means you are not in compliance with the local municipality regulations. Now that the inspectors have identified that the property is not in compliance, you'll start to receive notice of violations (with corresponding fines). You'll have to correct the violations, which may involve destroying and redoing some of the work the unlicensed contractor performed. Or you can try to sell the property as it is, but you'll have to disclose that violations exist (and in the condition the property is in, you'll probably be limited to cash-only investors as your potential pool of buyers, meaning any offers will probably be lower than you expect). Sorry for what is likely to be some bad news.

John,

If your personal finances don't meet the financing requirements, the quick/short solution is to find a partner (who does).

The other option is to change your personal finances. This could mean paying down debt or regular expenses (maybe get rid of a car payment, etc.).

The last option I see is to avoid financing all together. This could again mean a partner. Or, assuming you have sufficient equity in your personal residence, you can try to get a home equity line of credit (or refinance, I guess) to get the necessary funds to get in you in the NC market. You mention already having the down payment. If you're targeting affordable housing, as mentioned earlier in the thread, you may be able to use your current equity as a substitute for conventional financing.

That definitely is not in Top Gun, Dawn. You must be thinking of some other movie. In Top Gun, the opening scene has them in the air and landing (on low fuel) on an air craft carrier. They are already very skilled pilots. Top Gun is the name of the school where the best of the best (pilots) go......

I'm not a landlord, so I'm not familiar with the standard PM agreements, but no way would I have signed that.

I absolutely interpret that as you've given the PM company the right to move forward with the eviction. Unless there is some other clause in the agreement indicating that they can't make decisions against your express instructions....you've basically given up the decision making authority via the contract. Now, I'm not sure such a contract is legal or enforceable in Cali, but either way I don't think you want the expense of finding out. If I was in your shoes, I'd try to amend that agreement asap, or dissolve it and find a PM that doesn't require you empower them in such a way.